Ball Valves Industry Scenario
The global The Ball Valves market, according to MRFR's report, is expected to grow at USD USD 11.56 Billion by 2023, at a moderate 3.2% of CAGR over the review period (2017 to 2023).
Ball Valves Industry Synopsis
The rising need for new nuclear power plants and the increasing demand in industries such as oil and gas has prompted the growth and production of ball valves in the forecast era. Inspired by the Internet of Things ( IoT), the transformation of manufacturing environments around the globe in developed countries provides a higher demand for ball valves to have a stable base. Also, its success can be calculated in terms of people's desire for protection that can significantly cause growth in the industry. The sector is also gaining traction from nuclear power plants and from the oil and gas industry, where the part has multiple uses. Factors such as population growth, scarcity of freshwater resources, and a significant presence of salinized water relative to freshwater also raise demand for desalination plants and wastewater treatment plants. The introduction of the ball valve to handle both domestic wastewater and industrial wastewater treatment will further fuel Ball Valves Market growth.
At a different note, if exposed to wrong types of fluids, such as slurries, the market can lag because of its susceptibility to wear and tear. At the same time, throttling place can also result in erosion that can impede business growth. Ball Valves industry growth can not, however, be plateaued as long as many industries build significant product demand.
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The eminent players in the Ball Valves Market are – Alfa Laval AB (Sweden), Metso Oyj (Finland), MRC Global Inc. (U.S.), Emerson Electric Company (U.S.), Swagelok Company (U.S.), Weir Group (U.K.), Kitz Corporation (Japan), Curtiss-Wright Corporation (U.S.), Cameron-Schlumberger Ltd.(U.S), Velan Inc. (Canada), Flowserve Corporation (U.S.), Flomatic Corporation (U.S.), and Dwyer Instruments Inc. (U.S.) among others.
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The global ball valves market can be analyzed by port types, type, size, material types, and end-users.
By type, the ball valves market includes rising stem, floating, and trunnion mounted and others.
Based on material type, the market has been segmented into alloy-based, brass, bronze, cryogenic, cast iron, steel, and others.
Size-based segmentation reveals 1"–6", up to 1", 25"–50", 6"–25", 50" and above, and others.
Based on end-users, the ball valves market comprises chemicals, food beverage, building construction, pharmaceuticals, aerospace defence, oil gas, energy power, water wastewater, utilities, and others.
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Ball Valves Market Regional Analysis
Broad area segmentation includes Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW), among others.
Presently, North America controls the consumer economy. Supported by strict regulations governing wastewater management, the segment is experiencing substantial industry-wide penetration and is gaining considerable revenue in the process.
Europe is also following the same suit as the area has a strict environmental protocol which further encourages the use of ball valves.
The APAC is set to experience high revenue generation, with many power plants boosting ball valve demand. The developed electronics industry in Asia-Pacific and the implementation of emerging technologies have provided the regional organizations with a competitive lead in the market. Growing urbanization and rapid industrialization in emerging economies like China and South Korea are driving the region 's demand for the ball valve industry. In Asia-Pacific, investments in energy infrastructure are booming with the increasing demand for electricity due to the growing population, and the government is pushing for better product quality and power efficiency, which are also driving industry growth. Also, the chemical companies are investing in expanding their facilities in the Asia-Pacific region due to low-cost labour, which in turn boosts the ball valve market's growth prospects.