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. The growth of this
market is propelled by 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 industries, and increased focus on plant automation.
Pumps
are expected to hold the largest share of the overall fluid handling system
market in 2017. They are used for a wide range of applications. Additionally,
the global pump market is increasingly witnessing the adoption of advanced
intelligent pump technology, which is further expected to encourage the growth
of the market.
The
control valves segment is expected to witness the highest growth in the global fluid
handling system market during the forecast period. Some of the major drivers
for the growth of the control valves market are 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 application, rising number of new nuclear plants, and enhancement of
existing plants.
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The
water and wastewater industry is projected to hold the largest share of the
overall fluid handling system market during the forecast period. The water and
wastewater industry is widely adopting automation and has been integrating
centralized control systems to monitor the quality of water. Moreover, it has a
strong focus on energy management, and the need to reduce lifecycle costs to
improve operating margins would boost the adoption of fluid handling control
systems in this industry. Factors such as population growth, especially in
urban areas, industrial development, increasing emphasis on wastewater
treatment, international commitments and targets, and government policies would
drive the growth of the market for the water and wastewater industry.
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