A recent report published by
Infinium Global Research on instrumentation valves and fittings market provides
in-depth analysis of segments and sub-segments in the global as well as
regional instrumentation valves and fittings market. The study also highlights
the impact of drivers, restraints, and macro indicators on the global and
regional instrumentation valves and fittings market over the short term as well
as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global instrumentation valves and fittings market.
According to the report, the global instrumentation valves and fittings market
is projected to grow at a CAGR of 3.37% over the forecast period of 2020-2026.
Instrumentation valves and
fittings regulate the flow of liquid and gases in the plumbing system or
plumbing circuit. The valves help in maintaining and controlling the rate of
flow and pressure from one point to another, while the fittings help in
connecting two different points of the plumbing system. The fittings help in
establishing a connection between two different diameter pipes. High-quality
metals are used as building materials for the instrumentation valves and
fittings to make them resistant to rust, resistant to warp under high stresses, and last longer. Instrumentation valves and fittings have found their
application across manufacturing plants of various industries such as oil &
gas, food & beverages, chemicals, healthcare, pulp & paper, energy
& power, and others.
The raw materials required for
instrumentation valves and fittings include metal, silicon, and polymer. The
raw materials for valves and fittings are required to be of industrial grade.
The instrumentation valves and fittings are expected to be durable, thus the
raw materials required are also expected to be heavy-duty. The suppliers offer
raw materials in bulk quantity, in the form of ingots. These ingots are then
sold to the vendors that produce component parts. The spread of coronavirus has
severely affected the business of raw material suppliers. Shortage of labor and
disordered logistics are some of the major setbacks faced by raw material
suppliers. Due to concern over contracting coronavirus and government lockdown
orders, the laborers for the raw material industry in several countries are absent
from their workplace. Similarly, the governments have imposed stringent
regulations over the transport of goods as a preventive measure to contain the
coronavirus. This negatively impacts the business of raw material suppliers.
Nevertheless, as conditions are getting to their normal state, the business is
expected to be streamlined again. The growing adoption of automation in the
manufacturing plants is augmenting the technological advancements in the
instrumentation valves and fittings market. Manufacturing plants in several
industries have automated valve actuators for tasks such as opening and closing
valves. This, in turn, boosts the growth of the instrumentation valves and
fittings market. Moreover, the increasing drilling and extraction activities in
the upstream section of the petroleum industry is anticipated to boost the
demand for instrumentation valves and fittings. The instrumentation valves and
fittings play an important role in the oil and gas industry, such as regulating
the parameters such as flow rate, pressure, temperature, and level of the fluid
in a pipeline. However, the severe impact of COVID-19 on the end-use industries
is anticipated to pose a challenge for the market. The major end-use industries
including oil & gas, energy & power, and wastewater treatment witnessed
reduced demand during the pandemic, which in turn, hampered the market growth.
Nevertheless, the growing trend of hyperbaric oxygen therapy (HBOT) is
anticipated to boost the market in the future.
The Asia Pacific generated the highest revenue for the instrumentation valves and fittings market among other
regions in the world. Moreover, the Asia Pacific instrumentation valves and
fittings market is anticipated to grow at the fastest rate over the forecast
period as compared to other regional markets. The growing oil and gas
exploration activities and the growing need for water treatment in countries,
such as India, China, and Japan are the major driving factors for the growth of
the Asia Pacific instrumentation valves and fittings market.
The report on the global
instrumentation valves and fittings market covers segments such as product,
material, and industry. On the basis of product, the sub-markets include
valves, fittings, actuators, and others. On the basis of material, the
sub-markets include stainless steel, alloy, cast iron, and others. On the basis
of industry, the sub-markets include oil & gas, food & beverages,
chemicals, healthcare, pulp & paper, energy & power, and others.
The report provides profiles of
the companies in the market such as Swagelok, Parker-Hannifin Corporation,
HY-LOK Corporation, Fujikin Inc., Bray International Inc., Circor
International, Richards Industries Inc., AS-Schneider Group, Ham-Let Group, and
Oliver Valves Ltd.
The report provides deep insights
into the demand forecasts, market trends, and micro and macro indicators. In
addition, this report provides insights into the factors that are driving and
restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis
given in the report brings an insight into the investment areas that existing
or new market players can consider. The report provides insights into the
market using analytical tools such as Porter's five forces analysis and DRO
analysis of the instrumentation valves and fittings market. Moreover, the study
highlights current market trends and provides forecasts from 2020-2026. We also
have highlighted future trends in the market that will affect the demand during
the forecast period. Moreover, the competitive analysis given in each regional
market brings an insight into the market share of the leading players.