Steady growth for valves
1 Jun 2004
The worldwide control valve market, which was worth nearly $2.9 billion in 2003, will reach nearly $3.4 billion by the end of 2008, expanding at a Cumulative Annual Growth Rate (CAGR) exceeding 3%, according to a new study by the ARC Advisory Group.
"Long-term business prospects for control valve suppliers look reasonably bright due to MRO (Maintenance, Repair and Operations) business opportunities in developed regions and new projects' business in developing countries," according to Senior Analyst Dave Clayton, author of ARC's Control Valve Worldwide Outlook.
From a regional perspective, most of the growth over the next five years will come from Asian countries, such as India and China. Russia is also a promising market.
The share of North America in the worldwide control valve market is decreasing and the trend will continue over the forecast period, as developing countries continue expanding their manufacturing base.
EMEA (Europe, Middle East, Africa) continues to remain relatively flat with some growth occurring in Eastern Europe and countries formerly part of the Soviet Union. Due to economic and political turmoil, Latin America will experience subdued growth over the forecast period.
