(MENAFN- America News Hour) The Ball Valve Market was valued at USD 11.68 billion and is expected to reach USD 13.93 billion, registering a CAGR of 3% during the forecast period. A global increase in the demand for oil and gas is expected to be one of the major factors contributing to the ball valve market growth.
– Also, factors such as increasing population, scarcity of freshwater resources, and a wide presence of salinized water in comparison to freshwater are increasing the demand for desalination and wastewater treatment plants.
– The deployment of the ball valve for the treatment of both domestic wastewater management and industrial wastewater management can further boost the growth of the market.
– From the regional perspective, the United States is expected to experience substantial growth in oil and gas activity due to growing production from the Permian basin of Texas and the Gulf of Mexico. Also, the emerging countries, like India, has witnessed a growth in oil consumption.
– Further, the growth in energy consumption, rapid urbanization and industrialization, and increasing smart initiatives across the globe are certain factors stimulating market growth.
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Key Market Trends
Food Processing Industry Expected to Have Significant Applications
– The food processing industry is one of the major applications for ball valves, as operations like product fillings need to maintain a regulated flow throughout the process.
– The balls valves in the industry include both valves that come directly in contact with the material, and those are used in utility services, like water and steam. In both cases, valves need to be designed to meet several industry regulations, especially the ones in direct contact with the food material. This poses significant challenges for manufacturers to gain regulatory approvals.
– Increasing government spending to enhance the existing food processing infrastructure, to achieve self-sufficiency goals, is expected to provide better growth opportunities to the market. For instance, in 2018, the Indian government set up a dedicated dairy processing infra fund, National Bank for Agriculture and Rural Development (NABARD), which was expected to achieve an investment of INR 100 billion in the dairy sector by 2020.
Asia-Pacific Expected to Dominate the Market
– Asia-Pacific's established electronics industry and adoption of innovative technologies have provided the organizations in the region a competitive edge in the market. Moreover, the region has the presence of several major ball valve vendors, such as Kitz Corporation (Japan) and Astech Valve Co. Ltd (Taiwan), among others.
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– Increasing urbanization and rapid industrialization in emerging economies, such as China and South Korea, are driving the demand for the ball valve market in the region. Energy infrastructure investments are flourishing in Asia-Pacific with the rising demand for electricity due to the burgeoning population, and the government pushes for better product quality and power reliability, which are also driving the industry growth. In July 2018, NLC India planned to increase its power generation capacity, which is projected to raise the usage of the ball valve.
– Furthermore, the chemical companies are investing in expanding their facility in the Asia-Pacific region, owing to low-cost labor, which, in turn, boosts the growth prospects of the ball valve market. For instance, in July 2018, BASF signed an MoU to launch its production plant in China, which is expected to be fully-owned by the company.
Competitive Landscape
The ball valve market consists of several players, with no group of players currently holding a major share in the market. The companies are engaging in mergers and acquisitions to increase their expertise in the product. The market is being viewed as a lucrative investment opportunity due to the wide consumer base. With a huge number of new market entrants, the market is moving towards fragmentation.
1 INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Industrialization in Various Countries
4.2.2 Growing Demand for Process Safety
4.3 Market Restraints
4.4 Industry Attractiveness – Porter's Five Force Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Industry Value Chain Analysis
4.6 Assessment of Impact of Covid-19 on the Market
5 MARKET SEGMENTATION
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