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High Performance Butterfly Valve Market Estimates The Market To Expand At Over 8% Value CAGR From 2021 to 2031
High Performance Butterfly Valve Market
Growing need for precise flow control technologies has led to heightened demand for high performance butterfly valves from sectors such as oil & gas, power generation, and chemicals. New product line launching by key manufacturers are also projected to complement market growth over the coming years.
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Due to the COVID-19 pandemic, demand for high performance butterfly valves experienced a slump in 2020. As the oil & gas industry is in a recovery mode, it promises increasing consumption of high performance butterfly valves in future. Considering the possibility of a spur of industrial infrastructure in many countries, the long-term outlook of the market remains positive.
Key Takeaways from Market Study
With continuous growth of the industrial sector, demand for high performance butterfly valves from end-use industries is on the rise. High performance butterfly valves are extensively used in critical process applications in oil & gas, chemical, and power.
To cope with the challenges of emissions and safety in various applications, manufacturers are increasingly focused on compact, lightweight design of high performance butterfly valves.
Demand for high performance butterfly valves is driven by increasing CAPEX investments in water & waste water treatment projects.
Key manufacturers are focusing on expanding their product portfolios through merger & acquisition activities.
Offset high performance butterfly valves are projected to hold more than 50% market share.
Based on end-use industry, oil & gas and chemicals industries are projected to hold around 50% of overall market value share collectively by 2031-end.
The global high performance butterfly valve market witnessed a fall in 2020 due to the COVID-19 pandemic, with a recorded growth of -3.2%.
The market in Germany is projected to expand at a volume CAGR of around 3.9%, while that in the U.S. at close to 3.5%, through 2031.
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"Increased capital investments in water & waste water treatment projects are expected to provide impetus to high performance butterfly valve sales over the coming years," says a Persistence Market Research analyst.
Competitive Landscape
The market is fragmented with top players accounting for around 30% market share. Key high performance butterfly valve manufacturers are likely to focus on merger & acquisition activities to expand their product portfolios in order to increase their market share.
Some of the key players in this industry are Emerson Electric Co, The Flowserve Corporation, Crane Co., Baker Hughes, Forum Energy Technologies Inc., Neles Corporation, Bray International, Alfa Europe, and DeZurik.
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