LONDON--(BUSINESS WIRE)--Technavio’s research report on the global industrial valves market in the power industry forecasts the market to grow at a CAGR of nearly 4% during the forecast period.
The growth in valve refurbishment market will be one of the major trends in the global industrial valves market in power industry during 2018-2022. The valves are typically designed for an operating lifetime of 20-30 years. But due to operation under varying temperature and pressure conditions, the operating lifetime of valves is usually less. This has led to an increased demand for valve repair and resulted in the growth of the valve refurbishment market in the power industry.
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According to Technavio analysts, one of the key drivers for the global industrial valves market in the power industry is the growing demand for power:
Global industrial valves market in the power industry: Growing demand for power
With the growing industrialization and urbanization, an increasing demand for power is being witnessed. The high focus on digitization and automation in regions such as North America and Europe has resulted in widespread use of equipment that relies heavily on power. The industrial growth in countries such as China, India, Indonesia, Malaysia, and Vietnam have resulted in high power demand.
According to a senior analyst at Technavio for research on automation, “Many countries are expanding their power generation capacities to address the rising demand for energy. Additionally, several countries are upgrading their power plants due to old infrastructure and regulations regarding carbon emissions. The demand for valves in the power industry will be driven by the high power demand coupled with the need for uninterrupted power supply.”
Global industrial valves market in the power industry: Segmentation analysis
This report on the global industrial valves market in the power industry provides market segmentation by product (globe valves, gate valves, diaphragm valves, and butterfly valves) and by region (the Americas, APAC, and EMEA). This report also provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the four major products, the globe valves segment held the largest industrial valves market share in 2017, contributing to approximately 29% of the market. This product segment will dominate the global market throughout the forecast period.
The EMEA region held the largest share of the market in 2017, accounting for close to 39% share. It was followed by APAC and the Americas respectively. The EMEA region is expected to dominate the market throughout the period 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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