Industrial valve market to exceed US$53 billion this year

According to the latest updates in the McIlvaine’s report entitled, “Industrial Valves: World Markets,” sales of industrial valves are expected to exceed US$53 billion in 2012, with the oil and gas sector being the largest buyer with expenditures reaching US$8.7 billion.
The second largest sector is the power industry, with purchases exceeding US$7.2 billion, the bulk of which will be for coal-fired power plants.
The report said more power plants will be built in East Asia within the next five years than the rest of the world combined. Growth in China’s nuclear industry has spurred the development of high-technology valves and the country is transitioning from being a manufacturer of low technology valves to a producer of high and medium technology valves.
The report said operators of renewable energy plants will not be significant buyers.
One of the fast-growing regions is the Middle East, and East Asia will account for more than 30% of the market by 2017, driven by new infrastructure and heavy industrial spending. (June 11, 2012)