Instrumentation valves and fittings market to reach $5.6m billion by 2022 at CAGR 5.5%
The global instrumentation valves and fittings market is expected to grow from $3.86 billion (€3.47bn) in 2015 to reach $5.63 billion by 2022 with a compound annual growth rate of 5.5%.
Huge requirement for valves and fittings in industrial automation in fumes, fluid, and gas control applications is the major factor driving the market growth, according to recent study by Wise Guy Reports.
In addition, growth in usage of instrumentation valves on account of increasing growth rate of hyperbaric oxygen therapy devices is also favouring the market growth.
Ultraclean valves market is anticipated to grow at a higher CAGR during the forecast period, attributed to extensive usage in pharmaceutical sector for ultra-hygienic applications.
The oil and gas industry is spearheading the global market, led by increasing market demand for valves in the instrumentation valves and fittings sector.
North America and Europe are projected to be the leading markets in terms of market size, while Asia-Pacific and Latin America are expected to witness high growth rates during the forecast period.
Some of the key players in global instrumentation valves and fittings market include Fujikin. Dwyer Instruments, Fitok, Bray International, Braeco, Hoke, Hex Valve, Ham-Let, Astectubelok, As-Schneider, Hy-Lok, Ssp Fitting, Oliver Valves, Safelok, Swagelok, and Parker Hannifin.