$3.9B Instrumentation Valves & Fittings Industry Outlook, 2020-2025 - Integration of IIoT-Enabled Instrumentation Valves to Minimize Unexpected Downtime
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
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.
The growing use of intrumentation 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.
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
For more information about this report visit https://www.researchandmarkets.com/r/8kbclk
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Research and Markets
View original content:http://www.prnewswire.com/news-releases/3-9b-instrumentation-valves--fittings-industry-outlook-2020-2025---integration-of-iiot-enabled-instrumentation-valves-to-minimize-unexpected-downtime-300986786.html
SOURCE Research and Markets