Instrumentation valves and fittings market is likely to witness a healthy CAGR of 3.5% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Modular Chillers Market
Instrumentation valves and fittings market is likely to witness a healthy CAGR of 3.5% during the forecast period. The prime factors that are contributing to the demand for instrumentation valves and fittings in the market are mainly the growth in the electronics & semiconductor industry, growing oil & gas industry, increasing automation, and a large number of coal-based power projects in the Asia-Pacific region.
Asia-Pacific is estimated to remain the fastest-growing instrumentation valves and fittings market during the forecast period. The growth of the market is propelled by the employment of instrumentation valves and fittings in fabrication and manufacturing process of the semiconductor industry. Further, increased focus on cleanliness and hygiene and the presence of a large number of instrumentation valves and fitting manufacturers in the Asia-Pacific region are bolstering the region’s market. Asia-Pacific is also witnessing tremendous economic growth, political transformation, and social change which is inferable from the development of the market. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
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Report Scope & Market Segmentation
Instrumentation Valves and Fittings Market Share: By Material Type
Based on the material type, the market is segmented as stainless steel, alloy based, cast iron, and others. The stainless steel material segment held the largest share of the market in 2019, and is expected to remain dominant during the forecast period. Manufacturers integrate new products with tough materials to increase the strength, mechanical properties, and reliability while reducing the material cost of the product. The wide use of stainless steel in different end-use industries, such as oil & gas, chemicals, healthcare, and semiconductor is driving the growth of this segment.
Instrumentation Valves and Fittings Market Share: By Product Type
Based on the product type, the market is segmented as valves, fittings, pneumatic actuators, and others. The valves product is expected to remain the fastest-growing segment during the forecast period. Ball valves are used widely, due to their low pressure drop property and the ability to open and close quickly. These valves are used in various applications, such as transmission, storage, and gas processing across industries. The check valves are used in wastewater, portable water, and irrigation applications; these valves are also used in various end-use industries such as process, mining, food & beverages, oil & gas, and pharmaceuticals.
Instrumentation Valves and Fittings Market Share: By Industry Type
Based on the industry type, the instrumentation valves and fittings market is segmented as oil & gas, food & beverages, chemicals, healthcare, paper and pulp, energy & power, and others. The oil & gas segment dominates the market, as valves and fittings are used in the oil & gas industry in offshore rigs, refinery plants, and gas handling systems. These valves and fittings should be able to resist the harsh environmental conditions, due to which the maintenance, repair, and operations (MRO) activities are essential for this industry.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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