World industrial valves market to reach $72 billion by 2010
Dated: 20 March 2008
According to new report by Global Industry Analysts, Inc. new investment, upgradation of existing facilities and technological developments are driving the market for industrial valves.
Environmental legislations also play a key role in determining the market’s performance and future.
Market expansion will be propelled by growth in developing markets including Asia-Pacific and Latin America.
The global industrial valves market is projected to reach $72 billion by 2010, at a compounded annual growth rate of about 5% during the 2001-2010 period.
Rising demand for automated and miniature pneumatic valves, growing significance of customized products, development of valves with innovative designs, and automation and integration of production processes are some of the key factors contributing to market growth.
New advances in valve design and production continue to play a role in the industrial valves sector.
The trend towards process automation and integration of numerous processes is leading to innovations in many areas.
“Smart Valves”, for instance, employ electronic sensors, controllers based on microprocessor, digital positioners, and valve management software (VMS) for regulating flow, identifying and rectifying possible problems, and adjusting control settings.
Industrial valves are gradually becoming a global industry, with certain global suppliers serving a diverse range of applications across various industries.
Standardization requirements of large multinational consumers are expected to further drive consolidation.
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