A report by Persistence Market Research shows the global multiple orifice valves market was valued at $300 million in the 2017 and is expected to expand at a compound annual growth rate (CAGR) of 2.4% during the period of 2018 to 2028. Factors for this growth include recovery of crude oil prices, growth in shale gas drilling and production activities and opportunities in nuclear power generation applications.
The demand for multiple orifice flow control valves has been driven by the swelling production of oil and gas and chemicals, petrochemicals and growing investments in water, wastewater and power generation applications. The replacement of legacy multiple orifice flow control valves will help drive the market.
The global multiple orifice flow control valves market is consolidated, with the top seven players accounting for around two-fifths of the global market share. Governments in countries from East Asia and South Asia are initiating measures to deal with water scarcity from water pollution and investing in wastewater treatment plants. Industrial regulations to reduce wastewater will lead to the installation of multiple orifice flow control valves.
Global players are engaged in expanding their manufacturing capacities in developing economies to cater to the increasing demand for multiple orifice flow control valves. Prominent regions for market growth throughout the forecast period are expected to be South Asia and East Asia because of their increasing oil and gas production. Latin America is also expected to drive the growth of the global multiple orifice flow control valves market, owing to growth in process industries.
The global multiple orifice flow control valves market has been further segmented on the basis of valve diameter, operation and end use industry.
The 12 to 24-inch multiple orifice flow control valves segment accounts for a prominent share in the global market, and the adoption of carbon steel-based multiple orifice flow control valves is gaining revenue growth over others.
The automatic-based multiple orifice flow control valves segment is estimated to account for a large market share. Currently, most end users and industrial operators are looking for automated operations for multiple orifice flow control valves to reduce their operational costs. The electric-based automated multiple orifice flow control valves segment is expected to drive revenue growth during the forecast period.
End use industries
Multiple orifice flow control valves find significant application in various end use industries such as oil and gas, chemicals and petrochemicals, energy and water and wastewater. The oil and gas segment is estimated to be a prominent end use industry. Developments in orifice plates and growth in remote operations in some of the end use industries are expected to drive the adoption of advanced multiple orifice flow control valves.