Instrumentation Valves and Fittings Market Trends [2031]
Instrumentation Valves and Fittings Market Trends [2031]
Segments - Instrumentation Valves and Fittings Market by Valve Type (Ball Valve, Needle Valve, Butterfly Valve, Plug Valve, Gate Valve, and Others), Product (Fittings, Actuators and Valves), End-user (Food & Beverage, Oil & Gas, Pulp & Paper, Offshore, Automotive, Healthcare & Pharmaceuticals, and Chemicals), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :CM-6025
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| 196 Pages
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Report Description
Instrumentation Valves and Fittings Market Outlook 2031
The global instrumentation valves and fittings market size was USD 2.26 Bn in 2022 and is likely to reach USD 5.83 Bn by 2031, expanding at a CAGR of 9.3% during 2023–2031. Increasing demand for high-pressure resistant valves from the end-user industries is expected to drive the market in the coming years.
Rapid industrialization and the rising technological advancements in complex mechanical systems are expected to drive the instrumentation valves and fittings market during the forecast period. End-user industries such as healthcare, pharmaceutical, offshore, and oil & gas require equipment that is sustained at high temperatures and pressure for fluid transfer. This directly impacts the market as the instrumentation valves help industries control and regulate the mechanism of transfer of fluids for heavy-duty work. Fluids such as chemicals, fluids, and flammable liquids are efficiently managed with instrumentation valves and fittings. Moreover, the growing demand for oil & gas is expected to drive the market in the coming years. For instance,
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According to the data published on August 29, 2023, global oil consumption accounted for a revenue of USD 4,39 billion in 2022, in spite of the crude oil crisis.
Instrumentation valves are the mechanical components of a system that let fluids pass through them. They are responsible for ensuring the smooth and uniform flow of the liquid through the system in a single direction. They are majorly used by industries that deal with the transfer of fluids of varied viscosity and nature at various temperatures and pressures.
The valves are manufactured using sturdy metals such as brass and steel. They possess highly anti-corrosive properties and do not react chemically with the fluids. They bear different ranges of pressure and are available in various combinations to suit various end-user applications.
The COVID-19 pandemic hindered the market growth. This is attributed to the sudden stoppage of industrial operations across the globe. The production of the product was hampered during the pandemic, due to the insufficient supply of raw materials. In the post-pandemic period, the market stabilized with the rise in the demand for petroleum, oil, and gas, as the COVID-19 restrictions were lifted by the governments.
Impact of Artificial Intelligence (AI) in the Instrumentation Valves and Fittings Market
The use of artificial intelligence is likely to provide substantial propulsion to the instrumentation valves and fittings market. The players in the market have a huge benefit, with the help of predictive AI. The future maintenance requirements are predicted by AI, before having any system failure. The manufacturing of valves requires equipment working with accuracy and precision. AI helps valve manufacturers to check the quality of the final product and enhance the production quality while automating the workflow. This is expected to drive the market in the coming years.
Instrumentation Valves and Fittings Market Dynamics
Major Drivers
Rising trend of industrial automation is anticipated to drive the market during the forecast period. Automation helps manufacturers save their production time, improve their staff productivity, and optimize their workflow. This also removes the scope for manual errors. The increasing adoption of workplace automation systems globally is expected to drive the market in the coming years.
Existing Restraints
Fluctuation in the costs of raw- materials hinders the market. Budgeting and planning the raw-material expense is crucial for established as well as blooming businesses. Frequent fluctuations in raw material costs, due to financial or political reasons, create hurdles for the market growth. Furthermore, the valves are subject to experiencing a loss in pressure, due to the solids or impurities present in the fluid, which adds to the maintenance costs for a business. This is likely to hinder the market growth during the forecast period.
