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A report has stated that the valve market in Africa is expected to grow at a CAGR of 5.9 per cent, making it one of the fastest growing markets globally
The report African Valves Market by Closure Type (Quarter Turn, Multi Turn and Check), by Function (Control, Isolation, Check, and Special) & by Type (Ball Valves, Globe Valves, Plug Valves and Others) - Global Trend & Forecast to 2019 has identified the growth of oil and gas, and power sectors to be the major drivers of the demand for valves.
Valves are commonly used in chemical, power, oil and gas, and mining industries. The increasing activity in water and wastewater management has also led to the high demand for industrial valves, stated the report.
Some of the leading players in the industrial valves market include Switzerland’s Pentair Ltd, USA’s Flowserve Corporation, Emerson Electric and FMC technologies, and Sweden’s Alfa Laval AB.
The rapid industrialisation and urbanisation in Africa has elevated the need for enhanced power generation capabilities, making the continent’s power industry a thriving market for valves. In addition, the preference for renewable energy sources to satisfy the growing energy need is also a key driver to the industrial valves demand in Africa, revealed the report.
The growing demand for industrial valves has also given rise to product development, stated the report. There are a host of industries, which are keen to see new and improved models and subsequent changes in design. Since application requirements and operating conditions are constantly changing, R&D divisions are engaging in improved product development.
Additionally, companies are adopting inorganic growth strategies such as acquisitions to cope up with the increasing demand for industrial valves in key emerging markets. These strategies have aided companies create a large customer and partner base in key markets within the African region.