CHICAGO, Aug. 27, 2020
CHICAGO, Aug. 27, 2020 /PRNewswire/ -- According to the new market research report "Instrumentation Valves and Fittings Market with COVID-19 Impact Analysis by Product (Valves, Fittings, and Actuators), Industry (Oil & Gas, Food & Beverages, Chemicals, Healthcare, Pulp & Paper, and Energy & Power), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global Instrumentation Valves And Fittings Market size was valued at USD 2.4 billion in 2020 and is projected to reach USD 3.7 billion by 2025. It is expected to grow at a CAGR of 9.4% during the forecast period. Surging demand for valves from healthcare and pharmaceuticals industries due to outbreak of COVID-19 pandemic, growing requirement for reducing excessive noise, pressure, vibration, and cavitation in critical industrial processes, increasing industrialization and urbanization, along with growing number of smart city initiatives, and rising need for connected networks to maintain and monitor varieties of equipment in plants are the key driving factors for the instrumentation valves and fittings market.
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Valves to account for the largest share of the instrumentation valves and fittings market
The instrumentation valves market for valves is expected to hold the largest share during the forecast period. Growing adoption of valves for controlling pressure and flow of the corrosive fluids, normal liquids, gasses, and slurries is the primary factor accelerating the growth of the valves market. Additionally, valves possess several benefits, such as low maintenance cost, straight through flow in either direction, low-pressure drop, bubble tight shut-off and operating torque, and easy actuation. Because of such operating characteristics, valves are used for the broadest spectrum of isolation applications and are available in a wide range of sizes and materials.
Chemical industry to witness a higher CAGR during the forecast period.
In chemical industry, instrumentation valves and fittings are used in applications such as backflow leakage prevention, acid/caustic/water flow control, pressure reduction and control, as well as regulating the pressure of media flowing from different pipelines. The chemicals industry is likely to witness a negative impact due to the COVID-19 pandemic. Supply chains are being disrupted by outbreaks in key regions, and the demand may fall due to uncertainty in the global economy and capital markets. Governments worldwide are imposing restrictions on the movement, which has led companies to work with a reduced workforce at the sites to prevent the further spread of the virus and reduce the risk of infection.
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APAC to account for the largest share of the instrumentation valves and fittings market by 2025
In APAC, other countries such as Japan, India, and South Korea are also affected severely, leading to a significant downfall in the instrumentation valves and fittings market in APAC. The market is expected to normalize within a time span of 1.5 to 2 years. Due to the COVID-19 outbreak, major industries such as oil & gas, energy & power, building & construction, chemicals, and metals & mining have been significantly affected globally. China, one of the major countries of APAC, has become the world production center over the last few decades as the country provides a bulk of raw or processed materials, components, as well as major subsystems to manufacturers all over the world. Not only original equipment manufacturers (OEMs) in China faced the challenges of resuming their production capacity but global manufacturers also have felt the impact of a shortage of components and necessary raw materials in their supply networks.
A few of the key players in the instrumentation valve and fittings market are Parker Hannifin (US), CIRCOR International (US), Swagelok (US), Safelok (UK), Hy-Lok Corporation (South Korea), and Ham-Let (US), AS-Schneider (Germany), Hex Valve (US), Bray International (US), Fuijikin Incorporated (Japan), Dwyer Instruments (US), SSP Fittings Corporation (US).
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