Butterfly Valve Market to Expand at a CAGR of ~7% Assessment for the Driving Factors, Size, Revenue, Segments, Expansion, Demand, and Opportunities During 2023-2033 - Digital Journal

2022-11-11 01:57:10 By : Mr. Murphy Gao

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Butterfly Valve Market to Expand at a CAGR of ~7% Assessment for the Driving Factors, Size, Revenue, Segments, Expansion, Demand, and Opportunities During 2023-2033 - Digital Journal

During the forecast period of 2023-2033, the global butterfly valve market is expected to reach an estimated value of ~USD 14,102 million by 2033, by expanding at a CAGR of ~7%. The market further generated a revenue of ~USD 7,100 million in the year 2022. Major key factors propelling the growth of butterfly valve market worldwide are the increasing urbanization and industrialization and increasing crude oil and gas extraction globally.

Market Definition of Butterfly Valve

Butterfly valves are three-way, rotary valves that are used for starting, regulating, and stopping gas or liquid flow through pipes. The actuator is made up of two semi-circular plates hinged at the center, a seal, stem, disc, handles and gears, and an actuator. This device is extremely reliable, economical, and requires little maintenance, and has a wide range of applications in the power generation industry, the oil and gas industry, and others. Moreover, a rise in butterfly valve production using 3D printing, combined with industrial Internet of Things (IoT) for improved performance is further expected to drive market growth during the forecast period.

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Global Butterfly Valve Market: Growth Drivers

The growth of the global butterfly valve market can majorly be attributed to the launch of several advanced products by the key players operating in the market. For instance, A new TESCOM Anderson Greenwood Instrumentation H2 Valve Series has been launched by Emerson Electric Co to meet the needs of hydrogen applications up to 15,000 pounds per square inch (psi) (103.4 megapascals (MPa). On the other hand, the market growth can also be attributed to the effective development of existing products in the field of butterfly valve. For instance, Neles Corporation (Valmet Oyj) has launched a range of versatile butterfly valves for superior process performance and minimal environmental impact.

The global butterfly valve market is also estimated to grow majorly on account of the following:

Global Butterfly Valve Market: Restraining Factor

Prices are increasing of butterfly valve, and there is high manufacturing cost in the market. Hence, these factors are expected to be the major hindrance for the growth of the global butterfly valve market during the forecast period.

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Global Butterfly Valve Market Segmentation 

The oil and gas segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the rising demand for stainless steel butterfly valves in the extraction of oil. Oil and gas facilities require deeper pipelines and bigger wells to reduce production costs, which require highly specialized equipment. Moreover, the increase demand for butterfly valves in shale gas as an energy source is expected to augment segment growth over the forecast period.

The Asia Pacific butterfly valve market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. Expansion of the oil and gas industry in the region, and the usage of butterfly valves in various end use industries, along with the rising need for wastewater management in the region particularly in China, Japan, and India, and the growing exploration & manufacturing activities are some of the major factors anticipated to drive the growth of the market in the Asia Pacific during the forecast period. For instance, the government of India plans to commercialize 48 percent of its SPRs (strategic petroleum reserves) in order to raise funds and build additional storage tanks in order to cope with high oil prices.

The market research report on global butterfly valve also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

Key Market Players Featured in the Global Butterfly Valve Market

Some of the key players of the global butterfly valve market are Valmet Oyj, Pentair, Emerson Electric Co., Schlumberger Limited., The Weir Group PLC, Bray International, Velan, Inc., L&T Valves Limited, Flowserve Corporation, Adams Armaturen GmbH, and others.

Research Nester, which is a leading service provider for strategic market research and consulting services, aims to provide unbiased, unparalleled market insights and industry analysis. These analyses help conglomerates, executives, and industries to take wise decisions for their businesses as well as for their future marketing strategy, expansion and investment among others. We believe that our expertise in the field of market research can help businesses to expand to its new horizon. Our team of research analysts can provide businesses a right guidance at the right time, while our out of box thinking helps our clients to take wise decision in order to avoid future uncertainties.

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Butterfly Valve Market to Expand at a CAGR of ~7% Assessment for the Driving Factors, Size, Revenue, Segments, Expansion, Demand, and Opportunities During 2023-2033 - Digital Journal

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