Butterfly Valves Market to Reach $13.66 Bn by 2025: Says Allied Market Research
Increased need from the oil & gas industry, growing use of power in industrial processes, and surge in demand for automation in process industries drive the growth of the global butterfly valves market. High-performance butterfly valve segment to be lucrative during the study period. Oil & gas industry to maintain its dominance throughout the forecast period. Asia-Pacific to maintain its leadership by 2025.
Portland, June 18, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global butterfly valves market is estimated to garner $13.66 billion by 2025, from $8.28 billion in 2017, registering a CAGR of 6.3% from 2018 to 2025. The study covers important data which makes it a valuable tool for market players, investors, industry experts, and others interested in the industry. It helps them get readily available data along with charts and figures to understand the market trends, drivers, and challenges.
Growing demand from the oil & gas industry, a surge in the use of power in industrial processes, and an increased need for automation in process industries drive the market growth. However, a high level of competition from local players and the possibility of choking and cavitation impede market growth. On the other hand, growing demand for industrial infrastructure and untapped potential in emerging economies create new opportunities in the market.
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By motor types, the high-performance butterfly valve segment grabbed nearly two-thirds of the market share in 2017. It is also likely to show the fastest CAGR of 6.8% through 2025 because of flow path, high capacity, and ability offered by them to pass solid & viscous media.
By end users, the oil & gas industry held about two-fifths of the total share in 2017 and is expected to retain its revenue lead during the forecast period. This is due to a surge in need for the upstream exploration, midstream transmission, and downstream refining. However, the water & wastewater segment would achieve the fastest CAGR of 9.3% through 2025, owing to a growing adoption of transportation through pipelines, desalination projects, treatment in different processing industries, and water treatment factories.
The market in Asia-Pacific held over one-third of the total market share in 2017 and would retain its dominance through the study period. The market would also exhibit the highest CAGR of 7.5% during the forecast period. This is due to a surge in adoption of pipeline transportation and power projects in major economies such as India, Japan, and China.
The key market players analyzed in the report include Emerson Electric Co., Cameron, Flowserve Corporation, AVK Group, Alfa-Laval Corporate AB, Weir Group, Crane Co., KSB Group, Curtiss-Wright Corporation, and Velan Inc.
