Ball Valves Market worth $14.7 billion by 2025 - Exclusive Report by MarketsandMarkets™
- Sep 22, 2020
- PR Newswire
CHICAGO, Sept. 21, 2020 /PRNewswire/ -- According to new research report, "Ball Valves Market With COVID-19 & Oil Price Crisis Impact Analysis By Type (Trunnion-mounted, Floating, Rising Stem), Material, Size, End-User (Oil & Gas, Energy & Power, Water & Wastewater Treatment), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the market was valued at USD 8.1 billion in 2020 and is projected to reach USD 14.7 billion by 2025. It is expected to grow at a CAGR of 12.5% during the forecast period. Increasing demand for valves from healthcare and pharmaceuticals industries due to outbreak of COVID- 19 pandemic, need for replacement of outdated ball valves and adoption of smart valves, rising focus on industrialization, urbanization, and smart city development, and rise in new nuclear power plants projects and upgrade existing ones are the key driving factors for the Ball Valves Market.
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Trunnion-mounted ball valves to account for the largest share of the Ball Valves Market
Trunnion-mounted ball valves are used for critical services in a variety of applications such as transmission and storage, gas processing, dryer sequence, compressor anti-surge, and others. Growth in energy consumption, new production technologies, demand for process safety, increasing focus on sustainability, and environmental regulations are likely to boost the trunnion Ball Valves Market growth. Due to the unavailability of high-performance seat material, floating ball valves are mainly used in medium- or low-pressure applications.
Oil & gas accounted for the largest share of the Ball Valves Market in 2019
Oil & gas is among the key end-user industries for ball valves. In 2019. Owing to the adoption of ball valves in various applications in upstream, midstream, and downstream operations. Ball valves provide process control support by appropriately controlling and positioning actuators. They have become key components in offshore and onshore oil & gas end-user industry operations, wherein high pressure and adverse corrosive conditions are experienced on production platforms and refineries. However, the oil & gas end-user industry has faced a major setback in the first two quarters of 2020 by the COVID-19 pandemic and the oil price war, which end-user industry has affected the Ball Valves Market for oil & gas industry. Various companies are planning to reduce their capital expenditure because of the pandemic. For example, Cairn Energy PLC—an independent, UK-based oil and gas exploration, development, and production company—announced an overall 23% reduction in capital expenditure for 2020.
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North America to account for the largest share of the Ball Valves Market by 2025
North America is a large consumer and a producer of natural gas, and the market in this region is dominated by the US supply and demand dynamics. The US was the world's largest producer and consumer of natural gas in 2019. This factor, along with the shale gas boom in North America, contributed to the significant growth of the oil & gas industry in the region until 2019. However, right from the beginning of 2020, the entire world has been strongly hit by the COVID-19 pandemic, a health and an economic crisis. The US is among the most affected countries in the world. The COVID-19 pandemic has plummeted the oil demand drastically. The Energy Information Administration (EIA) reported that the global oil demand was 11.4 million b/d, lower in March 2020 than the annual average in 2019. It further forecasts the demand to be 17.1 million b/d, lower in April 2020. For the year, the EIA estimates that the demand will be 95.5 million b/d (5.2% lower than that in 2019). This is anticipated to be the largest drop since the EIA began keeping records. This drop in demand is likely to have an adverse impact on the growth of the Ball Valves Market in 2020.
A few of the key players in the Ball Valves Market are Emerson (US), Cameron – Schlumberger (US), Flowserve (US), IMI Plc. (UK), Metso (Europe), Spirax Sarco (UK), Crane Co. (US), KITZ Corporation (Japan), Trillium Flow Technologies (UK), and BRAY International (US).
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