New York, USA, Jan. 16, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global butterfly valves market is anticipated to generate a revenue of $14,108.3 million and rise at a CAGR of 5.9% during the analysis period from 2021 to 2028.
As per our analysts, with the increasing demand for butterfly valves from the oil and gas industry, the butterfly valves market is expected to see prominent growth throughout the forecast period. Besides, the growing use of power in industrial processes and the rising need for automation in the process industries are predicted to upsurge the growth of the market during the analysis timeframe. Moreover, the research and development activities of butterfly valves are expected to create massive growth opportunities for the market over the estimated period. However, the limitations related to butterfly valves services may hinder the growth of the market during the analysis period.
Segments of the Market
The report has divided the butterfly valves market into various segments based on type, application type, function type, end-user type, and region.
Type: High-Performance Butterfly Valves Sub-Segment to be Most Productive
The high-performance butterfly valves sub-segment is expected to garner a revenue of $9,116.8 million during the estimated timeframe. The high-performance butterfly valves have many beneficial characteristics such as high capacity, flow path, and ability to pass solid and viscous media which are the factors expected to bolster the growth of the market sub-segment over the analysis period.
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Application Type: Eccentric Sub-Segment to be Most Profitable
The eccentric sub-segment is predicted to generate a revenue of $9,105.5 million throughout the forecast period. The increasing use of eccentric plug valves for erosive applications such as the maintenance of seat rings and retainers is predicted to augment the growth of the market sub-segment during the analysis timeframe.
Function Type: On/Off Valves Sub-Segment to be Most Lucrative
The on/off valves sub-segment is projected to garner a revenue of $11,138.0 million over the forecast timeframe. The on/off valves offer long-term tight shut-off, lower fugitive emissions, and quick and safe operation which is expected to propel the growth of the butterfly valves market sub-segment during the analysis period.
End-User Type: Oil & Gas System Sub-Segment to be Most Beneficial
The oil & gas system sub-segment is predicted to garner a revenue of $5,638.1 million over the forecast period. This is mainly because global economies and infrastructures significantly rely on petroleum-based products. Moreover, the increasing usage of shale gas as an energy source is expected to fuel the growth of the market sub-segment throughout the analysis timeframe.
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Asia-Pacific Region to Have Expansive Growth Opportunities
The Asia-Pacific region of the butterfly valves market is projected to generate a revenue of $5,316.2 million throughout the forecast period. Increasing pipeline transportation usage, increasing oil and gas reserves, expanding energy sources due to the rapid urbanization and industrialization in this region are expected to drive the regional growth of the market during the analysis period.
Covid-19 Impact on the Butterfly Valves Market
The outbreak of the Covid-19 pandemic has had a negative impact on the butterfly valves market. This is mainly due to the strict travel restrictions and disruptions in financial markets during the pandemic. In addition, the interruptions in the supply chain have halted the manufacturing process of butterfly valves for the oil & gas industries. All these factors have declined the market growth during the pandemic period.
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Key Players of the Market
The major players of the butterfly valves market include
- Alfa-Laval Corporate AB
- Crane Co.
- Cameron International
- AVK Group
- Weir Group
- Curtiss-Wright Corporation
- KSB Group
- Flowserve Corporation
- KSB Group
- Emerson Electric Co.
- Velan Inc.
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in November 2022, Flowserve Corporation, a leading American multinational company that supplies industrial and environmental machinery launched its new product named “Valtek® TX3 Molten Salt triple-offset butterfly valve”. This particular product is designed to provide concentrated solar power plant operators with reliable performance, tight shut-off, and minimized maintenance in molten salt applications.
Further, the report also summarizes other crucial aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Butterfly Valves Market:
- A Glimpse into Butterfly Valves and Their Multiple Applications
- Global Butterfly Valves Market: Applications, Recent Trends, & COVID-19 Impact