Emerging Opportunities
Increasing green energy projects are expected to create lucrative opportunities for market growth during the forecast period. Green energy sources such as wind energy, solar energy, hydroelectric power plants, and others are connected to the power grids that store the generated energy by converting it into electrical energy. These power grid circuits use instrumentation fittings to keep track of temperature, pressure, the flow of stem, and other valuable parameters. The increasing cost affordability of green energy leads to increasing adoption of solar power generation by global residential consumers. This is further anticipated to provide substantial growth opportunities for the market in the coming years.
Scope of the Instrumentation Valves and Fittings Market Report
The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Instrumentation Valves and Fittings Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (Ball Valve, Needle Valve, Butterfly Valve, Plug Valve, Gate Valve, and Others), Product (Fittings, Actuators and Valves), and End-user (Food & Beverage, Oil & Gas, Pulp & Paper, Offshore, Automotive, Healthcare & Pharmaceuticals, and Chemicals) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Fujikin; Safelok Components Ltd.; PARKER HANNIFIN CORP.; Swagelok Company; CIRCOR International, Inc.; SSP Fittings Corp.; Hy-Lok CO., LTD.; LESER GmbH & Co. KG; Armaturenfabrik Franz Schneider GmbH; and Dwyer Instruments, LLC. |
Instrumentation Valves and Fittings Market Segment Insights
Type Segment Analysis
Based on type, the instrumentation valves and fittings market is divided into ball valves, needle valves, butterfly valves, plug valves, gate valves, and others. The gate valves segment is projected to hold the major share of the market during the projection period, due to its simple mechanism and wide range of applications. Gate valves control the entry and exit of fluids by closing or opening mechanisms.
The valve is operable manually or automatically and occupies minimal space inside the fluid passage. Furthermore, the gate valves are widely used in the plumbing networks in domestic as well as industrial front. The increasing oil extraction activities from the offshore industry are projected to drive the segment in the coming years.
Needle valves are expected to register robust growth during the forecast period, owing to the rising demand for various fluid control applications. Needle valves are widely used in hydroelectric power plants, reservoirs, dams, and similar manmade water bodies to control the flow of water.
Their mechanism helps industries with leakproof seals that are used for heavy-duty operations. They are also used in the chemical industries for controlling the chemicals with varied viscosities, as they sustain high temperatures and pressures without reacting chemically with the fluids. The versatility of the valve is expected to propel the segment in the coming years.
Product Segment Analysis
Based on product, the global market is segregated into fittings, actuators, and valves. The valves segment is projected to register a high CAGR during the forecast period, due to their easy availability in several available combinations in the market. The rising fast-paced industrialization requires instant instrument fitting solutions that are quickly pairable and detachable.
These connections are paired between two or four pipes, tubes, hoses, and other fluid carriers, as a junction. The valves are useful in industries such as offshore, oil & gas, chemicals, and pharmaceuticals. The increasing global consumption of oil and gas is projected to boost the market during the assessment period.
End-user Segment Analysis
Based on end-users, the instrumentation valves and fittings market is segmented into food & beverage, oil & gas, pulp & paper, offshore, automotive, healthcare & pharmaceuticals, and chemicals. The chemicals segment is expected to hold a key share of the market during the forecast period, due to the growing requirement for chemicals from various pharmaceutical and industrial valve applications across the globe.
The chemical companies use different valves to carry different chemicals. Valves are used in chemical transfer, as they are highly resistant to chemical attacks and are heat resistant. They are made of stainless steel or brass and have a low friction coefficient, which suits different chemical applications. This is expected to drive the segment in the coming years.
Regional Outlook
In terms of region, the global instrumentation valves and fittings market is classified as Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. North America is expected to dominate the global market during the forecast period, due to the rising applications of instrumentation fittings and valves in the aerospace & defense industries. The aerospace industry is constantly focused on research and developments in space technologies.
Developed economies such as the US and Canada are constantly focused on strengthening their defense and military armament. For instance,
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A news published by PARKER HANNIFIN CORP on May 30, 2023, stated that the company, ARKER HANNIFIN CORP, has partnered with the US Army Aviation and Missile Command (AMCOM) for contracts that are dedicated to product improvement and dedicated engineering.
