MRO Services Bolster Control Valve Market

It's not exactly growing by leaps and bounds, but the size of the worldwide control valve market will grow steadily over the next five years, forecasts ARC Advisory Group. The market, which reached nearly $2.9 billion in 2003, will expand to some $3.4 billion by the end of 2008, which translates to a cumulative annual growth rate exceeding 3%, notes the Dedham, Mass., consulting firm. "Long-term business prospects for control valve suppliers look reasonably bright due to MRO [maintenance, repair and operations] business opportunities in developed regions and new projects business in developing countries," suggests senior analyst Dave Clayton. The biggest growth will occur in Asian countries, with infrastructure requirements for new energy sources being the key growth driver, ARC Advisory predicts.