Instrumentation Valves and Fittings Market by Material, Product (Valves, Fittings, Pneumatic Actuators), Industry (Semiconductor, Oil & Gas, Food & Beverages, Chemicals, Healthcare, Pulp & Paper, Energy & Power), and Geography - Global Forecast to 2023
Instrumentation valves and fittings market to grow at high CAGR between 2017 and 2023
The instrumentation valves and fittings market is expected to grow from USD 2.95 billion in 2017 to USD 3.54 billion by 2023, at a CAGR of 3.1% during 2017–2023. The key factors driving the growth of the instrumentation valves and fittings market are growth in fracking and utilizing 1–6-inch brass or copper valves in the oil & gas industry; growth in the electronics and semiconductor industry and a large number of coal-based power projects in the Asian region; and development in the industry through organic and inorganic growth strategies, such as product launches and developments, mergers and acquisitions, expansions, agreements, collaborations, joint ventures, and partnerships. However, the major restraints for the growth of this market are the high significance given to brand value and certification, and the rising raw material cost and shrinking profit margins slowing down the instrumentation valve industry.
Oil & gas industry expected to lead instrumentation valves and fittings market between 2017 and 2023
Among various industries, oil & gas is expected to account for the largest size of the overall instrumentation valves and fittings market between 2017 and 2023. Instrumentation valves and fittings are used in the oil & gas industry in offshore rigs, refinery plants, and gas handling systems. Increased adoption of 1–6-inch copper valves for fracking operation will boost the demand for instrumentation valves in the coming years.
APAC expected to lead instrumentation valves and fittings market between 2017 and 2023
APAC is expected to hold the largest size of the instrumentation valves and fittings market during the forecast period. The key drivers for the growth of this market in APAC include increasing population, emerging economies, and the rising adoption of instrumentation valves across end-user industries such as semiconductor, oil & gas, chemicals, and healthcare. Increasing demand for flow control applications from emerging economies such as India, Taiwan, Indonesia, and China will further boost the instrumentation valves and fittings market in the region.
The breakup of the profiles of primary participants for the report has been given below.
• By Company Type: Tier 1 = 20%, Tier 2 = 55%, and Tier 3 = 25%
• By Designation: C-Level Executives = 40% and Directors/Managers = 50%
• By Region: North America = 35%, APAC = 45%, Europe = 15%, and RoW = 5%
Swagelok (US), Parker Hannifin (US), AS-Schneider (Germany), HAM-LET (US), HY-LOK Corporation (South Korea), Fujikin Corporation (US), Bray International (US), Circor International (US), Hex Valves (US), Oliver Valves (UK), SafeLOK (UK), SSP Fittings Corporation (US), Braeco (Australia), Dwyer Instruments (US), Fitok (China), and Tylok International (US) are the major players operating in the instrumentation valves and fittings market.
This report on the instrumentation valves and fittings market covers the market segmented on the basis of the following segments: material, product, industry, and geography. The market has been segmented on the basis of material into stainless steel, cast iron, alloy based, and others. On the basis of product, the instrumentation valves and fittings market has been classified into instrumentation valves (ball valves, needle valves, check valves, manifold valves, ultraclean valves, and others), fittings (single ferrules, double ferrules, pipe fittings, flare fittings, and others), pneumatic actuators, and others. On the basis of industry, the market has been segmented into oil & gas, healthcare, pulp & paper, pharmaceuticals, food & beverages, semiconductor, energy & power, and others.
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market on the basis of material, product, industry, and geography have been conducted to provide an overall view of the instrumentation valves and fittings market.
The value chain analysis has been provided for an in-depth insight into the instrumentation valves and fittings market.
The impact of major drivers, restraints, opportunities, and challenges on the instrumentation valves and fittings market has been analyzed.
The report includes a detailed competitive landscape and the revenue of key players.