The global multiple orifice flow control valves market is estimated to exhibit growth during the forecast period of 2018 to 2028, according to a report from Persistence Market Research (PMR). Growth will be driven by factors such as recovery of crude oil prices, growth in shale gas drilling and production activities, and opportunities in nuclear power generation.
The global multiple orifice flow control valves market was valued at around $300 million in 2017 and is expected to expand at a compound annual growth rate (CAGR) of 2.4 percent during 2018 to 2028.
The demand for multiple orifice flow control valves has been driven by the swelling production of oil and gas, chemicals, petrochemicals and growing investments in water and wastewater and power generation. In addition, the replacement of legacy multiple orifice flow control valves is necessary to enhance flow without any interruptions. These factors are expected to be responsible for the projected growth of the multiple orifice flow control valves market.
East Asia & South Asia Growth Forecast
The global multiple orifice flow control valves market is consolidated, with the top seven players accounting for around two-fifths of the global market share. Governments in East Asia and South Asia are initiating measures to deal with water scarcity due to water pollution and investing in wastewater treatment plants. In addition, industrial regulations to reduce wastewater will lead to the installation of multiple orifice flow control valves, the report predicts.
Global players are engaged in expanding their manufacturing capacities in developing economies to cater to the increasing demand for multiple orifice flow control valves. Prominent regions are expected to be South Asia and East Asia because of the increasing oil and gas production and consumption of multiple orifice flow control valves in countries such as China and India. Latin America is expected to drive the growth of the global multiple orifice flow control valves market, owing to growth in process industries.
Multiple Orifice Flow Control Valves & Oil & Gas End-Use
The global multiple orifice flow control valves market has been segmented on the basis of valve diameter, operation and end-use industry, besides seven regions.
- On the basis of valve diameter, the 12- to 24-inch multiple orifice flow control valves segment accounts for a prominent share in the global market, and the adoption of carbon steel-based multiple orifice flow control valves is gaining revenue growth over others.
- Based on operation, the automatic-based multiple orifice flow control valves segment is estimated to account for a large market share. Currently, most end users and industrial operators are looking for automated types of operations to reduce their operational costs. The electric-based automated multiple orifice flow control valves segment is expected to drive revenue growth during the forecast period.
- Multiple orifice flow control valves find significant application in various end-use industries such as oil and gas, chemicals and petrochemicals, energy and power, and water and wastewater. The oil and gas segment is estimated to be a prominent end-use industry segment in the multiple orifice flow control valves market. Developments in orifice plates and growth in remote operations in some of the end-use industries are expected to drive the adoption of advanced multiple orifice flow control valves.
Vendor Insights
During the forecast period, market strategies to invest in new corrosion-resistant materials at competitive pricing, and setting up new production units in the Latin American, Southeast Asian and African regions are expected to drive revenue growth of the global multiple orifice flow control valves market.