The increasing number of applications in the healthcare and pharmaceuticals industries is expected to drive the market in the region during the forecast period.
Asia Pacific is expected to dominate the market during the projection period, due to the rapidly developing automotive industry. This is attributed to the governments of major developing economies such as China, India, Indonesia, Thailand, and others that have been heavily investing in automotive, manufacturing, and green energy projects since the post-pandemic period. Furthermore, the established consumer goods industry, due to the geographical and labor advantage in the region, is expected to drive the market in the coming years. For instance,
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According to the news published on February 1, 2023, the consumer goods industry in China generated a revenue of USD 6.2 trillion in 2022.
Segments
The Instrumentation Valves and Fittings market has been segmented on the basis of
Type
- Ball Valve
- Needle Valve
- Butterfly Valve
- Plug Valve
- Gate Valve
- Others
Product
- Fittings
- Actuators
- Valves
End-user
- Food & Beverage
- Oil & Gas
- Pulp & Paper
- Offshore
- Automotive
- Healthcare and Pharmaceuticals
- Chemicals
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Fujikin
- Safelok Components Ltd.
- PARKER HANNIFIN CORP.
- Swagelok Company
- CIRCOR International, Inc.
- SSP Fittings Corp.
- Hy-Lok CO., LTD.
- LESER GmbH & Co. KG
- Armaturenfabrik Franz Schneider GmbH
- Dwyer Instruments, LLC.
Competitive Landscape
Key players competing in the global instrumentation valves and fittings market are Fujikin; Safelok Components Ltd.; PARKER HANNIFIN CORP.; Swagelok Company; CIRCOR International, Inc.; SSP Fittings Corp.; Hy-Lok CO., LTD.; LESER GmbH & Co. KG; Armaturenfabrik Franz Schneider GmbH; and Dwyer Instruments, LLC.
These companies adopted development strategies, including mergers, acquisitions, partnerships, product launches, and production expansion, to cater to consumers globally. For instance,
-
On May 24, 2023, CIRCOR International, Inc. announced a renewal of its service partnership with Brown & Morrison Ltd. The company has made a service center for all the minor as well as major pumps.
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On November 11, 2022, PARKER HANNIFIN CORP announced the launch of their new product, the VA series of valves, the next-generation load sensing valves, designed for mobile machinery.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Instrumentation Valves and Fittings Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Instrumentation Valves and Fittings Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Instrumentation Valves and Fittings Market - Supply Chain
4.5. Global Instrumentation Valves and Fittings Market Forecast
4.5.1. Instrumentation Valves and Fittings Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Instrumentation Valves and Fittings Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Instrumentation Valves and Fittings Market Absolute $ Opportunity
5. Global Instrumentation Valves and Fittings Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Instrumentation Valves and Fittings Market Size and Volume Forecast by Types
5.3.1. Ball Valve
5.3.2. Needle Valve
5.3.3. Butterfly Valve
5.3.4. Plug Valve
5.3.5. Gate Valve
5.3.6. Others
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Instrumentation Valves and Fittings Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Instrumentation Valves and Fittings Market Size and Volume Forecast by End Users
6.3.1. Food & Beverage
6.3.2. Oil & Gas
6.3.3. Pulp & Paper
6.3.4. Offshore
6.3.5. Automotive
6.3.6. Healthcare and Pharmaceuticals
6.3.7. Chemicals
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Instrumentation Valves and Fittings Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Instrumentation Valves and Fittings Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Instrumentation Valves and Fittings Demand Share Forecast, 2019-2026
8. North America Instrumentation Valves and Fittings Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Instrumentation Valves and Fittings Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Instrumentation Valves and Fittings Market Size and Volume Forecast by Types
