- The key vendors in the global industrial control valves market 2015-2019 are Cameron International Corp., Emerson Process Management, Flowserve Corp., and Pentair Ltd.
London, 8 June 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global industrial control valves market 2015-2019. Technological advances like the development of advanced control valves is a key trend that is observed in this market. Due to intense competition among vendors, many sellers are now providing technologically advanced products at affordable prices. Moreover, the development of durable control valves is also expected to bolster market growth as they can be used in harsh environments. This market is expected to grow at a CAGR of 6.52% during the forecast period of 2014-2019.
Market growth is essentially driven by the significant need for automation in oil and gas refineries. These industrial control valves find many applications in downstream activities such as refining and processing of crude oil. This market is expected to show rapid growth as these valves are constantly in demand for the exploration, production (upstream), and transportation (midstream) of oil and gas throughout the world.
“In the highly fragmented industrial control valves market, top multinational vendors are facing stiff competition from smaller manufacturers who are able to provide reliable control valves at reasonable prices,” says Faisal Ghaus, Vice President of Technavio Research.
“This trend will likely intensify during the forecast period; however, end-users must be aware that while smaller manufacturers offer low-cost products, they cannot match the levels of service and support offered by an established manufacturer.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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