The report"Instrumentation Valves and Fittings Market by Product Type (Valves, Fittings, Pneumatic Actuators), Application (Semiconductor, Oil & Gas, Food & Beverage, Chemical, Pharmaceutical, Paper & Pulp, Hyperbaric Chambers, and Others) - Global Forecast to 2022", The global instrumentation valves & fitting market was valued at USD 3.13 Billion in 2015 and is expected to reach USD 4.31 Billion by 2022, at a CAGR of 4.6% between 2016 and 2022.
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The major driving factor for the growth of the instrumentation valves & fittings market are growth in fracking and utilizing 1” to 6” brass or copper valves, expanding process instrumentation and automation, and increase in consumption of instrumentation valves due to high growth rate of hyperbaric oxygen therapy devices.
The oil & gas application would hold the largest market share during the forecast period
The instrumentation valves & fittings market, based on applications, has been segmented into semiconductors, oil & gas, food and beverages, chemical, pharmaceuticals, paper & pulp, hyperbaric chambers, and other applications which include power generation, solar energy, water & wastewater management, and metals & mining. The oil & gas application dominates the instrumentation valves & fittings market due to strengthening economic conditions, owing to the increasing demand for petrochemicals.
Ball Valve to account for the largest market share during the forecast period
The instrumentation valves market has been further segmented into five major subtypes which include ball valves, needle valves, check valves, manifold valves, and ultra-clean valves. The ball valves segment held the largest market share in 2015. Ball valves are mainly used in the gas refinery process and the market for the same is expected to grow at a medium rate due to the current scenario of the oil & gas market. These valves are able to handle the most elusive and difficult-to-control gases (helium, hydrogen, and so on) and can easily accommodate pipe and tubes of different range. Also, it has major applications in air, fumes, and fluids due to its feature of quick to convert on and off and a decent ending with low twisting. These factors drive the ball valves market.
The Americas likely to lead the instrumentation valves & fittings market between 2016 and 2022
The Americas is expected to hold the largest market share and dominate the instrumentation valves & fittings market in the near future because of high concentration of major players in chemical and pharmaceuticals industries. In the current scenario, the U.S. semiconductor industry is a key driver for the America’s economic strength, global competitiveness, and technology leadership.
The major companies in the global instrumentation valves & fittings market include Swagelok (U.S.), Hoke (U.S.), SSP Fittings (U.S.), and Parker Hannifin (U.S.), among others.
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