The Instrumentation Valves and Fittings Market has been segmented on the basis of material into stainless steel, cast iron, alloy based, and others.
The Instrumentation Valves and Fittings 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 2017–2023. The major restraints for the growth of this market are the high significance given to brand value and certification, and the rising raw material cost and shrinking profit margins slowing down the instrumentation valve industry.
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- Raw material and manufacturing equipment suppliers
- Instrumentation valve players
- End-user industry players
Swagelok (US), Parker Hannifin (US), AS-Schneider (Germany), HAM-LET (US), HY-LOK Corporation (South Korea), Fujikin Corporation (US), Bray International (US), Circor International (US), Hex Valves (US), Oliver Valves (UK), SafeLOK (UK), SSP Fittings Corporation (US), Braeco (Australia), Dwyer Instruments (US), Fitok (China), and Tylok International (US) are the major players operating in the instrumentation valves and fittings market.
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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. Increased adoption of 1–6-inch copper valves for fracking operation will boost the demand for instrumentation valves in the coming years.
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 key drivers for the growth of this market in APAC include increasing population, emerging economies, and the rising adoption of instrumentation valves across end-user industries such as semiconductor, oil & gas, chemicals, and healthcare.
Increasing demand for flow control applications from emerging economies such as India, Taiwan, Indonesia, and China will further boost the instrumentation valves and fittings market in the region.
The breakup of the profiles of primary participants for the report has been given below.
- By Company Type: Tier 1 =20%, Tier 2 =55%, and Tier 3 =25%
- By Designation: C-Level Executives =40% and Directors/Managers=50%
- By Region: North America =35%, APAC =45%, Europe = 15%, and RoW = 5%