According to a recent report published by KD Market Insights, titled, Global Knife Gate Valve Market 2018: Market Size, Market Volume, Trends, Opportunity, Forecast 2018-2024, the global knife gate valve market accounted for USD 1,013.6 Million in 2018 and is estimated to reach USD 1,243.0 Million by 2024. Moreover, it is anticipated to flourish at a CAGR of 3.0% during the forecast period, i.e. 2019-2024.
The global knife gate valve market has been segmented based on product type and application. On the product type, the market is segmented into pneumatic knife gate valve, electric knife gate valve, handwheel knife gate valve and others. In this segment, handwheel knife gate valve segment accounted for the highest market share in 2018 and is expected to capture a notable market share in 2024. Moreover, based on application, the knife gate valve market is further sub-segmented into pulp and paper, mining, food and beverage, power plants, chemical industries, wastewater treatment, steel industry, oil, gas & refining and others. The wastewater treatment segment is anticipated to attain a significant CAGR over the forecast period, i.e. 2019 to 2024.
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Rapid Industrialization is Augmenting the Demand for Industrial Valves
Knife gate valves are used in various industries such as oil & gas, mining, pulp & paper and chemical industries. Emerging economies such as India, Brazil, China and others, are witnessing rapid industrialization which is expected to impel the demand for knife gate valve in upcoming years. Mining and waste water treatment industry are the major end-users of knife gate valve. Further, government of various nations is making significant investment in wastewater treatment plants which is anticipated to impel the growth of the market. Further, positive growth of mining industry is also believed to intensify the growth of global knife gate valve market.
Growing Demand for Energy in Emerging Countries
Owing to continuous rise in demand for energy, industries such as oil & gas, powerplant, coal industry, renewable energy industry and others are growing significantly worldwide. Moreover, government of various nations are bringing several initiatives to boost energy production. These factors are likely to foster the growth of global knife gate valve market.
In terms of geography, the knife gate valve market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounted for the major share of the global knife gate valve market. Asia Pacific knife gate valve market was held at 202.6 thousand units in 2018.
The report also covers detailed competitive analysis of major market players of the global knife gate valve market, such as Weir, ITT Inc., Emerson, Velan, Jash Engineering Ltd, Mueller Water Products, Process Systems, T-T Pumps, Econosto, Red Valve Company, Inc., FKB, KSB SE & Co KgaA and other key & niche players. The knife gate valve market is witnessing a wide range of industry activities such as acquisition, expansion, product launch, and partnership across the globe.
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