DUBLIN, July 10, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "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), Vertical, and Geography - Global Forecast to 2023" report to their offering.
The ball valves market is expected to be valued at USD 14.46 Billion by 2023, growing at a CAGR of 2.9% between 2017 and 2023
The growth of this market is propelled by the evolution of IIoT and developments in automation ecosystem such as mergers & acquisitions, collaborations, increasing demand for industrialization in emerging economies, and demand for process safety.
Trunnion mounted ball valves held the largest share of the ball valves market in 2016 and is expected to grow at a high rate between 2017 and 2023. Trunnion mounted ball valves are used in the building and construction vertical in various applications such as HVAC system, potable water discharge, fire protection, wastewater discharge, and others. They are also used for critical services in a variety of applications such as transmission and storage, gas processing, dryer sequence, compressor anti-surge, and others. Growth in energy consumption, new production technologies, demand for process safety, increasing focus on sustainability, and environmental regulations boost the trunnion mounted ball valves market.
Cast iron material is expected to grow at the highest growth rate in the forecast period. They are used for the manufacturing of common water valves in which pressure and temperature are not a severe issue. Cast iron tends to be brittle, except for malleable cast irons. With its relatively low melting point, good fluidity, castability, excellent machinability, resistance to deformation, and wear resistance, cast irons have become an engineering material with a wide range of applications and are used in pipes, machines, and automotive industry parts such as cylinder heads, cylinder blocks, and gearbox cases.
1-6 size accounted for the largest share in the ball valves market in 2016. Ball valves of size 1-6 are the most widely manufactured valves. These valves are selected on the basis of flow pressure, noise, media, and vibration. Flowserve Corporation (US), Velan Inc. (Canada), Neway Valves (China), Curtiss-Wright (US), and others manufacture these ball valves and supply them to various verticals such as oil and gas, water and wastewater, building and construction, and other general industries such as food and beverage, and pharmaceuticals.
The oil and gas application accounted for the largest share of the ball valves market in 2017. Since the past few years, the oil & gas industry has been witnessing challenges such as falling crude prices, sluggish demand and environmental concerns. Ball valves are used for critical services in a variety of applications such as transmission and storage, gas processing, dryer sequence, and compressor anti-surge among others.
APAC expected to hold the largest share of the ball valves market during the forecast period. Companies in APAC are emphasizing on modernizing their plants and facilities with advanced technologies. Furthermore, initiatives by the Chinese government to increase investments in process industries are driving the demand for the ball valves market in APAC.
Market Dynamics
Drivers
- Process Plant Modernization
- Growth in Energy Consumption
- Increasing Manufacturing Industry in the Middle East
- Demand for Process Safety
Restraints
- Slowdown of the Mining Industry in Apac, Latin America, And Africa
Opportunities
- Connected Valves
Challenges
- Lead Time
Companies Mentioned
- Alfa Laval
- Apollo Valves
- Astech Valve Co. Ltd. (Taiwan)
- Burkert Fluid Control Systems
- Cameron-Schlumberger Ltd.
- Crane Co.
- Curtiss-Wright Corporation
- Dwyer Instruments Inc. (Us)
- Emerson
- Flomatic Corporation (Us)
- Flowserve Corporation
- Forum Energy Technology (Us)
- Gwc Italia (Italy)
- Hamlet (Israel)
- Imi Plc.
- Jc Valves (Spain)
- Kitz Corporation
- Metso
- Mir Valves (Malaysia)
- Mrc Global Inc. (Us)
- Neway Valves Co. Ltd.
- Swagelok (Us)
- Valvitalia S.P.A
- Velan Inc.
- Weir Group Plc
For more information about this report visit https://www.researchandmarkets.com/research/jjs8k2/ball_valves
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