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The Global Instrumentation Valves and Fittings Market size is estimated to grow by USD 522.29 million between 2022 and 2027 accelerating at a CAGR of 4.48%. The instrumental valves and fittings market faces challenges like competitive pricing from low-cost Asian manufacturers and fluctuations in raw material prices. Despite these challenges, the market is driven by factors such as investments in industrial facility modernization, growth opportunities in the oil and gas pipeline market, and strict government regulations focused on safety. These drivers will contribute to the growth of the market.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing investments in modernizing industrial facilities are notably driving market growth. The manufacturing sector in APAC has grown in recent years, and several foreign investors are setting up manufacturing units in the region. Governments of countries such as Indonesia, South Korea, India, and China are focusing on strengthening the domestic manufacturing sector.
Manufacturers are investing in technologies that can modernize the manufacturing set-up. Instrumentation valves and fittings are expected to become an integral part of process industries during the forecast period due to their various applications, ease of use, cost, and energy-efficient properties. The growing demand for enhanced fluid flow control and flow volume regulation will increase the need for valves and fittings in various industries. All these factors are expected to boost the market growth and trends during the forecast period.
The evolution of valve diagnostics will be one of the key market trends influencing the growth of the market. Control valves are important in industries that use advanced diagnostic techniques and technologies. Valve diagnostics help in monitoring valve performance and receiving actionable information. They also help in identifying planned maintenance requirements and accurate diagnosis of valves, which can improve process output with minimum operation delay.
The advent of microprocessor-based valve positioning systems and the integration of information related to valves with supervisory systems have enabled real-time tracking and monitoring of industrial valves. Online valve diagnostics can enhance process integrity and help personnel anticipate, detect, and address possible issues. Diagnostic information can be classified into three categories based on the data generated, namely continuous, offline, and online. Such developments will support the growth of the market during the forecast period.
The competitive pricing strategy of low-cost Asian manufacturers may impede market growth. In Asian countries, land, labor, and raw materials are available at affordable costs. This has attracted significant investments in the manufacturing sector. As a result, several established Companies in North America and Europe are unable to consolidate their presence in the Asian market.
Hence, global Companies need to opt for horizontal integration via mergers and acquisitions to tackle cost-related issues. OEMs of valves and fittings OEMs are looking to partner with subcomponent suppliers to offer economical products, with increasing price sensitivity from the customers' end. These factors are likely to hinder the growth of the market during the forecast period.
The market growth and forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The market share growth by the valves segment will be significant during the forecast period. Instrumentation valves help regulate, monitor, and control the flow of fluids in an industrial facility. They are used across various discrete and process industries for transporting fluids between two points within an enclosed system.
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The valves segment was valued at USD 887.50 million in 2017 and continued to grow till 2021. There are two types of industrial valves used in end-user industries, namely quarter-turn valves and multi-turn valves. Quarter-turn valves are most commonly used in industries due to their simplicity of design, operations, and affordability, quarter-turn valves. Multi-turn valves offer low resistance to fluid movement in the food and beverages and pharmaceutical industries. These applications of valves will drive the growth of this segment during the forecast period.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Advances in technology and the demand for high-quality equipment and machinery are expected to drive the market in the region. Industries in the region are adopting instrumentation valves and fitting to improve their productivity as well as the quality and safety of their products. These factors will increase the demand for instrumentation valves and fittings during the forecast period.
The Market is driven by factors such as lead time, installation, and documentation requirements. In the valve industry, lead times can span weeks, varying based on valve type, material, and application. Valve manufacturers strive to meet demands by offering customized valves, utilizing innovative technologies. Business relations, especially with Chinese valve manufacturers, play a crucial role. Differentiation factors like advanced and specialty valves cater to the oil & gas and transportation sectors, particularly in Gulf Cooperation Council (GCC) countries. With increasing energy demand, drilling activities, and production of oil and shale gas, the market thrives, serving offshore rigs, refinery plants, and gas handling systems amidst harsh environmental conditions.
The market growth analysis report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Market Scope |
|
Market Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.48% |
Market growth 2023-2027 |
USD 522.29 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.67 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 39% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alco Valves Group, Armaturenfabrik Franz Schneider GmbH Co. KG, Braeco Sales, Bray International Inc., CIRCOR International Inc., CPV Manufacturing, Dk Lok Corp., Dover Corp., Dwyer Instruments LLC, Emerson Electric Co., FITOK Group, Fujikin Co. Ltd., Hy Lok Corp., Larsen and Toubro Ltd., Oliver Valves Ltd., Parker Hannifin Corp., Safelok Components Ltd., SSP Fittings Corp., Swagelok Co., Tylok International Inc., and Ultra Clean Holdings Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our market trends and analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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