According to the new market research report „Ball Valves Market by Size (Up to 1”, 1”–6”, 6” to 25”, 25” to 50”, 50” and Above), Type (Trunnion Mounted, Floating, Rising Stem), Material (Stainless Steel, Cast Iron, Alloy, Cryogenic), Vertical, and Geography – Global Forecast to 2023″, the ball valves market is expected to reach USD 14.46 Billion by 2023, at a CAGR of 2.9% between 2017 and 2023.
The factors that are driving the growth of this market include the increasing demand for industrialization in emerging economies, the evolution of IIoT, demand for process safety, and increasing adoption of the manufacturing industry in the Middle-East.
The trunnion mounted ball valves market is expected to grow at the highest rate during the forecast period
The market for trunnion mounted ball valves is expected to grow at a high CAGR between 2017 and 2023. The trunnion mounted stem absorbs the thrust from the line pressure, avoiding excess friction between the ball and seats. Thus, the operation torque remains low at full pressure. Hence, the trunnion mounted ball valves are preferred over the floating and rising stem ball valves.
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The ball valves market for the energy & power application is expected to grow at the highest rate between 2017 and 2023
The energy & power application accounted for the largest share of the overall ball valves market in 2016. Ball valves are used in various functions in power generation infrastructure such as discontinuing and beginning the flow of the media, reducing or increasing flow, controlling flow, and regulating flow or processing pressure or relieving a pipe system from a certain pressure. Increasing investments in the power generation industry drive the ball valves market.
APAC is expected to lead the ball valves market between 2017 and 2023
APAC is expected to hold the largest share of the ball valves market during the forecast period. Energy infrastructure investments are flourishing in APAC with the rising electricity demand due to the burgeoning population and the government push for better product quality and power reliability, which are driving the industry growth.
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The major players operating in the ball valves market include Emerson Electric (US), Cameron (US), Flowserve (US), IMI PLC (England), Metso (Finland), Neway Valves (China), Weir Group (UK), Kitz Corporation (Japan), JC Valves (Spain), Crane Co. (US), GWC Italia (Italy), Velan Inc. (Canada), Curtiss-Wright (US), Alfa Laval (Sweden), Burkert Fluid Control System (Germany), Apollo Valves (US), Valvitalia S.P.A (Italy), Forum Energy Technology (US), Swagelok (US), MRC Global Inc. (US), Hamlet (Israel), Flomatic Corporation (US), Dwyer Instruments Inc. (US), Astech Valve Co. Ltd. (Taiwan), and MIR Valves (Malaysia).