The Freedonia Group is a leading international industrial research company that publishes more than 100 studies annually. Recently, it has been found that the global demand for automatic valves is predicted to rise 4.8% per year to $46.7 billion by 2023. These valves will account for an increased share of the global market, continuing a long-term trend toward greater automation across most – if not all – industries.
Growth will be particularly strong in the Asia/Pacific region, where industries in nations like China and India are becoming increasingly modernized. Automatic valves will also gain market share in North America and Western Europe, reinforced by strong financial resources for upgrading to more efficient products.
Studies conducted by the company also forecast global demand for all types of industrial valves to rise 4.3% per year to $103 billion in 2023. Growth will be about equally split between standard valves and automatic valves.
The Asia/Pacific region is projected to account for the largest share of global industrial valve demand growth through 2023, fueled by strong advances in China, India, and Southeast Asian countries. The US will remain the world’s largest national market for industrial valves, with growth in process manufacturing and oil and gas production enabling strong gains by the standards of high-income countries.
Image credit: The Freedonia Group