Oil and gas drives growth in valves and actuator market

Oil and gas drives growth in valves and actuator market

The global industrial valves and actuators market is forecasted to have a high growth over the period 2014 to 2018 owing to strong demand of control valves used in petroleum, petrochemicals and chemicals industries.
Valves which are used to control pressure, temperature and level of liquid are called control valves. These are widely used in industries where the flow and level are required to be maintained. The major factors which are driving the control valves market includes: growing investment in the oil and gas sector. This automatically creates demand for control valves, as they find application right from the extraction of crude oil and gas till it reaches the end customers via refinery and oil terminals and depots. Emerging economies like China and India are also increasing their hydrocarbon investment which is again boosting the demand for control valves.
But, despite the growing demand for control valves globally, the challenge is of setting up an efficient system of logistics and supply. Another challenge faced by the global valves manufacturing companies is to evolve with time and cope up with changing requirements of their clients by innovating control valves. Immense opportunities exist in emerging economies like India and China which are boosting their investment in hydrocarbons in order to cater to the growing demand for fuel.
The North America and Europe control valves markets are considered as mature market and so they are expected to grow at a low rate. Middle East being one of the major supplier and producer of oil and gas will drive the market for control valves in the next decade. One of the major drivers in the market is increased demand from the oil and gas industry. The increased growth of the global oil and gas industry has led to a growing demand for industrial valves.
Industrial valves and actuators are devices that are used to control, direct and regulate the flow of fluids such as gases, liquids and fluidised solids. These valves are widely used in the industrial production process by several process industries in order to control the flow of fluids or gases. The regulation or the control of the valve can be undertaken either physically or automatically. There are different types of valves according to the needs and demands of the production process. Valves increase the operational efficiencies of the industrial production process and also enhance safety measures in process industries. Although the labor cost is increasing and core technical talents are scarce, the large market potential provides opportunities for foreign capitals in valve market. Thus there is a mark of growth in oil and gas industry which has made the demand of different types of valves to rise every other day.