Worldwide demand for industrial valves is projected to climb 4.3% per year to reach $98.5 billion in 2019, according to "World Industrial Valves," a new study from The Freedonia Group Inc. The study projects market advances will be driven by growth in chemicals and other process manufacturing output, electric power generation and construction in healthy economic environments.
In addition, ongoing efforts to expand water infrastructures in developing countries and maintain water and wastewater treatment and distribution systems in developed nations will also contribute to sales increases. Finally, dollar gains will be boosted by greater use of "smart" valves and actuators, which contain multiple sensors and are linked to microprocessor-based control systems, as well as other better-performing, higher-priced items.
Geographically, industrial valve market growth in developing parts of Asia, the Africa/Mideast region, Central and South America, and Eastern Europe is expected to outpace product demand in Western Europe, Japan, South Korea and the U.S.
"China will post the strongest advances of any national market in value terms, accounting for 23% of all additional valve sales on a global basis," says Ken Long, group leader at Freedonia. He adds that India, a smaller but still sizable valve market, will register faster gains. A number of smaller national markets—including Indonesia, Malaysia, Thailand, and Turkey—are also expected to record healthy sales increases (see table below).