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IIoT and 3D Printing Propel Growth for North American Industrial Valve Makers amid Volatile Market
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"Although prolonged geopolitical tensions and a bleak investment climate in North America have negatively impacted the sector, there are positive growth opportunities for the long term. These include the gradual integration of IIoT across and demand from such as power generation to meet enhanced safety regulations," said Riti Newa , Industrial Research Associate. "However, in the short term, the market will be subject to sharp revenue declines amid the ongoing pandemic. The COVID-19 outbreak has impacted all end users, especially the , as evident from the unprecedented decline in its demand. As the financial crisis intensifies due to the pandemic, new investment opportunities will be relatively low in 2020."
Newa added: "Market participants are responding to protracted market tensions and the gradual transition of end users to digital solutions by introducing new products such as to augment the use of IIoT. They are also shifting from a product-centric to a service-centric approach and are strengthening their service offerings to secure recurring revenue. is also expected to remain a key focus area for the industrial valves market due to the cost-effectiveness and flexibility of 3D printing. As requests from end users become more specific, solution providers will have to consider 3D printing to offer customized product lines."
Given the already mature market, industrial valve manufacturers should focus their efforts on growth strategies that would enable diversified product lines while integrating digital technology in market offerings.
For further revenue opportunities, industrial valve manufacturers should:
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Melissa Tan
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