LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global industry check valves market is expected to reach USD 13.159 billion by 2021, growing at a CAGR of over 5%.
This research report titled ‘Global Industry Check Valves Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The growing demand from the power sector is predicted to lead to capacity expansion, which will drive the growth of the global industry check valves market. The power sector in the Americas is the largest contributor to the demand for check valves. As many of the natural gas power plant capacity additions are focused on Utica and Marcellus shale regions, located in Pennsylvania, Ohio, and West Virginia, these states have been the key growth states in the US. Similarly, Texas is one of the major producers of natural gas compared with other states.
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Technavio’s analysts categorize the global industry check valves market into five major segments by end user. They are:
- Oil and gas
- Water and wastewater
The top three revenue-generating end-user segments for the global industry check valves market are discussed below:
Global industry check valves market in oil and gas industry
Check valves are mainly used for the safety of equipment in the piping system by preventing reversal of flow by the liquid. This is highly mandatory in case of pumps and compressors where the backflow of fluids can damage the equipment such as pumps and compressors and cause unnecessary shutdowns.
According to Anju Ajaykumar, a lead unit operations research analyst from Technavio, “Upstream, midstream, or downstream processes require check valves that can be subjected to extreme temperature and pressure conditions. Check valves are used throughout the production of oil and gas facilities. It applies to both onshore and offshore facilities, including the high-pressure flowlines to on-platform processing. Check valves play a major role in oil refineries throughout the processing plants.”
Global industry check valves market in power industry
The power industry is one of the major end-users of check valves. The growth in the construction of new power plants as well as investments in upgrading power plants will surge the demand for industry check valves. Emerging economies, including India, China, and Indonesia are predicted to experience considerable growth during the forecast period, owing to growing infrastructural activities in these countries.
“Check valves are applicable throughout the fluid handling systems in power plants. Various types of check valves such as a nozzle, dual plate, and swing check are used in power plant systems. The nozzle check valve eliminates the effects of water hammer, reduce the pressure loss in the piping system, protect the rotating equipment, and provide quick response during the immediate shutdown,” says Anju.
Global industry check valves market in chemicals industry
The growth in the petrochemical and chemicals industries will surge the demand for check valves globally. The improvement in economic indicators in North America and APAC will provide huge opportunities for check valve manufacturers in the chemical industry.
The nitrogen purge is one of the main applications of check valves in the chemicals industry. The nitrogen is introduced to the sampling systems to clean the contact surfaces thoroughly. The inflow of nitrogen can be controlled with the help of check valves, and leakage of nitrogen back into the system can be eliminated.
The top vendors highlighted by Technavio’s research analysts in this report are:
- The Weir Group
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