PUNE, India, January 9, 2018 /PRNewswire/ --
According to the new market research report "Instrumentation Valves and Fittings Market by Material, Product (Valves, Fittings, Pneumatic Actuators), Industry (Semiconductor, Oil & Gas, Food & Beverages, Chemicals, Healthcare, Pulp & Paper, Energy & Power), and Geography - Global Forecast to 2023" , published by MarketsandMarkets™ , the market is expected to grow from USD 2.95 Billion in 2017 to USD 3.54 Billion by 2023, at a CAGR of 3.1% during the forecast period. Factors driving the growth of this market are growth in fracking and utilizing 1-6-inch brass or copper valves in the oil & gas industry; and growth in the electronics and semiconductor industry and a large number of coal-based power projects in the Asian region.
Browse 4 market data Tables and 71 Figures spread through 116 Pages and in-depth TOC on "Instrumentation Valves and Fittings Market - Global Forecast to 2023"
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Instrumentation valves manufactured from new-age alloys will find increased demand during forecast period
The instrumentation valve industry will witness limited product development and innovation in the coming years. Productivity improvement, cost control, and solid inventory planning will be the major focus areas of manufacturers to improve profit margins in the coming years. Manufacturers will look to incorporate new materials and alloys for the construction of valve bodies to increase strength, mechanical properties, and reliability of valves while reducing the material cost during manufacturing. Instrumentation valves manufactured from nickel-titanium and nickel-aluminum bronze alloys are used to achieve desired specifications for different end-user applications.
Oil & gas industry expected to lead instrumentation valves and fittings market between 2017 and 2023
Among various industries, oil & gas is expected to account for the largest size of the overall instrumentation valves and fittings market between 2017 and 2023. Instrumentation valves and fittings are used in the oil & gas industry in offshore rigs, refinery plants, and gas handling systems. Valves and fittings used in the oil & gas industry should be able to withstand harsh environmental conditions. As a result, maintenance, repair, and operations (MRO) activities are most crucial for valves in the oil & gas industry. Over the past few years, oil & gas products have witnessed strong demand from developing nations. Such continuously increasing demand for oil & gas products is expected to drive the instrumentation valves and fittings market.
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APAC expected to lead instrumentation valves and fittings market between 2017 and 2023
APAC is expected to hold the largest size of the instrumentation valves and fittings market during the forecast period. The major factors driving the market in APAC are the presence of major semiconductor players, such as Sony, Samsung, LG, and TSMC. Instrumentation valves and fittings are used in fabrication and manufacturing processes of the semiconductor industry.
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Swagelok (US), Parker Hannifin (US), HY-LOK Corporation (South Korea), Fujikin Corporation (US), Bray International (US), Circor International (US), and Hex Valves (US) are the major players operating in the instrumentation valves and fittings market.
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