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ResearchAndMarkets.com released the latest report on the growth, trend and forecast of the global industrial valve market. It is estimated that the compound annual growth rate of the global industrial valve market will reach 5.33% from 2019 to 2024.

The main drivers of growth were rising demand from the power and chemical industries. Slow industrial growth in advanced economies will be a drag on the global market.

The oil and gas industry dominated growth in 2017 and will continue to grow during the reporting period, given the increased activity in the oil and gas industry worldwide.

The asia-pacific region will be the world's fastest growing market, with China and India in particular emerging as major consumer economies.

Major market trends

Demand is up in the power sector. In the power industry, valves are used in a variety of applications, such as boiler start-up, feed pump recirculation, steam regulation, and turbine bypass.

The valves in the condensate system are used to control and regulate the additional flow required by the condensate pump for fluid recirculation. In addition, the valve is used to control the water level of the feed heater deaerator.

In drinking water systems in the power industry, valves are used for boiler feed pump recirculation. At this point, the valve plays a key start-close and flow regulation role.

In addition, in mainstream systems, valves are used for superheater, turbine bypass, superheater bypass, etc. The regulating valve is used to control pressure.

In December 2017, the United States had 61 nuclear power plants and 99 nuclear reactors in service. The government also plans to build more new reactors to boost nuclear power generation. Four new nuclear plants are expected to be operational in the United States by 2021.

Demand for cooling water treatment chemicals is also being driven by the government's drive to increase capacity at power plants across the United States. All these factors will stimulate the demand for valves in the power industry.

The Asia Pacific leading market

In 2017, the Asian-pacific region captured the major global market share. The use of industrial valves in the region is increasing as economies such as China, India and Japan increase investment in the oil and gas sector and demand for water treatment continues to rise.

The high consumption of industrial valves in the oil and gas industry in the United States and the increasing production in the downstream industry will further increase the production capacity of petrochemical products, thus stimulating the consumption of industrial valves in the country.

Chemical plants are another important industry in China. Many big companies in the industry have their own chemical plants in China. These companies increased capacity, which increased the consumption of industrial valves. Water treatment facilities for different industries are also another important industry in China.