$3.9B Instrumentation Valves & Fittings Industry Outlook, 2020-2025 - Integration of IIoT-Enabled Instrumentation Valves to Minimize Unexpected Downtime
Jan 14, 2020, 19:00 ET
DUBLIN, Jan. 14, 2020 /PRNewswire/ -- The "Instrumentation Valves and Fittings Market by Material, Product (Valves, Fittings, Actuators), Industry (Semiconductor, Oil & Gas, Food & Beverages, Chemicals, Healthcare, Pulp & Paper, Energy & Power), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global instrumentation valves and fittings market was valued at USD 3.1 billion in 2018 and is projected to reach USD 3.9 billion by 2025; it is estimated to grow at a CAGR of 3% from 2019 to 2025.
The uptrend in the oil & gas industry, mainly in the upstream sector, growth in the electronics & semiconductor industry and a large number of coal-based power projects in the Asian region, and increasing automation are creating scope for the instrumentation valves and fittings market.
However, lack of standardization and policy issues are likely to hinder the growth of the instrumentation valves and fittings industry in the future.
Key players in the instrumentation valves and fittings market are Parker Hannifin (US), CIRCOR International (US), AS-Schneider (Germany), Hex Valve (US), Bray International (US), Fuijikin Incorporated (Japan), Dwyer Instruments (US), SSP Fittings Corporation (US), Swagelok (US), Safelok (UK), Hy-Lok Corporation (South Korea), and Ham-Let (US).
Stainless steel material to dominate instrumentation valves and fittings market during the forecast period
The instrumentation valves and fittings industry is expected to witness limited product development and innovation in the coming years. Productivity improvement cost control and solid inventory planning will be the major focus areas of the manufacturers to improve profit margins in the coming years. Manufacturers will look to incorporate new products with tough materials for the construction of valve body to increase their strength, mechanical properties, and reliability while reducing the material cost during manufacturing.
Instrumentation valves manufactured from stainless steel are expected to hold a major share of the instrumentation valves and fittings market during the forecast period. This is attributed owing to their high demand in the end-use industries, including oil & gas, chemicals, healthcare, and semiconductors.
Market for valves to grow at the highest CAGR from 2019 to 2024
Valves play a crucial role in the growth of the instrumentation valves and fittings market. Ball valves are used extensively owing to their low-pressure drop and the ability to open and close quickly. These valves are used in various transmission, storage, and gas processing applications across industries. Check valves are mainly used in wastewater, portable water, and irrigation applications; these valves also find use in process, mining, food & beverages, oil & gas, and pharmaceuticals industries.
The growing use of instrumentation valves in various end-user industries, including oil & gas, healthcare, and chemicals, is fueling the growth of the valves market. As a result, the valve's offerings segment is expected to grow at a higher CAGR during the forecast period.
Oil & gas to dominate instrumentation valves and fittings market (in terms of share) during the forecast period
Instrumentation valves and fittings are used in the oil & gas industry in offshore rigs, refinery plants, and gas handling systems. Valves and fittings used in the oil & gas industry should be able to withstand harsh environmental conditions. As a result, maintenance, repair, and operations (MRO) activities are crucial for valves used in the oil & gas industry.
Oil & gas is a cyclical industry; hence, players of this industry procure instrumentation valves and fittings to minimize dependency on suppliers. Over the past few years, oil & gas products have witnessed strong demand from developing nations. Such continuously increasing demand for oil and gas products is expected to drive the instrumentation valves and fittings market.
APAC to grow at the highest CAGR in instrumentation valves and fittings market during the forecast period.
Major semiconductor players, such as Sony, Samsung, LG, and TSMC, have their presence in APAC. Instrumentation valves and fittings are used in fabrication and manufacturing processes of the semiconductor industry. The food & beverages industry in India and China is experiencing rapid growth.
Many food & beverage industry players are upgrading their facilities to match international standards. Increased focus on cleanliness and hygiene will boost the demand for ultraclean valves. Hence, the penetration of instrumentation valves and fittings is expected to increase between 2019 and 2025.
APAC is witnessing a surge in smart city projects, which is also creating demand for instrumentation valves and fittings products. In recent years, APAC has witnessed tremendous economic growth, political transformation, and social change. Organizations in APAC are expected to invest heavily in deploying instrumentation valves and fittings products, thus, driving the instrumentation valves and fittings market growth.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Instrumentation Valves and Fittings Market
4.2 Market, By Industry
4.3 Market, By Product
4.4 Market in APAC, By Industry & Country
4.5 Market, By Country
5 Market Overview
5.1 Market Dynamics
5.1.1 Drivers
5.1.1.1 Growing Requirement for Reducing Excessive Noise, Pressure, Vibration, and Cavitation in Critical Industrial Processes
5.1.1.2 Increasing Industrialization and Urbanization, Along With Growing Number of Smart City Initiatives
5.1.1.3 Rising Need for Connected Networks to Maintain and Monitor Varieties of Equipment in Plants
5.1.2 Restraints
5.1.2.1 Lack of Standardization of Certification and Policies
5.1.3 Opportunities
5.1.3.1 Integration of IIoT-Enabled Instrumentation Valves to Minimize Unexpected Downtime
5.1.3.2 Focus of Valve Manufacturers to Offer Improved Customer Services
5.1.4 Challenges
5.1.4.1 Minimization of Lead Time
5.2 Value Chain Analysis
5.3 Industry Trends
6 Instrumentation Valves Market, By Material
6.1 Introduction
6.2 Stainless Steel
6.3 Alloy Based
6.4 Cast Iron
6.5 Others
7 Instrumentation Valves and Fittings Market, By Product
7.1 Introduction
7.2 Valves
7.2.1 Ball Valves
7.2.2 Needle Valves
7.2.3 Check Valves
7.2.4 Plug Valves
7.2.5 Other Valves
7.3 Fittings
7.3.1 Single Ferrule
7.3.2 Double Ferrule
7.3.3 Pipe Fittings
7.3.4 Flare Fittings
7.3.5 Others
7.4 Pneumatic Actuators
7.5 Others (Gaskets, Manifolds, Glands, in Line Filters)
8 Market, By Industry
8.1 Introduction
8.2 Oil & Gas
8.3 Food & Beverages
8.4 Chemicals
8.5 Healthcare
8.6 Paper and Pulp
8.7 Energy & Power
8.8 Others
9 Market, By Region
9.1 North America
9.2 Europe
9.3 Asia-Pacific
9.4 RoW
10 Competitive Landscape
10.1 Introduction
10.2 Market Player Ranking Analysis
10.3 Competitive Situation and Trends
10.3.1 New Product Launch/Development
10.3.2 Partnerships/Agreements/Strategic Alliances/Collaborations
10.3.3 Mergers & Acquisitions
10.3.4 Expansions
10.4 Competitive Leadership Mapping
10.4.1 Visionary Leaders
10.4.2 Dynamic Differentiators
10.4.3 Innovators
10.4.4 Emerging Companies
11 Company Profile
11.1 Swagelok
11.2 Parker Hannifin
11.3 Circor International
11.4 Ham-Let
11.5 Hy-Lok Corporation
11.6 Bray International
11.7 As-Schneider
11.8 Fujikin
11.9 Hex Valve
11.10 Oliver Valves
11.11 Safelok
11.12 SSP Corporation
11.13 Dwyer Instruments
11.14 Fitok
11.15 Other Key Players
11.15.1 Tylok International
11.15.2 Walter Stauffenberg GmbH & Co (Stauff)
11.15.3 Alco Valves Group
11.15.4 Brennen Industries
11.15.5 Waverley Brownall
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