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Ball Valves Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Ball Valves Market
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According to The Business Research Company's, The ball valves market size has grown steadily in recent years. It will grow from $13.31 billion in 2023 to $13.87 billion in 2024 at a compound annual growth rate (CAGR) of 4.2%. The growth in the historic period can be attributed to oil and gas exploration and production, water and wastewater treatment, petrochemical and chemical processing, focus on energy efficiency, infrastructure development, automation and control systems.
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.
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Market Drivers and Trends:
The growing oil and gas industry is expected to propel the growth of the ball valve market going forward. The oil and gas industry is a sector that involves the exploration, extraction, refining, transportation, and marketing of petroleum products. Ball valves are commonly used in the oil and gas industry to control the flow of high-pressure liquids and gases with minimal pressure drop. For instance, in March 2023, according to the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, there was an increase in U.S. crude oil output to 12.4 million b/d in 2023 from the record high of 11.7 million b/d in 2022. Therefore, the growing oil and gas industry is driving the growth of the ball valve market.
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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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Ball Valves Market 2024 Key Insights:
• 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%.
• Urbanization Surge Sparks Expansion In Ball Valve Market Demand
• Rising Adoption Of 3D Printing Revolutionizes Ball Valve Market Dynamics
• Asia-Pacific was the largest region in the ball valves market in 2023
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