06 May 2021
Visiongain has published a new report on Ball Valves Market Report to 2031: Forecasts by type (Floating, Rising Stem, Trunnion Mounted, Others), by industry vertical (Oil & Gas, Energy & Power, Food & Beverages, Water & Wastewater Treatment, Chemicals, Others). PLUS Profiles of Leading Ball Valves Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Ball valves market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. A ball valve uses a hollow, perforated, and floating ball for controlling flow through pipes, machines, and others. It is largely used in the industries such as oil & gas industry and aerospace & defense, among others. Full port, V port, Cavity filler, Trunnion, and Multiport are some of the prominent ball valves which is providing durability and reliable functions across the industry verticals.
Increased demand for valves from healthcare & pharmaceuticals industries and growing investment in research & development are some of the major factors driving the market growth. On the contrary, rapid development in water & wastewater treatment and expansion of industries and increasing demand for ball valves are expected to create lucrative opportunities to the market in the upcoming years.
COVID-19 Impact on Ball Valves Market
With becoming large scale implementation in across numerous industries, ball valves market has severely affected due to COVID-19 outbreak. Government across several countries has imposed lockdown measures, which has resulted into halt of manufacturing and other industry verticals. Therefore, the requirement of ball valves has declined tremendously. However, the market is expected to regain its revenue in the upcoming years.
Increased demand for valves from healthcare & pharmaceuticals industries
Due to outbreak of COVID-19 pandemic, the demand for valves from healthcare & pharmaceuticals industries has been increasing at a massive growth rate. Therefore, this requirement is expected to maintain its dominance which further propelling the ball valves market growth.
Growing investment in research & development
Companies are increasingly investing in research & development, which resulting into automation of the pharmaceuticals industry by implementing smart valves. Moreover, pharmaceutical companies are demanding for sophisticated fluid handling systems such as liquid soap dispensers, automatic sanitizer dispensers, and others. These factors, as a result is boosting the growth of ball valves market during the forecast period.
Rapid development in water & wastewater treatment
Water & wastewater treatment is becoming an essential service, and due to COVID-19 outbreak, the necessity for safe water in order to maintain good hygiene practices are growing exponentially in the market. Therefore, with rapid development in water & wastewater treatment, the demand for ball valves in expected to foster the market growth in the upcoming years.
Expansion of industries and increasing demand for ball valves
The key players in the market have an opportunity to expand existing product & services in order to meet increasing demand for ball valves. Moreover, with expansion of industries, the requirement for ball valves & its implementation is anticipated to grow tremendously. Therefore, expanding the solutions & production of ball valves are expected to boost the market growth.
Some of the companies profiled in the report include Alfa Laval AB, Cameron-Schlumberger Ltd., Curtiss-Wright Corporation, Emerson Electric Company, Flowserve Corporation, Kitz Corporation, MRC Global Inc., Swagelok Company, Velan Inc., and Weir Group.
In February 2020, Schlumberger, which is one of the leading oilfield services provider has opened a manufacturing center in King Salman Energy Park (SPARK), Saudi Arabia. In addition, this new expanded center will manufacture various technologies such as packers & valve technologies, liner hangers, ORBIT rising stem ball valves, in order to help improve the efficiency of oil & gas operations in Saudi Arabia and neighbouring countries.
In August 2019, IMI plc, which is a British-based engineering company has acquired a manufacturer of high-quality industrial valves, PBM. In addition, the acquisition helped IMI plc to expand the operations its existing business operations into new market segments such as in pharmaceutical and food processing industry.
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