The ball valves market is expected to grow at a CAGR of 3.75 % from 2019 to 2024, to reach USD 15.2 billion by 2024 from USD 12.6 billion in 2019
NEW YORK, March 11, 2019 /PRNewswire/ -- Increasing demand for ball valves from the oil & gas and energy & power industries drives market growth
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The ball valves market is expected to grow at a CAGR of 3.75 % from 2019 to 2024, to reach USD 15.2 billion by 2024 from USD 12.6 billion in 2019. Need for ball valve replacement, growth in energy consumption, increasing industrialization, urbanization, and smart city initiatives across the globe are among the key driving factors for the ball valves market. Integration of IIoT-enabled ball valves to avoid unexpected downtime, use of 3D printers in manufacturing lines, increase in the number of refineries, and petrochemicals and chemicals plants worldwide are fueling the growth of the ball valves market. However, lack of standardization in certifications and policies can hinder the growth of the ball valves market.
Market for 1" to 6" ball valves to witness significant growth during the forecast period
The ball valves market, by size, is segmented into Up to 1", 1" to 6", 6" to 25", 25" to 50" and 50" and larger.The 1" to 6" based ball valves market is expected to witness significant growth during the forecast period.
This growth is attributed to the increasing demand for transportation and energy & power-based applications; as a result, there is an increase in the use of 1–6" valves in the oil & gas, energy & power, water & wastewater treatment, chemicals, and other industries.
Trunnion mounted ball valves to hold the largest share of ball valves market in 2019
In this report, the ball valves market, by valve type, has been segmented into trunnion mounted, floating, and rising stem ball valves.Among these, the trunnion mounted is expected to hold the largest share of the market throughout the forecast period.
Growth in energy consumption, new production technologies, demand for process safety, increasing focus on sustainability, and environmental regulations boost the trunnion ball valves market.
APAC to hold the largest share of the ball valves market from 2019 to 2024
In terms of market size, APAC is expected to dominate the ball valves market during the forecast period as it is likely to witness significant growth in the said market during the forecast period. The population growth and rapid urbanization in developing economies, such as China and India, have prompted the speedy development in the region, which will boost the demand for ball valves from several industries such as energy & power, water & wastewater treatment, construction, chemicals, pharmaceuticals, and oil & gas.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the ball valves market. Following is the breakup of the profiles of primary participants for the report.
• By Company Type: Tier 1 – 35 %, Tier 2 – 45%, and Tier 3 – 20%
• By Designation: C-Level Executives – 35%, Directors – 25%, and Others – 40%
• By Region: North America – 45%, Europe – 20%, APAC – 30%, and RoW – 5%
The report profiles key players in the ball valves market and analyzes their market rankings. Players profiled in this report are Emerson Electric Co. (US), Flowserve Corporation (US), Cameron–Schlumberger Ltd.(US), Crane Co.(US), IMI Plc.(Finland) , Kitz Corporation (Japan), Metso (Finland), Neway Valves Co. Ltd (China), Velan Inc. (Canada), Weir Group Plc (UK), Burkert Fluid Control Systems (Germany), Curtiss-Wright Corporation (US), Alfa Laval (Sweden), Apollo Valves (US), Valvitalia S.P.A (Italy), Avk Holdings A/S (Denmark), Dwyer Instruments (US), Ham-Let (US), Samson Controls Ltd (UK), and Swagelok (US).
Research Coverage
This report segments the ball valves market by material, valve type, size, industry, and geography. The report also describes major drivers, restraints, challenges, and opportunities pertaining to this market, as well as includes value chain and market ranking analysis.
Reasons to Buy This Report
The report will help leaders/new entrants in the ball valves market in the following ways:
1. The report segments the ball valves market comprehensively and provides the closest market size estimation for all subsegments across regions.
2. The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities pertaining to the ball valves market.
3. The report will help stakeholders understand their competitors better and gain insights to improve their position in the ball valves market. The competitive landscape section describes the competitor ecosystem.
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