Press release content from Business Wire. The AP news staff was not involved in its creation.
Press release content from Business Wire. The AP news staff was not involved in its creation.
DUBLIN--(BUSINESS WIRE)--Dec 2, 2022--
The “Global Ball Valves Market by Type (Trunnion-mounted, Floating, Rising Stem), Material (Stainless Steel, Cast Iron, Alloy-based), Size, Industry (Oil & Gas, Energy & Power, Water & Wastewater) and Region - Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global ball valves market is projected to reach USD 16.2 billion by 2027 from USD 13 billion in 2022, growing at a CAGR of 4.5% from 2022 to 2027.
Factors driving the market are application of 3D printing technology in valve manufacturing, focus of industry players on offering improved customer services, increasing demand for ball valves in new and upgrades of existing of nuclear power plants.
Stainless steel ball valves segment accounted for the largest market share in 2021
The stainless steel ball valves segment accounted for the largest market share in 2021. Stainless steel ball valves are highly corrosion resistant and robust making them suitable for numerous applications in different industries including food & beverages, chemicals, pharmaceuticals, and metals & mining.
Steel offers efficient mechanical properties and good resistance to stress corrosion and sulfides. Carbon steel offers high- and low-temperature strength. Carbon steel valves can be used in applications where extreme pressure and temperature make other materials unusable.
Carbon steel can withstand temperatures up to 850oF and is used in the manufacturing of various types of ball valves. In industrial applications where pressure ratings, high-temperature functionality, and corrosion resistance are prerequisites for efficiency, stainless steel ball valves are used.
Trunnion-mounted ball valves to account for largest market share during the forecast period
Market for Trunnion-mounted ball valves to account for largest market share during the forecast period. Trunnion-mounted ball valves use a spring mechanism and/or line pressure assistance to drive the upstream seat against the stationary ball. The surface area exposed to the pressure through the relatively small passageway is just at the back of the seat.
It has additional mechanical anchoring at the top and bottom of the ball. This special mounting is suitable for larger and higher-pressure valves. Moreover, this design permits a decrease in valve torque as the ball is supported in two places.
These features makes trunnion-mounted ball valves is suitable for variety of applications including transmission and storage, gas processing, dryer sequence, and compressor anti-surge.
1-5″ ball valves to account for largest market share during the forecast period
Market for 1-5″ ball valves to account for largest market share during the forecast period. The <1″ and 1″ to 5″ segments collectively accounted for a large share of the overall ball valves market in 2021, and a similar growth trend is likely to be observed during the forecast period.
This growth can be attributed to the increasing demand for ball valves in transportation and energy & power-based applications. The use of 1-5″ ball valves is increasing in the oil & gas, energy & power, water & wastewater treatment, chemicals, and other industries.
Oil & gas to account for largest market share in 2022
The oil & gas industry needs deeper wells and longer pipelines and has been focusing on reducing production costs; this necessitates the use of specialized and critical equipment, such as valves, in oil and gas plants.
Moreover, with the use of advanced equipment and technologies in production and transportation processes, performance requirements have become more stringent to ensure improved operational efficiencies.
Hence, the incorporation of valves is essential in pipelines and other several processes to regulate the flow of liquid, gases, or any fluidized solid, which will propel the demand for ball valves during the forecast period.
North America to witness the highest CAGR in the ball valves market during the forecast period
The market in North America has been further segmented, on the basis of country, into the US, Canada, and Mexico. Rapidly growing investments in process and non-process industries and increasing energy consumption owing to the booming population in the region are driving the growth of the ball valves market.
North America is a major consumer and producer of natural gas and is dominated by supply and demand dynamics of natural gas in the US. The natural gas market in North America is backed by a mature and well-integrated physical and financial market structure and substantial domestic natural gas production.
The US is currently the world’s largest producer and consumer of natural gas. In addition, booming shale gas business in North America is likely to contribute to market growth.
Competitive landscape
The market comprises major players such Emerson Electric Co. (US), Schlumberger (US), Flowserve Corporation (US), IMI PLC (US), Valmet (Neles Corporation) (Finland), SpiraxSarco Limited (UK), Crane Co. (US), KITZ Corporation (Japan), Trillium Flow Technologies (US), Bray international (US), and Velan, Inc. (Canada) are the key players in the ball valves market.
These top players have strong portfolios of products and services and presence in both mature and emerging markets. The study includes an in-depth competitive analysis of these key players in the ball valves market, with their company profiles, recent developments, and key market strategies.
Premium Insights
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Value Chain Analysis
Technology Analysis
Company Profiles
Key Players
Other Players
For more information about this report visit https://www.researchandmarkets.com/r/91fx4v
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 12/02/2022 11:24 AM/DISC: 12/02/2022 11:24 AM
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