New York, USA, July 21, 2021 (GLOBE NEWSWIRE) -- A latest report on the global butterfly valves market has been added by Research Dive to its offerings. As per the report, the market is projected to hit $14,108.3 million and rise with a CAGR of 5.9% from 2021 to 2028. The report offers an all-inclusive lookout of the present scenario and future scope of the global industry. The report is drafted by expert market analysts and guarantees to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, existing market players, stakeholders, shareholders, etc.
COVID-19 Impact on the Market Growth
The rise of the COVID-19 pandemic in 2020 made an adverse impact on the growth of the market. During the pandemic, the government bodies of several regions have executed strict lockdown for preventing the spread of the virus. The production of butterfly valves has been significantly affected as the supply chains have greatly disrupted during the lockdown period. Moreover, the closure of oil and gas industries during the pandemic period has reduced the demand for butterfly valves. All these factors are obstructing the market growth in the pandemic period.
For More Detail Insights, Download Free Sample Copy of the Report at: https://www.researchdive.com/download-sample/8418
Factors Impacting the Market Growth
A considerable surge in the demand for butterfly valves from the oil and gas factories across the globe is boosting the growth of the global butterfly valves market. Moreover, growing research and developments related to butterfly valves is anticipated to unlock profitable opportunities for the market growth during the forecast period. However, limitations related to butterfly valves such as growing competition from local manufacturers, limited throttling, and substantial risk of cavitation and choke flow are expected to hinder the market growth.
The report segments the global butterfly valves market into type, application type, function type, end user, and region.
High-Performance Butterfly Valves Sub-Segment to Dominate the Market Growth
In the type segment, the high-performance butterfly valves sub-segment is expected to lead the market by garnering $9,116.8 million during the forecast period. The growth of this sub-segment is mainly because high-performance butterfly valves offer high capacity, flow path, and possess the ability to pass solid and viscous media.
Centric Sub-Segment to Witness Speedy Growth
In the application type segment, the centric sub-segment is expected to observe accelerated growth by garnering $5,002.7 million during the forecast period. The growth of this sub-segment is mainly because the centric butterfly valve’s seat is built like a sleeve or cartridge inside the body. Hence, in a centric butterfly value, the media passing through the valve will not come in contact with the body.
On/off Valves Sub-Segment to Dominate the Market
In the function type segment, the on/off valves sub-segment is projected to hold a leading market share and gather $11,138.0 million during the forecast period. The growth of this sub-segment is mainly because on/off valves provide swift and safe operations, longstanding tight shut-off, and reduced fugitive emissions.
Oil & Gas Sub-Segment to Lead the Market
In the end user segment, the oil & gas sub-segment is expected to hold a leading market share and surpass $5,638.1 million during the forecast period. The growth of this sub-segment is mainly because of the increasing demand for stainless steel butterfly valves from the oil and gas sector.
Connect with Our Analyst to Contextualize Our Insights for Your Business: https://www.researchdive.com/connect-to-analyst/8418
Asia-Pacific Region to Dominate the Market
The report analyzes the global butterfly valves market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is expected to grow rapidly and garner $5,316.2 million during the estimated period. The growth of this region market is mainly owing to the increasing sources of energy, growing usage of pipeline transportation, rising oil and gas reserves, and growing construction projects owing to rapid industrialization and urbanization in this region.
Major Players in the Market:
The report lists some of the leading players functioning in the global butterfly valves industry including -
- Curtiss-Wright Corporation
- Emerson Electric Co.
- Flowserve Corporation
- Crane Co.
- Cameron International
- Alfa-Laval Corporate AB
- AVK Group
- KSB Group
- Weir Group
- Velan Inc.
The report also provides numerous industry-top strategies and tactics such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in June 2021, Tianjin Tanghaidongyang Valve Co., Ltd., the best professional valve butterfly valve & check valve manufacturer in China, launched the best double eccentric butterfly valve for different applications such as petrochemicals, mechanical equipment, metallurgy, electric power, water treatment, urban pipe network, and many others. Quick Download Top Companies Development Strategies Summary Report
Top Trending Reports-
- Waste To Energy (WTE) Market - https://www.researchdive.com/3797/waste-to-energy-(wte)-market
- Solar Energy Market - https://www.researchdive.com/3874/solar-energy-market
- Residential Boiler Market - https://www.researchdive.com/3785/residential-boiler-market