Industry & Region News
Market to Witness Superiority of Large Enterprise in Terms of Size
The international market for control valves is basically categorized on the basis of four major criteria which are: actuation technology, application, type, and geographies. These categories are further sub-divided into numerous sub-segments which are elaborated on in detail in the market intelligence report by TMR. Of all these segments, the category of butterfly valve that is present under the category of type accounted for the topmost position pertaining to revenue in the year 2016, and its growth is anticipated to expand at a robust rate in the years to come
North America to Continue With its Regional Dominance
The world market for control valves has been segmented into the major geographies of North America, Latin America, Europe, Asia Pacific and Middle East and Africa. From such a regional standpoint, North America presently leads the world market for control valves riding on the back of booming exploration of shale gas. Control valves play an important role in the extraction of shale gas by assisting in the regulation of the temperature or pressure throughout downstream, midstream, and upstream activities. The said market in North America is being majorly steered by the U.S., then followed by Canada. The market intelligence report by TMR anticipates the market in the said region to expand at a growth rate of 5.1% CAGR from the year 2017 to the year 2025 to gross a revenue of around US$ 2.936 bn towards the end of forecast period i.e. by 2025.
Powered by Japan and China that contribute most to the market revenue, the market in the region of Asia Pacific is estimated to register maximum growth in the period of forecast. The said market is expected to gain maximum share of the market by registering a growth rate of around 7.3% CAGR from the period that extends from the year 2017 to 2025. The constantly growing chemical industry is at the front of fuelling sales in the said region.