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Multi Tandem Valve Global Market 2024 - Latest Research, Industry Insights, Emerging Opportunities And Future Outlook By 2033
Multi Tandem Valve Global Market
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According to The Business Research Company's, The multi tandem valve market size has grown strongly in recent years. It will grow from $1.32 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to increased adoption of automation, rising global energy demand, stringent environmental and safety regulations, increased international trade and global supply chains, demand for valve replacement and retrofit.
The multi tandem valve market size is expected to see strong growth in the next few years. It will grow to $1.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to growth in the construction industry, growth in manufacturing and production facilities, increase in research and development activities, increase in agricultural mechanization, growth in the automotive sector, growth in demand for energy efficient solutions, increase in infrastructure development. Major trends in the forecast period include advancements in valve technology, increased adoption in the energy sector, development of smart valve solutions, expansion in process industries, advancements in material science, integration of artificial intelligence, development of eco friendly fluids.
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Market Drivers and Trends:
The increasing obesity rates are expected to propel the growth of the intragastric balloon market going forward. Obesity rates refer to the prevalence or percentage of a population that is considered obese based on body mass index (BMI) measurements, which is generally defined as having a BMI of 30 or higher. The increasing obesity rates are due to dietary habits, sedentary lifestyles, economic factors, advertising and marketing, genetics and biology, psychological and emotional factors, and urbanization and infrastructure. Obese individuals utilize intragastric balloons as a non-surgical option to aid in weight loss by occupying space in the stomach, promoting feelings of fullness, and reducing food intake. For instance, in May 2023, according to a report published by the Office for Health Improvement & Disparities, a UK-based government agency, in 2021-2022, 25.9% of adults aged 18 years and over in England were estimated to be living with obesity. This was an increase from 2020 to 2021 (25.2%). Therefore, the increasing obesity rates are driving the growth of the intragastric balloon market.
Major companies operating in the multi-tandem valve market are developing innovative products, such as pressure relief valves, to reduce emissions in any system, including chemical, petrochemical, power, and oil and gas industries. The pressure relief valve is a type of safety valve designed to control or relieve overpressure levels for optimal functionality in any system. For instance, in December 2022, Emerson Electric Co., a US-based software company, released two technologies for the Crosby J-Series pressure relief valve (PRV) product line. These valves are designed to provide high-quality and dependable overpressure protection for various applications, including air, gas, steam, vapor, liquid, and two-phase applications. The J-Series valves feature innovative technologies such as Balanced Diaphragm technology, eliminating the need for bellows in pressure relief valves, leading to lower costs and improved performance.
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Major Key Players of the Market:
Daikin Industries Ltd., Komatsu Ltd., Eaton Corporation plc, Parker Hannifin Corporation, Emerson Electric Co., Kawasaki Heavy Industries Ltd., Bosch Rexroth AG, Shimadzu Corporation, KYB Corporation, HYDAC International GmbH, Hengli Hydraulic Co. Ltd., Bucher Hydraulics AG, Haldex AB, HAWE Hydraulik SE, Argo Hytos, Linde Hydraulics GmbH & Co. KG, Tokyo Keiki Inc., Metal Work S.p.A., Yuken Kogyo Co. Ltd., Cross Manufacturing Company Inc., Walvoil S.p.A., Hydrosila, Bondioli & Pavesi S.p.A., Doering Company, AMCA Hydraulic
Multi Tandem Valve Market 2024 Key Insights:
• The multi tandem valve market size is expected to see strong growth in the next few years. It will grow to $1.7 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Hybrid Electric Vehicle (HEV) Surge Boosts Multi Tandem Valve Market Growth
• Innovative Developments in Multi-Tandem Valve Market: Emerson Electric Co.'s Advanced Pressure Relief Valve Technologies
• North America was the largest region in the multi tandem valve market in 2023
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