Press release
Ball Valves Market is calculated to reach USD 16.7 billion in 2029, increasing at 4.2% CAGR during 2022-2029 | Size, Trends & Forecast
Ball Valves Market
Ball Valves Market was valued at USD 12.0 billion in 2021 and is estimated to touch USD 16.7 billion in 2029, growing at CAGR of 4.2%.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/ball-valves-market-analysis-industry-research/
The factors driving the growth of Ball Valves Market includes emerging need to upgrade the existing nuclear power plants, increasing application of ball valves in the end-use industries such as Food and Beverages and Pharmaceuticals and growing demand for oil and gas around the world. According to the report published by Statista, the Global demand for crude oil was calculated around 91 million barrels/day in 2020 and is expected to reach 104.1 million barrels/day by the end of 2026, which will accelerate the Ball Valves Market size in the approaching years. Moreover, rise in the number of smart cities across the globe, growing adoption of advanced technologies by manufacturers and increasing investments by private players on water and wastewater treatment plants, are some of the additional factors supplementing the market growth. As per Bloomberg, the Global Smart Cities Market was valued around USD 390.13 billion in 2021 and is expected to reach USD 1874.83 billion by the end of 2029, growing at a CAGR of 21.68% over the forecast period (2022-2029), which will boost the market growth in the coming years.
However, the growth of Ball Valves Market is hindered attributed to variations in the prices of raw materials.
The major players operating in the market are Cameron-Schlumberger Ltd., Crane Co, Flowserve Corporation, KITZ Corporation, Mueller Water Products Inc., Emerson Electric Co., Honeywell International Inc., Curtiss-Wright Corporation, Danfoss A/S, ALFA LAVAL, and Hitachi Ltd. among others.
Based on Product, the Hydraulic segment is predicted to capture the largest market share during the forecast period
Increasing application of ball valves in the oil and gas exploration activities to control the flow of fluids, is the major factor responsible for the segment's growth.
Based on Material, the Alloy Based segment is projected to dominate the market over the forecast period
Alloy based ball valves are comparatively less expensive, provides excellent heat conduction along with its corrosion resistance properties, are propelling the growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
Increase in Foreign Direct Investments (FDI) inflows in the Power and Energy Sector, rising demand for crude oil, Government initiatives to develop smart cities, growing per capita incomes and high population growth rates, are some of the additional factors supplementing the market growth in Asia-Pacific.
Key Developments
In 2020, Festo launched KVZB Valve Configurator Also, which will support double-acting and single-acting modes of operation and these designs are adaptable to wide range of applications.
2019, KLINGER Group acquired Burocco, through this acquisition both the companies will supply valves to pharmaceutical, chemical, natural gas, cryogenic, steel, and sanitary industries in the international markets.
Market Segmentation
Segmentation by Type
Flanged
Trunnion Mounted ball Valves
Standard (threaded)
Vented
Floating
Rising Stem Ball Valve
Segmentation by Product
Manual ball valves
Electric Ball valves
Pneumatic Actuated Ball Valves
Automatic ball valves
Hydraulic
Segmentation by Material
Cast Iron
Stainless Steel
Alloy Based
Cryogenic
Plastic
Others
Segmentation by Size
1" to 6"
6" to 25"
25" to 50"
50" and Larger
Segmentation by End-User
Energy and Power
Food and Beverages
Oil and Gas
Chemicals
Water and Wastewater
Building and Construction
Pharmaceuticals
Agriculture
Metal and Mining
Paper and Pulp
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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