The global market for nuclear main steam and feed water isolation valves is expected to grow at a significant pace over the forecast period. One of the important factors contributing to global market growth is the tremendous rise in the oil & gas sector. The global isolation and safety valve market has also been witnessing numerous mergers and acquisitions. However, the low-profit margin for the companies could pose a challenge to the growth of isolation and safety valve market over the next eight years.
There is a growing trend for customized isolation and safety valves in the market, as lack of product differentiation has led to increasing competition among vendors. Thus, local as well as international vendors are trying to differentiate every product through customized valves which are offered to consumers at reasonable prices. This significant trend will have a positive impact on the growth of the global isolation and safety valve market over the next eight years.
Feed water and main steam isolation valves are a significant part of nuclear power plants and the demand for them is anticipated to increase over the forecast period. There are two types of valves used in emergencies namely isolation valves and safety release valves. The safety release valve is typically functioned in a closed position; the purpose is to protect from bursting and overpressure, and it has to be opened to release pressure.
Isolation valves are just the opposite of safety release valve. Usually, they operate at 100% free and have no controlling purpose. They open to let feed water or steam flow through and pressure loss is kept to the bare minimal. In cases emergency, including heating pipe rupture in a steam generator, this valve is required to be closed. These features are expected to boost product demand over the forecast period. There are other kinds of valves in nuclear power plants as well, such as medium-operation valves, globe valves, and gate and check valves.
The global nuclear main steam and feed water isolation valves market is segmented by application into municipal, chemical and oil & gas. Oil & gas industry is anticipated to show high growth over forecast period owing to increasing investment for oil exploration particularly in the Middle East and Asia coupled with rising efforts for shale gas exploration in North America. The power industry is also likely to witness significant growth, which may be attributed to high demand across the nuclear energy sector. Isolation and safety valves can also be classified into manual, motor, pneumatic, hydraulic, and solenoid valve.
Growth in the global market is largely dependent on investments in manufacturing facilities. Sustained by technology innovation in isolation and safety valve systems, the market is anticipated to witness strong growth over the forecast period.
Numerous factors, including rising demand for water and power, rapid growth of process industries, and pollution control regulations, work in tandem to propel the growth of the global isolation and safety valves market. Rising construction of nuclear power plants in the upcoming years is anticipated to fuel the demand for isolation and safety valves used in nuclear power plants.
The necessity to upgrade and overhaul was prevailing nuclear power plants, safeguarding their compliance with new safety standards as an aftershock of Fukushima nuclear disaster, is anticipated to fuel sales of isolation and safety valves. Isolation and safety valves used in petroleum refining industry are finding augmented demand led by capacity expansions against a backdrop of rising demand for motor vehicle fuel.
Geographically the global market for nuclear main steam and feed water isolation valves is segmented into North America, Asia-Pacific, Middle East and Asia, Europe and Latin America. North America is projected to hold majority market share in the global isolation and safety valves market over the forecast period owing to already established high-end technology in the region.
MEA is expected to witness high growth attributing to growing investment in oil & gas exploration in this region. Increasing industrial development on account of the varying role of the Middle East, from a raw goods supplier to a refined products supplier is also expected to contribute considerably to the regional market growth over the forecast period.
Moreover, growing demand for isolation and safety valves in wastewater & water application, as well as the petrochemical industry in the region, will also drive the product industry growth. Additionally, the rising demands from mining, chemical, and municipal industries are expected to fuel industry in the Asia Pacific over the next eight years. Europe and Asia Pacific are anticipated to show high demand for feed water and nuclear main steam isolation valves over the forecast period.
The key market players for nuclear main steam and feed water isolation valves include Weir Group PLC, Flowserve Corporation, Tyco International Ltd., and Crane Co. while other prominent vendors include Velan Inc. and Curtiss-Wright Corporation. Market participants stress on product development to accommodate rapidly changing technologies in end-use application industries such as chemicals and oil & gas. Leading companies are also likely to adopt merger and acquisitions strategy to link existing gaps in their product offerings.
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