A new market research report predicts that the North American instrumentation valves and fittings market will reach $1.4 billion by 2022, rising by a compound annual growth rate of 4.2% between 2016 and the end of the forecast period, Pune, India-based research firm MicroMarket Monitor announced Tuesday.
The researchers said the forecasted increase in demand for valves in North America will be driven by industrial automation in gas, fumes, and fluid control applications for the oil and gas industries. Adoption of ball valves in Mexico and the US have also boosted demand for valves and the need for “ultra-clean” valves is also anticipated to grow at high rates during the period.
Oil and gas applications will dominate the North American market for valves and fittings by 2022, the report’s authors posit. The market for pharmaceutical applications is thought to grow at the highest rate, as use of valves in air and gas systems and analytical instrumentation picks up.
Growth in the US will be the highest in North America as instrumentation automation in oil, gas, and semiconductor applications increase. Dwyer Instruments, Circor International Inc., Parker Hannifin, SSP Fitting Corporation, AS-Schneider, HexValve, Bray International Inc., and Fukikin Inc. were identified as some of the “key players” in the market until 2022.