Press release
Ball Valves Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Ball Valves Market
The ball valves market size is expected to see steady growth in the next few years. It will grow to $16.23 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to focus on smart valves, rise in renewable energy projects, water scarcity concerns, stringent environmental regulations, resilience in supply chains, emergence of new end-user industries. Major trends in the forecast period include increasing adoption of automation and control systems, integration of advanced materials, increasing role in industrial process control, demand for high-pressure and high-temperature applications, rapid growth in the lng, shift towards floating ball valve designs, strategic mergers and acquisitions.
Market Overview -
A ball valve is an emergency stop valve that regulates the flow of a liquid or gas using a rotating ball with a bore. The ball valve is used to shut down the fluid in upstream oil and gas production facilities, both onshore and offshore.
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Urbanization Surge Sparks Expansion In Ball Valve Market Demand
Rapid urbanization is expected to drive the growth of the ball valve market going forward. The development of infrastructure and construction activities due to urbanization has increased demand for ball valves. For instance, according to a report by World Bank, in 2022, approximately 4.4 billion people, or 56% of the world's population, resided in cities. By 2050, approximately 7 out of 10 people will live in cities, with the urban population predicted to surpass its current level. Thus, the rise in urbanization is propelling the growth of the ball valve market.
Competitive Landscape -
Major companies operating in the ball valves market report are Emerson Electric Co., Schlumberger Limited, Flowserve Corporation, IMI PLC., Valmet (Neles Corporation), Spirax Sarco Limited, Honeywell International Inc., Parker Hannifin Instrumentation Products Division, SSP Fittings Corp., Columbia Specialty Company, Perrin GmbH, M&M International, FBV Inc., KITZ Corporation, Velan Inc., Cameron International Corporation, Neway Valve (Suzhou) Co. Ltd., Wuzhou Valve Co. Ltd., Jiangsu Shentong Valve Co. Ltd., Bonney Forge Corporation, Bray International Inc., Crane Co., Dwyer Instruments Inc., Flomatic Corporation, Forum Energy Technologies Inc., Georg Fischer Ltd., Hattersley Aladdin Limited, KSB SE & Co. KGaA, NIBCO INC., Valvitalia SpA
Rising Adoption Of 3D Printing Revolutionizes Ball Valve Market Dynamics
Implementation of 3D printing technologies is the key trend gaining popularity in the ball valve market. 3D printing is a technique for building three-dimensional objects layer by layer by using a computer-generated design. 3D printing optimises valves for customer-specific requirements. For instance, in May 2021, Neles Corporation, a Finland-based company specialised in designing and manufacturing industrial valves and valve automation solutions, introduced a 3D-printed valve for field testing. The valve is a T5-series standard stainless steel ball valve. The field testing generated abundant valuable information about the potential of making pressure-retaining parts using 3D printing with noticeably shorter lead times. Additionally, 3D-printed noise attenuation trims use less material and have better flow paths than traditionally manufactured trims.
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Key Segments -
The ball valves market covered in this report is segmented -
1) By Types: Trunnion-Mounted Ball Valves, Floating Ball Valve, Rising Stem Ball Valve
2) By Material: Steel, Cast Iron, Cryogenic, Alloy Based, Other Materials
3) By Size:
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