Market research firm McIlvaine Co. has reported that it has revised its growth forecast for the industrial valve market over the next five years to 5.5 percent CAGR. The revised forecast is based on greater anticipated revenues from sales of smart valves, which will propel the $55 billion industrial valve market.
Continents which will see the biggest growth include, Asia, the Middle East and BRIC countries China and India, driven by the oil and gas industry.
Smart valve growth is also being driven by valve-tree control systems in subsea oil and gas applications. In this area, there is a long-term movement away from electro-hydraulic control systems and toward electric systems, enabling the penetration of smart field devices. The oil and gas industry is also adopting valve technology with embedded processor and networking capability to link control valves with extended and distributed control data networks.
McIlvaine Co. cites Emerson Process Management as one manufacturing that’s leading the way in smart valves. The research consultancy specifically refers to the manufacturer’s Fisher digital valves that allow customized valve designs “to cope with the pressure, flow capacity, and temperature demands of the world’s first twin-mega-train [liquefied natural gas] plant.”
