CHICAGO, Feb. 27, 2019 /PRNewswire/ -- According to the new market research report "Ball Valves Market by Size (Up to 1", 1"–6", 6" to 25", 25" to 50", 50" and Above), Type (Trunnion Mounted, Floating, Rising Stem), Material (Stainless Steel, Cast Iron, Alloy, Cryogenic), Industry, and Geography - Global Forecast to 2024", published by MarketsandMarkets™, the Ball Valves Market is expected to be worth USD 12.6 billion in 2019 and reach USD 15.2 billion by 2024, at a CAGR of 3.75% from 2019 to 2024. The growth of this market can be attributed to the high demand for ball valves from various industries such as oil & gas, energy & power, and water & wastewater, especially from APAC and North America.
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Oil & gas industry to hold the largest share of the ball valves market in 2019
By industry, the oil & gas leads the ball valves market. Recent uptrend in the oil & gas industry, the latest discovery of shale gas in North America, and increasing demand for cleaner fuels are the major factors that are likely to drive the ball valves market growth in the next few years. In addition, the increased production of crude oil in the Middle East will be due to the uptrend in the oil production in the coming years and the activation of oil rigs in the region, resulting in high demand for ball valves.
Market for cryogenic material to grow at the highest CAGR during the forecast period
The ball valves market for cryogenic material is expected to witness the highest growth during the forecast period. Uptrend in the oil & gas industry and increased focus on cleaner fuels will boost the market for natural gas production and transportation, which, in turn, will boost the demand for cryogenic ball valves during the forecast period. Cryogenic valves are used in the oil and gas industry at a cryogenic temperature starting from –238ºF. The production, transport, and storage of liquefied gases such as oxygen, nitrogen, argon, natural gas, hydrogen, or helium present several technical problems. This demand generates the need for cryogenic material to handle cryogenic temperature safely.
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APAC expected to hold largest share of ball valves market in 2019
APAC is expected to hold the largest share of the ball valves market in 2019. The growth is mainly attributed to the numerous initiatives taken by the government to encourage the implementation of IoT in the companies in APAC. The dense population; the presence of automotive, chemical, pharmaceutical, oil and gas, and metal and mining industries in the region; and the growing per capita income with increasing industrialization are the major factors driving the growth of the ball valves market in APAC.
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A few key players operating in the ball valves market are Emerson (US), Flowserve corporation (US), Cameron Schlumberger (US), Metso (Finland), and IMI PLC (UK).
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