The global valves and manifolds market is expected to grow at a compound annual growth rate (CAGR) of 6.56% from 2016 to 2020, according to the latest market study released by market researcher TechNavio.
Commenting on the ‘Global Valves and Manifolds Market 2016 to 2020’ report, an analyst from the research team says a trend that is sure to boost market growth is the development of next-generation valves.
“Many industrial valve vendors are developing next-generation valves with additional capabilities to increase their foothold in the competitive market. “These modern products have threaded bonnets, a floating polytetrafluoroethylene diaphragm and a zero minimum operating differential design that provides substantial benefits over traditional valves.
“The new valves are gaining popularity as they can deliver 60% higher flow rates and longer operational life, and have a wide temperature range and pressure-handling ability that can improve the efficiency of industrial production processes.”
According to the report, a key growth driver is the expanding water and wastewater treatment industry. High-quality potable water is essential for industrial, commercial and domestic users. Growing populations and rapid urbanisation are exerting pressure on existing freshwater resources.
Though many developed economies have well-developed water treatment infrastructure, some lack proper distribution facilities. Consequently, water may get contaminated during transit. Various European countries that already have technologically advanced industrial water treatment infrastructure are now focusing on municipal water treatment infrastructure.
Further, the report states that one challenge that could hamper market growth is industrial valve repairing services. The valve service industry does not face competition from peers anymore but is more threatened by the advent of new types of valves. The valve service industry is pushed to think out of the box, owing to the lower cost of new imported valves and valve rebuilding programmes from original-equipment manufacturers, emphasises TechNavio.
‘Global Valves and Manifolds Market 2016 to 2020’ aims to provide an in-depth analysis of the market in terms of revenue and emerging market trends, and also includes up-to-date analysis and forecasts for various market segments and all geographical regions.
The report categorises the global valves and manifolds market into segments with the top three revenue contributors being ball valves, needle valves and check and relief valves.
TechNavio predicts that the global ball valves market will reach $432.9-million by 2020, an increase from $320.8-million in 2015. Ball valves are capable of withstanding corrosive substances flowing through them and can handle operating temperatures from as low as –328 °F to 932 °F, it explains.
These valves can endure the high pressure of compressor stations that are used to keep the movement of natural gas smooth through pipelines. Ball valves find extensive application in the oil and gas industry, specifically for floating production storage and offloading operations, pipelines, offshore production platforms, gas storage applications, tank farms, specialised liquefied natural gas applications and emergency shutdown situations.
“An increase in the construction of new industrial plants, especially in the oil and gas and process industries, and the capacity expansion of existing plants have led to a growing demand for ball valves. Industries worldwide are upgrading their existing plants to increase production efficiency and reduce labour costs, which has led to the increased installation of such valves. “Also, the availability of new and innovative quarter-turn valves has enabled end-users to carry out production more efficiently,” says TechNavio research on tolls and components lead analyst Anju Ajaykumar.
With regard to needle valves, TechNavio predicts the market to grow at a CAGR of 6.31% to reach $288.4-million by 2020. The global needle valves market is seeing increased demand from the food and beverage and pharmaceuticals industries, the company adds.
In these industries, needle valves are used for filtration purposes. The development of new products and the constant upgrading of existing lines will create demand for needle valves in these industries.
“The presence of several food and beverage and pharmaceuticals industries in the Asia-Pacific has contributed to the growth of the market in the region. The Asia-Pacific has the largest number of consumers of multiturn valves,” adds Ajaykumar.
The global check and relief valves market was worth $221.3-million in 2015, while TechNavio expects the market to reach $312.1-million by 2020. The major end-users of check and relief valves are the oil and gas production, petrochemicals, steel/primary metals, pulp and paper, marine and food processing industries.
Check and relief valves offer leak-free and secure connections and incur low costs. The increased adoption of these valves in many other end-user applications will drive the market, highlights TechNavio.
Check and relief valves are used extensively in medical facilities where they have their own special requirements such as reliability, safety, cleanliness, quiet operation and a need to replace components quickly, which is especially critical for life support systems. The valves that are used in medical facilities are medical gas ball valves, medical gas check valves, and vacuum and pressure relief valves for vacuum applications.
According to TechNavio, the top vendors of valves are fluid control solution provider Circor Instrumentation, instrumentation of fittings and valves enterprise DK-Lok, advanced control technology provider Ham-let, manufacturer of instrumentation products SSP and manufacturer of fluid systems Swagelok.
TechNavio is a leading global technology research and advisory company, developing over 2 000 pieces of research every year, covering more than 500 technologies across 80 countries. TechNavio has about 300 analysts globally who specialise in customised consulting and business research assignments across the latest leading-edge technologies.
TechNavio analysts employ primary, as well as secondary, research techniques to establish the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modelling tools and proprietary databases.
Analysts corroborate this data with that obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers and end-users.