Hybrid Valve Market worth $1.4 billion by 2024
According to the new market research report “Hybrid Valve Market by Material (Steel, Tungsten Carbide, Alloy, Titanium, Duplex Nickel), Valve Size, End-Use Industry (Oil & Gas, Water & Wastewater, Energy & Power, Chemicals, and others), and Region – Global Forecast to 2024″, the global hybrid valves market size is expected to be worth USD 1.0 billion in 2019 and reach USD 1.4 billion by 2024, at a CAGR of 6.4% from 2019 to 2024. The growth of this market can be attributed to the high demand for hybrid valves from various industries such as oil & gas, energy & power, and water & wastewater, mainly from APAC and North America.
Oil & gas industry to hold the largest share of the hybrid valves industry in 2019
The oil & gas industry is likely to account for the largest hybrid valves market share in 2019. The recent uptrend in the oil & gas industry, the enormous demand for energy from the ever-growing population & expansion of the consumer base in developing economies of Asia Pacific, increase in the pipeline production of oil & gas are the major factors that are likely to drive the hybrid valves market growth in the next few years. In addition, the increasing production of crude oil in the Middle East due to the increase in the oil production in the coming years and the activation of oil rigs in the region will result in the high demand for hybrid valves over the forecast period.
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The demand for steel hybrid valves to grow at the highest CAGR during the forecast period
The hybrid valves market for steel is expected to witness the highest growth during the forecast period. The rising demand from industrial production plants for high temperature/pressure applications of valves is expected to drive the market for steel hybrid valve during the forecast period.
APAC expected to hold the largest share of hybrid valves market in 2019
APAC is expected to hold the largest share of the hybrid valves industry in 2019. The growth is attributed mainly to the numerous initiatives taken by the government to encourage the implementation of IoT in the companies in APAC. Increasing oil & gas activities and the growing need for water treatment solutions in countries, such as China, India, and Japan. Due to these factors, the usage of hybrid valves is projected to increase in this region.
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A few key players operating in the hybrid valves industry are Emerson (US), IMI PLC (UK), Trillium Flow Technologies (US), and Dymet alloys (UK).