Technavio’s latest report on the global industrial valve cover gasket market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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The industrial valve cover gasket market is dependent on the global market for diesel engines that are used for power generation in the industries. The global industrial valve cover gasket market is expected to grow substantially in APAC. The growth of the process and discrete industries in the region is supplemented by the increasing need for power backup, which is expected to drive the high adoption of diesel generators and subsequently, the growth of the global industrial valve cover gasket market.
Sushmit Chakraborty, a lead analyst from Technavio, specializing in research on the automation sector, says, “The oil and gas, power, and chemical and petrochemical industries will primarily account for the overall revenue share of the global industrial valve cover gasket market during the forecast period. It is estimated that the oil and gas industry will grow primarily in the Americas, owing to the exploration of shale gas.”
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The top three emerging trends driving the global industrial valve cover gasket market according to Technavio research analysts are:
- Diesel power plants
- Green energy products
- Increasing mergers and acquisitions
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Diesel power plants
In many parts of the world, there are geographical areas where using diesel generators is the only viable option for providing reliable power to the local population. Alaska is an example where this practice is common, and power companies there use diesel generating plants as a major component of their power generation portfolio. Many of these sites are not hooked into a power grid and must control their own frequency and voltage.
“The increased adoption of diesel power plants by end-user industries can lead to the growth of the diesel engines market during the forecast period. The industrial valve cover gasket, being an important part of the diesel engine, will witness an increase in terms of adoption during the forecast period as the trend of diesel power plants are picking up,” according to Sushmit.
Green energy products
The green energy is a fast-growing and popular method throughout the world. There are power plants that use landfill gases that contain 40%-60% methane and other gases to provide fuel for power plants. Many, if not the majority of these, are diesel plants. These power plants are called LFGTE Projects (Landfill Gas-to Energy) and are a renewable resource.
The end-user industries are currently focusing on decreasing the carbon emission from their manufacturing units. In such cases, the green energy products can feature a rise in its adoption during the forecast period. The only factor that might negatively impact the rise in the adoption of green energy products will be the cost of restructuring the manufacturing units to meet the new installations.
Increasing mergers and acquisitions
The increasing number of mergers and acquisitions across various industries will increase the adoption rate of the industrial valve cover gasket market among the industries during the forecast period. The power industry is expected to grow evenly across the Americas, EMEA, and APAC.
The automotive industry is expected to grow immensely in APAC, owing to the increased demand for automobiles and automotive parts among the consumers in the region during the forecast period. The oil and gas industry is undergoing an economic crisis due to the lowering of oil and gas prices. However, this crisis is expected to fade away during the forecast period.
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