The global industrial valves market is expected to enjoy healthy growth in the coming years. It is projected that the industry will experience a compound annual growth rate (CAGR) of 5% from 2020-2025, according to a report by Research and Markets. This growth is spurred by several factors, including increasing demand for energy efficiency and safety compliance, growing investment in petrochemical projects, and an emphasis on environmental standards.
With this expected growth in mind, it’s important to understand the key trends shaping the industrial valves market. Here are some of the major trends to keep on top of:
Growing demand for advanced materials: As manufacturers look to achieve greater performance benefits in their industrial systems, they are turning towards materials such as stainless steel alloys and thermoplastics that can offer improved corrosion resistance and thermal management capabilities. These materials can help meet environmental regulations while also allowing for better energy efficiency.
Smart technology integration: Technology advancements have enabled more integrated solutions that feature remote monitoring capabilities and automatic operation control. These solutions are increasingly sought after by end users due to their ability to provide real-time insights into process parameters as well as enhanced safety compliance and reduced downtime.
Expansion of online sales channels: The pandemic has led many buyers to switch from traditional brick-and-mortar stores to online sources for purchasing industrial valves. This shift has had wide-reaching implications for manufacturers who must now adapt their sales strategies accordingly. Online platforms provide an opportunity for manufacturers to expand their customer reach without investing heavily in physical infrastructure or personnel resources.
These trends will continue driving the market forward over the next few years, making it an exciting space for manufacturers looking to capitalize on growing demand. By understanding these key trends as well as current customer needs and preferences, companies can position themselves effectively in this rapidly expanding industry!
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