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Instrumentation Fittings Market - Government Regulations to Ensure Safety at Production Units Driving Demand
Browse The Report: https://www.transparencymarketresearch.com/instrumentation-fittings-market.html
Global Instrumentation Fittings Market to be worth US$2,417.2 mn by 2025
If the projections of the TMR report are to be believed, the demand in the global instrumentation fittings market will expand at the CAGR of 4.9% during the forecast period of 2017 to 2025. The analysts have evaluated that the global instrumentation fittings market produced opportunities worth US$1,652.2 mn in 2017 and have estimated the valuation of the market to go up to US$2,417.2 mn by the end of 2025. In terms of volume, there was a demand for 123.1 mn units of instrumentation fittings in 2017 and increasing at a CAGR of 3.6% during the said forecast period, the demand volume is anticipated to reach 163.4 mn units.
Vendors Improving Product Portfolio as per Evolving Requirements
As for the market leaders to maintain their stronghold over the instrumentation fittings market, enhancement of their portfolio with quality products that are cost effective at the same time is expected to be the primary strategy. For instance, HAM-LET Group offers a wide range of let-lock tube fittings with double ferrule, one-lock tube fittings with single ferrule, dielectric fitting, pipe fittings, and flare fittings. On the other hand, PARKER HANNIFIN boasts of its strong and diverse product portfolio including A-lock fittings, CPI fittings, instrument pipe and ISO conversion fittings, phastite, welded fittings, ultraseal fittings, and tube fabricating equipment. All these newly designed products are in accordance to the changing demands of manufacturing industries.
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Based on fitting type, the report segments the instrumentation fittings market into tube and pipe. While the tube segment has been further sub-segmented into compression, butt weld, cone and thread, swivel, and push-to-connect, the pipe segment has been further bifurcated into elbow, straight, and tee and cross. The report gauges the demand for instrumentation fittings that can be expected from the end-use industries of oil and gas, manufacturing, food and beverage, power, and chemicals. Geographically, the analysts highlight North America and Asia Pacific as the two regions that are providing for the maximum demand in the global instrumentation fittings market, and will continue to do so until 2025. However, the demand from Asia Pacific is primed for a stronger CAGR than that of North America.
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Government Regulations to Ensure Safety at Production Units Driving Demand
Rapid infrastructural development in several emerging economies, stringent government regulations for the manufacturing companies to ensure safety at production facilities, prosperity of the electronics and construction industries, and increased oil and gas exploration activities in quite a few countries are some of the key factors driving the demand in the global instrumentation fittings market. The analysts of the report also expects growing adoption of automation methods for improved efficiency across various consumer product manufacturers to open new opportunities in this market during the forecast period.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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