The global ball valves market, according to a recent report by Market Research Future (MRFR), is slated to reach an astounding market valuation of USD 11.56 billion at a substantial CAGR during the forecast period (2017-2023).
The global ball valves market report by Market Research Future (MRFR) details various drivers, opportunities, and challenges with respect to segments and region. Ball valves are devices which regulate the flow of liquids in line closures, maintenance isolations, and tie-ins. The use of these devices across oil & gas, aerospace & defense, and other industries can provide new prospects due to flow regulation applications.
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Construction of nuclear and power plants for supplying a steady supply of power to the oil & gas sector is expected to induce demand for ball valves during the forecast period. Emphasis on quality is pivotal for the sales of ball valves. For instance, Ampo Poyam Valves runs cryogenic tests to ensure its quality and low probability of leakages.
Urbanization and initiatives of smart city projects which would involve renovation or replacement of legacy devices can present numerous opportunities for the market. Moreover, the penetration of internet of things (IoT) across industries which can involve the subsequent automation of processes are likely to augment the market size considerably till the end of the forecast period.
Top Key Players
The major market players in the Ball Valves Market are Swagelok Company (U.S.), Alfa Laval AB (Sweden), MRC Global Inc. (U.S.), Weir Group (U.K.), Emerson Electric Company (U.S.), Kitz Corporation (Japan), Curtiss-Wright Corporation (U.S.), Velan Inc. (Canada), Flowserve Corporation (U.S.), Cameron-Schlumberger Ltd.(U.S.), Metso Oyj (Finland), Flomatic Corporation (U.S.) and Dwyer Instruments Inc. (U.S.), and others.
The global market for ball valves can be segmented on the basis of type, material types, port types, size, and end-users. On the basis of the type, the ball valves market is segmented into the rising stem, floating, trunnion mounted, and others. Based on material type, the market has been segmented into brass, steel, bronze, cast iron, cryogenic, alloy-based, and others. Size-based segmentation reveals up to 50”, 1”, 6”–25”, 1”–6”, 25”–50”, and above, and others. Base on end-users, the market has been segmented into food & beverage, chemicals, pharmaceuticals, aerospace & defense, building & construction, oil & gas, energy & power, water & wastewater, utilities, and others.
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The ball valves market looks upon the following regions – Europe, Asia Pacific (APAC), North America, and Rest-of-the-World (RoW), for a careful consideration of the impending demand.
North America can dominate the market till 2023, in terms of demand, due to stringent policies regarding wastewater treatment. High-speed rotating solutions are the primary driver of the market in the region due to energy & power and wastewater treatment projects.
On the other hand, the APAC region is touted to display a robust CAGR during the forecast period due to development of various nuclear power plants. Rapid rate of industrialization and urbanization in South Korea and China has evoked the need for ball valves. Presence of various manufacturers as well as development of energy infrastructure projects due to the growing population and push for better products can spur the regional market growth.
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