M a r k e t N e w s
INDUSTRIAL VALVES MARKET IN THE MIDDLE EAST AND AFRICA TO REACH $10 BILLION BY 2019
Posted on : Tuesday , 24th February 2015
A new study by Research and Markets on the Industrial Valves Market in the Middle East and Africa has shown that the market demand for industrial valve in these regions is estimated to reach $10 Billion by 2019, with a projected CAGR of 5.7% in the next half a decade
The increasing demand in oil & gas, chemical and municipal applications is expected to be the major drivers for the industrial valves market in this region.
The Middle East region is increasingly expected to transform from a raw goods supplier to a refined product provider.
This changing trend would be corroborated with the increase in the number of manufacturing and process industries. The industrial valve market is expected to be driven by the demand from these industrial expansions.
Growing desalination market is another significant factor that would boost the demand for industrial valves in this region.
The industrial valves market is estimated to grow with the growing oil & gas industry in the northern parts of Africa, as well as the growing nuclear and renewable energy sectors in the African power industry.
Other sectors that are estimated to drive the industrial valves market include water and wastewater application in the municipal market and the petrochemical industry in the chemical market.
The study on industrial valves market for Middle East and Africa classifies on the basis of function, type, and closure type in terms of value. The market segments by closure type include quarter turn, multi turn, and check.
The market segments for function include control, isolation, check, and special. The valve type segmentation includes market value for ball valves, globe valves, plug valves, and others. On the basis of application, industrial valves market has been categorized into Oil & gas, Chemical, Municipal, Power, and Mining and others.
Source : OIL NEWS KENYA
