World News: 11:33 GMT Tuesday 14th January 2020. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Jan. 14, 2020 (GLOBE NEWSWIRE) -- The report has been added to 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).
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.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.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.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.
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Globe Newswire: 11:33 GMT Tuesday 14th January 2020
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