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The global hybrid valve market size is expected to reach USD 1,740.0 Million in 2028 and register a revenue CAGR of 5.8% over the forecast period
NEW YORK CITY, NY, UNITED STATES, June 22, 2022 /EINPresswire.com/ -- The global hybrid valve market size is expected to reach USD 1,740.0 Million in 2028 and register a revenue CAGR of 5.8% over the forecast period, according to the latest report by Reports and Data. Rising demand for improved flow control and corrosive media handling applications in chemical and water & wastewater treatment industries are key factors driving market revenue growth. Hybrid valve is a smooth-flowing valve that can be mechanically and electrically operated, and is used to improve the metering pump's efficiency. These valves can be controlled manually or electronically, and these provide added reliability and convenience. It is simple to set up and can be found in a variety of industries including metal and mining, oil & gas, food & beverage, water & wastewater treatment, and others.
Increasing requirement to reduce excessive noise, pressure, vibration, and cavitation in important operations, and corrosion issues in the oil & gas industry is a key factor expected to drive market revenue growth to a significant extent during the forecast period. Usage of 3D printers in manufacturing lines, and increasing number of refineries, petrochemicals, and chemical plants globally are also fueling market revenue growth.
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Some Key Highlights from the Report
Steel segment accounted for largest revenue share in 2020, owing to rising demand for materials from high temperature and steam-added applications, which are essential in the water & wastewater treatment industry. >1'' to 6'' segment is expected to account for a large revenue share in the global hybrid valve market over the forecast period. Increasing adoption of 1"-6" hybrid valves across a various industries including energy & power, oil & gas, pharmaceuticals, and food & beverages is expected to boost revenue growth. These valves control the flow and pressure of water, oil, and chemicals in pipelines. Chemicals segment is expected to register highest revenue CAGR during the forecast period. Hybrid valves are increasingly being used to handle a variety of noises generated at chemical plants due to large number of possible in-situ noise sources. Valves, mixers, high-pressure pumps, centrifuge machines, and accompanying pipelines all generate noise that is potentially damaging to employees' health and disturbs the surrounding community. Market in North America accounted for significantly large revenue share in the global hybrid valve market in 2020. The expansion of the hybrid valve market is projected to be aided by growing number of private-label store brands in countries in this region. In addition, rising chemical adoption is predicted to boost demand for hybrid valve production and consumption, as well as increase revenue from sale of hybrid valve in this region, driving revenue growth of the market in this region. Competitive Landscape:
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, product & service portfolio. The Hybrid Valve market is extremely competitive and consists of several key players at regional and global level. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures and collaborations to strengthen their market position and enhance product portfolio.
Leading companies operating in the market are:
Emerson Electric Co., IMI Plc., CIRCOR International, Inc., Wuxi SMART Auto-control Enginerng Co. Ltd., Dymet Alloys, Carter Process Control GmbH, Trillium Flow Technologies, Flowserve Corporation, L&T Valves Limited, and Koso Parcol.
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The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Material Outlook (Revenue, USD Million; 2018-2028)
Steel Tungsten Carbide Duplex Nickel Titanium Alloy Others
Valve Size Outlook (Revenue, USD Million; 2018-2028)
Up to 1'' >1'' to 6'' >6'' to 25” >25'' to 50'' 50'' & Larger
North America U.S. Canada Mexico Europe Germany U.K. Italy France BENELUX Rest of Europe Asia Pacific China India Japan South Korea Rest of APAC Latin America Brazil Rest of LATAM Middle East & Africa Saudi Arabia A.E. South Africa Rest of MEA
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, TouchPoints, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provide our clients with the ability to secure an edge over their respective competitors.
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