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(IT-NEWSWIRE.COM, October 05, 2017 ) According to the new market research report "Fluid Handling System Market by Pumps (Centrifugal and Positive Displacement), Control Valves (Rotary and Linear), Flow Meters (Magnetic, Coriolis, Differential Pressure, Ultrasonic), Industry, and Geography - Global Forecast to 2023", the fluid handling system market is projected to be valued at USD 73.28 Billion by 2023, growing at a CAGR of 4.8% between 2017 and 2023. Factors driving the growth of the market include the increasing demand for different types of pumps in the oil and gas industry, high demand for advanced systems in the chemical and wastewater management industry, and increased focus on plant automation.
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Fluid handling system market for control valves expected to grow at the highest CAGR between 2017 and 2023
The growth of the control valves market can be attributed to the increasing need for wireless infrastructure to maintain/monitor equipment in various plants, revenue shift in the industry, rising demand for control valves for oil and gas and subsea applications, increased focus on automation, rising number of new nuclear plants, and enhancement of existing plants.
Pumps projected to hold the largest share of the market during the forecast period
Pumps are used across a wide range of industries such as water and wastewater, chemicals, energy and power, oil and gas, and building and construction. Thus, the increasing investment in these industries in developed as well as developing nations, in turn, increases the demand for pumps. In the global pump market, advanced intelligent pump technologies are increasingly being adopted to improve the efficiency of the pumping operation.
Market for building and construction industry to grow at the highest CAGR between 2017 and 2023
Commercial buildings and construction sites are surrounded by several types of fluids and gases through their lines to maintain the smooth operation of HVAC, fire protection, and water and wastewater management. Fluid handling systems ensure the proper flow and control of fluids in the building and construction industry. The increasing adoption of building automation systems, such as HVAC systems and fire safety systems, is expected to drive the growth of the fluid handling system market in this industry.
APAC to hold the largest share of the fluid handling system market during the forecast period
The robust presence of local and regional fluid handling system manufacturers encourages the growth of the fluid handling system market in APAC. Further, the rising demand for efficient and accurate measurement devices, increasing number of industrial infrastructural activities, and high demand for fluid handling systems in the chemicals and water and wastewater industries fuel the growth of the fluid handling system market in APAC.
Alfa Laval AB (Sweden), Colfax Corporation (US), Crane Co. (US), Flowserve Corporation (US), and Graco Inc. (US) are among the leading players in the fluid handling system market. Other key players in the fluid handling system market include Bürkert GmbH & Co. KG (Germany), Dover Corporation (US), INDEX Corporation (US), Ingersoll-Rand plc (Ireland), and SPX Flow, Inc. (US).
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