Instrumentation Valves and Fittings Market:
Growth opportunities in the Instrumentation Valves and Fittings Market look promising over the next six years. This is mainly due to the extensive usage in the oil and gas sector, growing industrialization, and continuous expansion in the investment.
Instrumentation Valves and Fittings Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The prominent drivers responsible for the growth of the global instrumentation valves and fittings market include rapid industrialization along with the execution of industry 4.0 in the automation process of the manufacturing sector. Moreover, the expanding investment in the electronics and semiconductor industry with the surging demand for smart and connected instruments throughout the world has strengthened the market size. For example, Samsung Electronics, in 2018, proposed to invest more than USD 53.33 Million for the next five years to help 2,500 small and mid-sized companies to build up smart factories. These smart factories will require immense instrumentation valves and fittings to manage the plant pneumatically.
Additionally, these are extensively employed in the oil & gas industry with the boost in investment for petroleum augmentation for internal combustion. Also, the rising investment in the energy sector to fulfill the worldwide energy demand has fuelled the market growth. In accordance with the International Energy Agency, the investment in the energy sector, including fossil fuel, nuclear, renewable, in 2018 reached USD 1.85 Trillion while demanding fossil fuel such as natural gas and oil. Thus, this rise in investment has supported the market share.
However, apprehension related to the complicated design and insufficient standardization of these valves and fittings coupled with the stringent rules and regulations imposed on the manufacturers depending upon the end-use industries are the major factors hindering the market growth. Also, the convention keeps on changing, resulting in heterogeneous market demand. The excessive capital investment associated with starting up of manufacturing unit is further curbing the market size.
Deployment Segment Drivers
Based on the product, valves are expected to dominate the market over the forecast period. This is mainly because of their economical accessibility and higher effectiveness. Furthermore, the extending production capability by the key players will propel the market growth. For example, Azbil in July 2020, planned to establish a new factory in Dalian for the extension of valves and its positioners’ production in China. The company also formulated to construct 21,000 m2 building which cost USD 6.55 Million which will be completed by 2022.
Instrumentation Valves and Fittings Market’s leading Manufacturers:
- Dwyer Instruments
- Oliver Valves
- Fujikin
- Bray International Inc.
- Hex Valves
- SealExcel
- SSP Fittings
- Astectubelok
- Parker Hannifin
- AS-Schneider
- PMT Valves Pvt Ltd
Instrumentation Valves and Fittings Market Segmentation:
Segmentation by Product
- Valves
- Needle Valves
- Ball Valves
- Relief valve
- Excess Flow Valves
- Plug Valves
- Metering Valves
- Others
- Actuators
- Fittings and Connectors
- Others
Segmentation by Material
- Alloy
- Stainless steel
- Cast Iron
- Others
Segmentation by End-Users
- Electronics and semiconductors
- Chemicals
- Oil & Gas
- Food & Beverages
- Healthcare
- Pulp & Paper
- Energy & Power
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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