The Latin America, Middle East and Africa Industrial Valves Market would witness market growth of 7.6% CAGR during the forecast period (2022-2028).
Businesses are investing more in R&D activities pertaining to automatic components like solenoid valves that are supplied to the pharmaceutical sector. Similarly, pharmaceutical businesses seek to develop sophisticated fluid handling systems, like liquid soap dispensers and automatic sanitizer dispensers, which as a result, are rising the demand for valves.
Balancing valves are created to manage flow across the system by controlling the flow among various flow branches. These valves perform various functions in fluid power applications and HVAC systems. For instance, in commercial cooling and heating systems, balancing valves allow modifications to GPM under various loading circumstances. They could also be utilized to balance the weight of double-acting cylinders by giving a counterbalancing force.
Saudi Arabia is one of the most significant exporters of petroleum and possesses nearly 17% of the world's petroleum reserves. Saudi Arabia also has the second biggest resource of proven oil globally. Qatar is the leading international exporter of LNG (liquefied natural gas). After Russia and Iran, Qatar has the third greatest reserve of natural gas globally and has prevailing reserves of nearly 24.7 trillion cubic meters of natural gas. Daily production of crude oil is about 1,300,000 barrels, thus, making Qatar one of the 15 leading oil exporting nations and one of the significant producers of fertilizers in the world. An increase in oil and gas production in this region will increase the utilization of industrial valves.
The Brazil market dominated the LAMEA Industrial Valves Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2086 Million by 2028. The Argentina market is experiencing a CAGR of 8.2% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 7.4% during (2022 - 2028).
Based on Type, the market is segmented into Globe Valves, Gate Valves, Plug Valves, Check Valves, Butterfly Valves, Ball Valves and Diaphragm Valves. Based on Material Type, the market is segmented into Steel, Cast Iron, Alloy Based, and Others. Based on Application, the market is segmented into Oil & Power, Chemical, Water & Wastewater, Food & Beverages and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Industrial Valves Market is Projected to reach USD 91.4 Billion by 2028, at a CAGR of 5.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Emerson Electric Co., Schlumberger N.V., IMI Plc., Crane Co., Flowserve Corporation, Metso Outotec Corporation, The Weir Group PLC, AVK Holding A/S, Avcon Controls Pvt. Ltd., and Forbes Marshall Pvt. Ltd.
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