Will Global Ball Valves Market Be Worth USD 15.8 Billion By 2025? Read This Report
Zion Market Research has published a new report about valves.
According to the research, the global ball
valves market accounted for USD 12.1 billion in 2018 and is expected to reach
around USD 15.8 billion by 2025, at a CAGR of 3.8% between 2019 and 2025.
A ball valve is a sphere molded closing device that has on/off flow control. These ball valves are used crosswise over different end-use businesses to control operational conditions, for example, transmission and storage, gas handling, industrial, and so on.
Ball Valves are used in various applications, for example, steam flow to heaters, gas pressure reduction, fluid stream control, and so on. The worldwide ball valves market is probably going to encounter significant development over the forecast time period, attributing to the developing number of expansions seen by the energy and power, robust industrialization, and substantial innovative advancements with respect to the use of mechanical designing based systems.However,
the lack of standardization of certifications and policies may hamper the ball
valves market advancement all around. Also, a growing number of R and D
activities, advancements in the innovation of ball valves, and rising oil and
gas exploration activities are expected to open new avenues for the worldwide
ball valves market in the future.
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The global ball
valves market is mainly fragmented based on material type, valve type, valve
size, and end-use industry. On the basis of material type, the ball valves
market includes stainless steel, cast iron, alloy based, cryogenic, brass,
bronze, and others. Stainless steel is expected to account for the largest
market share over the forecast time period. Cryogenic is expected to register
the highest CAGR in the future. Based on valve type, the global market includes
rising stem, floating, and trunnion mounted.
By valve size, the ball valves
market comprises up to 1, between 1 and 6, between 6 and 25, between 25 and 50,
and more than 50. The end-use industry segment is classified into oil and gas,
food and beverages, energy and power, chemicals, construction, water and
waste water treatment, pharmaceuticals, pulp and paper, and others.
The oil and
gas industry was the most attractive market segment in 2018 and is anticipated
to account for the maximum share of the ball valves market in upcoming years.
The water and waste water industry is expected to grow notably over the forecast
period.
In
2018, Asia Pacific was the largest ball valves market globally. This growth can
be principally attributed to the numerous initiatives taken by the different
regional governments to encourage the implementation of IoT in companies across
the region. Moreover, the Asia Pacific ball valves market is anticipated to be
the fastest growing market globally over the next few years, owing to the
increasing demand for ball valves, especially from food and beverage, energy
and power, pharmaceutical, water and waste water, and chemical industries. North
America is a developed ball valves market, as ball valves are used in advanced
safety systems across end-user industries.
Source:https://www.zionmarketresearch .com
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Shivanjali Hotel Pune-411026, Maharashtra, India.
Mobile No. : + 91 - 98812 36139, 7722076899
Visit Us : http://parthvalve.com/
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