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Increasing demand for hybrid valve from the oil & gas and energy & power industries drives market growth
The hybrid valve market size is expected to grow at a CAGR of 6.4 % from 2019 to 2024, to reach USD 1.4 billion by 2024 from USD 1.0 billion in 2019. The need for controlling excessive noise, pressure, vibration, and cavitation in critical processes; and corrosion problems in the oil & gas are among the key driving factors for the hybrid valve industry. 3D printers in manufacturing lines and an increase in the number of refineries and petrochemicals and chemicals plants worldwide are fueling the growth of the market. However, high fabrication cost can hinder the growth.
The market for 1” to 6” hybrid valves to witness significant growth during the forecast period
The hybrid valve market, by size, is segmented into Up to 1”, 1”-6”, 6”-25”, 25”-50”, and 50” and larger. The 1”-6” hybrid valves segment is expected to witness significant growth during the forecast period. This growth is attributed to the increasing use of 1”-6” hybrid valves across several industries such as oil & gas, energy & power, food & beverage, and pharmaceuticals. These valves are used in pipeline applications to control the pressure and flow in water, oil, slurries, and chemicals.
APAC to hold the largest share of the market from 2019 to 2024
In terms of market size, APAC is expected to dominate the hybrid valve market share during the forecast period as it is likely to witness significant growth in the said market during the forecast period. High demand for modified infrastructure in emerging economies, heavy use of transportation, and the need for water reuse in this region would drive the market in the next few years.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key officials in the hybrid valve market.
Following is the breakup of the profiles of primary participants for the report.
- By Company Type: Tier 1 – 35 %, Tier 2 – 45%, and Tier 3 – 20%
- By Designation: C-Level Executives – 35%, Directors – 25%, and Others – 40%
- By Region: North America – 45%, Europe – 20%, APAC – 30%, and RoW – 5%
The report profiles key players in the hybrid valve market and analyzes their market rankings. Players profiled in this report are Emerson Electric Co. (US), IMI Plc. (Finland), Trillium Flow Technologies (US), Circor International Inc (US), Parcol S.P.A. (Switzerland), KOSO KENT INTROL PVT. LTD (UK), Wuxi Smart Auto-Control Engineering Co. LTD. (China), Chemtrols Emet Pvt. Ltd (India), Dymet alloys (UK), Carter Process Control GmbH (Austria), and others.
- This report segments the hybrid valve market by material, size, industry, and geography.
- The report also describes major drivers, restraints, challenges, and opportunities pertaining to this market, as well as includes the value chain and market ranking analysis.
Reasons To Buy This Report
The report will help leaders/new entrants in the hybrid valve market in the following ways:
- The report segments the hybrid valve market comprehensively and provides the closest market size estimation for all subsegments across regions.
- The report will help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities pertaining to the hybrid valve industry.
- The report will help stakeholders understand their competitors better and gain insights to improve their position in the hybrid valve market.
- The competitive landscape section describes the competitor ecosystem.