LONDON, Jan. 23, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Instrumentation Valves And Fittings Global Market Report 2024, the global instrumentation valves and fittings market has experienced robust growth, reaching $3.6 billion in 2024 with a projected compound annual growth rate (CAGR) of 6.7%. A detailed analysis in the recently released instrumentation valves and fittings market market report highlights key factors contributing to this growth, including the expansion of the oil and gas industry, increased industrialization, and advancements in petrochemicals, among others.
Anticipated Growth: The instrumentation valves and fittings market is poised for further expansion, expected to reach $4.55 billion by 2028, driven by a 6.0% CAGR. Projections for the forecast period point to factors such as renewable energy infrastructure development, expansion in chemical and pharmaceutical sectors, and a global focus on environmental monitoring and compliance.
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Emerging Trends: Notable trends in the forecast period include advancements in valve actuation technologies, increased adoption of low-emission valve solutions, customization to meet industry-specific requirements, integration of 3D printing technologies, and a growing emphasis on sustainable practices.
Oil and Gas Industry Impact: The rising oil and gas industry play a pivotal role in propelling the growth of the instrumentation valves and fittings market. With precise control, measurement, and regulation requirements, instrumentation valves and fittings contribute to safety, efficiency, and accuracy. Notably, government revenues from UK oil and gas production saw a substantial increase, reaching $1.79 billion in the tax year 2021 to 2022.
Key Market Players: Major companies operating in the instrumentation valves and fittings market, including Swagelok Company, Parker Hannifin Corporation, and Hy-Lok Corporation, are expected to play a significant role in shaping the industry's trajectory.
Regional Insights: Asia-Pacific led the instrumentation valves and fittings market in 2023 and is projected to be the fastest-growing region in the forecast period.
Segmentation: The instrumentation valves and fittings market report covers key segments, including product types (valves, fittings, actuators, other products), materials (alloy, cast iron, stainless steel, other materials), and industries served (chemicals, energy and power, healthcare, oil and gas, pulp and paper, other industries).
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Stakeholder Utilization: Stakeholders across industries can leverage this comprehensive market report to make informed decisions. Investors, business leaders, and policymakers can gain valuable insights for strategic planning, identifying growth opportunities, and understanding market dynamics. Additionally, industry professionals can utilize the instrumentation valves and fittings market report to stay abreast of emerging trends and competitive benchmarks.
Instrumentation Valves And Fittings Global Market Report 2024 by The Business Research Company provides insights on the instrumentation valves and fittings market size, instrumentation valves and fittings market segments, instrumentation valves and fittings market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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