Drivers and Restraints
The report further includes driving factors and several segments and analyzes them in detail to provide a comprehensive knowledge of the market with reliable forecasts. Encouraged by the adoption of innovative technologies such as the Internet of Things (IoT), the transforming industrial dynamics in developing countries across the globe are generating a full expanse for the ball valves market to have a solid foundation. Furthermore, its demand and popularity can be measured in terms of consumer preference for safety, which can substantially trigger market growth. The sector is likely to witness a substantial growth trajectory from nuclear power stations and the oil & gas industry where the component has various applications.
On the other hand, the market can witness stagnancy due to its predisposition to limitations if exposed to unsuitable types of fluids such as slurries. At the same time, the regulatory authorities can also cause hindrance, which can impede market growth. On the other hand, market growth is likely to be growing steadily for as long as several industries are creating substantial demand for the product.
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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.
Based on the region, the global ball valve market is segmented into the Asia Pacific (APAC), Europe, North America, and Rest-of-the-World (RoW).
North America is currently dominating the global ball valve market and is slated to register a substantial market share over the review period. Supported by stringent regulations controlling the wastewater management, the region is witnessing significant penetration across industries and is gaining much revenue in the process.
Europe is also one of the major regional markets for ball valves and is slated to reach a significant market share over the assessment period. The strict environmental regulations contribute towards the higher demand for ball valves for their various applcations in the industries. This factor is likely to drive the European market over the review period.
The APAC is the fastest-growing regional market for ball valves and is poised to witness high revenue generation with several power plants boosting the demand for ball valves over the forecast period.
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The major market players are expected to contribute towards the market growth by increasing investments and shifting their focus on research and development activities for advanced technological integration in the products. The competitive scenario of the market is also poised to witness several innovative business strategies such as mergers, joint ventures, acquisitions, and partnerships for market players to sustain their position. These significant factors are expected to pave the way for several growth opportunities over the review period.
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