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Ball Valve Market Detailed Analysis, Competitive Analysis, Regional, and Global Industry Forecast to 2027
In 2016, North America accounted for the second largest revenue share of little more than one-fourth of the total market share, followed by Europe.
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The growth of ball valve is highly dependent upon the growth of industries such as oil & gas, chemical, power, mining, refining. Apart from these industries, the ball valves are used in ships, fire safety protection services, nuclear power generation, etc. Globally the manufacturing industry is anticipated to pertain its growth, as newer and innovative technologies plunge into these industries.
The the oil & gas industry is the largest end-user segment in Europe. However, it is experiencing sluggish growth rate. The availability of new crude oil sources in the North America region especially in US and the consequent increases in refining capacity brings a negative impact on ball valve sales in Europe. Since 2007, fourteen refines in Europe have been closed, among these most are from France, where refining capacity dropped by 30% to 1.4 million b/d since 2008. The refining are planning more closures with dip in refining margins. Closures are likely to come from Italy where capacity there has shrunk by 10% over the past six years compared with 15% in Germany and 22% in the UK. The European market for ball valve is expected to witness a lucrative CAGR growth of 1.56% in the forecast period.
India Ball Valve market is expected to grow at a CAGR of 3.56% during the forecast period 2017 - 2025. India is one of the most rapidly developing nation around the globe. This industrial development in the country is highly influenced by the various government initiatives promoting the growth of industrial sector in the country. Although the country's economic graph has remained rough, the country's industrial sector is spurring at a significant rate. Also, the country comprises a huge fragment of unorganized sector that make use of ball valves for the purpose of fluid & gas control, which further contributes significantly to the market.
Key findings of the study:
From a growth perspective India in Asia-Pacific region is anticipated to witness the most lucrative CAGR growth rate of 3.09% during the forecast period
Based on type, the trunnion mounted ball segment is projected to witness significant lucrative profitable opportunities with projected CAGR growth rate of 2.84%
The surge in spending towards deep sea exploration and beginning of production from oil reserves projects to boost the oil & gas segment market growth globally thereby registering a CAGR of 2.80%
The global market for ball valve has been segmented on the basis of different types of ball valves, which includes rising stem ball valves, floating ball valves and Trunnion ball valves. Each ball valve has a different application and is designed to fulfil varied end - users demand. Some of the key end - users of this market are, oil & gas, chemical, pharmaceuticals and power & energy. Oil & Gas industry is the largest consumer of ball valves and would continue its dominance over the forecast period.
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Geographically the market is presently dominated by developed regions like North America and Europe, however the market is expected to be in favor of Asia Pacific, as the region is anticipated to witness tremendous industrialization over the coming years. The overall ball valve market is very much fragmented with top ten leading players capturing only 30% of total market. Some of the major players having global market share are Emerson, Flowserve, Cameron, IMI PLC, and Metso among others.
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