8.4.1. Ball Valve
8.4.2. Needle Valve
8.4.3. Butterfly Valve
8.4.4. Plug Valve
8.4.5. Gate Valve
8.4.6. Others
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Instrumentation Valves and Fittings Market Size and Volume Forecast by End Users
8.7.1. Food & Beverage
8.7.2. Oil & Gas
8.7.3. Pulp & Paper
8.7.4. Offshore
8.7.5. Automotive
8.7.6. Healthcare and Pharmaceuticals
8.7.7. Chemicals
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Instrumentation Valves and Fittings Demand Share Forecast, 2019-2026
9. Latin America Instrumentation Valves and Fittings Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Instrumentation Valves and Fittings Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Instrumentation Valves and Fittings Market Size and Volume Forecast by Types
9.4.1. Ball Valve
9.4.2. Needle Valve
9.4.3. Butterfly Valve
9.4.4. Plug Valve
9.4.5. Gate Valve
9.4.6. Others
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Instrumentation Valves and Fittings Market Size and Volume Forecast by End Users
9.7.1. Food & Beverage
9.7.2. Oil & Gas
9.7.3. Pulp & Paper
9.7.4. Offshore
9.7.5. Automotive
9.7.6. Healthcare and Pharmaceuticals
9.7.7. Chemicals
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Instrumentation Valves and Fittings Demand Share Forecast, 2019-2026
10. Europe Instrumentation Valves and Fittings Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Instrumentation Valves and Fittings Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Instrumentation Valves and Fittings Market Size and Volume Forecast by Types
10.4.1. Ball Valve
10.4.2. Needle Valve
10.4.3. Butterfly Valve
10.4.4. Plug Valve
10.4.5. Gate Valve
10.4.6. Others
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Instrumentation Valves and Fittings Market Size and Volume Forecast by End Users
10.7.1. Food & Beverage
10.7.2. Oil & Gas
10.7.3. Pulp & Paper
10.7.4. Offshore
10.7.5. Automotive
10.7.6. Healthcare and Pharmaceuticals
10.7.7. Chemicals
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Instrumentation Valves and Fittings Demand Share Forecast, 2019-2026
11. Asia Pacific Instrumentation Valves and Fittings Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Instrumentation Valves and Fittings Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Instrumentation Valves and Fittings Market Size and Volume Forecast by Types
11.4.1. Ball Valve
11.4.2. Needle Valve
11.4.3. Butterfly Valve
11.4.4. Plug Valve
11.4.5. Gate Valve
11.4.6. Others
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Instrumentation Valves and Fittings Market Size and Volume Forecast by End Users
11.7.1. Food & Beverage
11.7.2. Oil & Gas
11.7.3. Pulp & Paper
11.7.4. Offshore
11.7.5. Automotive
11.7.6. Healthcare and Pharmaceuticals
11.7.7. Chemicals
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Instrumentation Valves and Fittings Demand Share Forecast, 2019-2026
12. Middle East & Africa Instrumentation Valves and Fittings Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Instrumentation Valves and Fittings Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Instrumentation Valves and Fittings Market Size and Volume Forecast by Types
12.4.1. Ball Valve
12.4.2. Needle Valve
12.4.3. Butterfly Valve
12.4.4. Plug Valve
12.4.5. Gate Valve
12.4.6. Others
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Instrumentation Valves and Fittings Market Size and Volume Forecast by End Users
12.7.1. Food & Beverage
12.7.2. Oil & Gas
12.7.3. Pulp & Paper
12.7.4. Offshore
12.7.5. Automotive
12.7.6. Healthcare and Pharmaceuticals
12.7.7. Chemicals
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Instrumentation Valves and Fittings Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Instrumentation Valves and Fittings Market: Market Share Analysis
13.2. Instrumentation Valves and Fittings Distributors and Customers
13.3. Instrumentation Valves and Fittings Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Fujikin
13.4.2. Safelok Components Ltd.
13.4.3. PARKER HANNIFIN CORP.
13.4.4. Swagelok Company
13.4.5. CIRCOR International, Inc.
13.4.6. SSP Fittings Corp.
13.4.7. Hy-Lok CO., LTD.
13.4.8. LESER GmbH & Co. KG
13.4.9. Armaturenfabrik Franz Schneider GmbH
13.4.10. Dwyer Instruments, LLC.
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