Market Size of Hybrid Valve Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 4.80 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Hybrid Valve Market Analysis
The hybrid valve market is expected to register a CAGR of 4.8% during the forecast period. The growing number of petrochemical, refineries, and chemical plants, along with the need for controlling excessive noise, pressure, vibration, and cavitation in critical processes, are expected to drive market growth over the studied period.
- The growth of hybrid valves is expected to be further driven by the increasing need for wireless/remote infrastructure to monitor equipment in various plants, along with an augmented focus on technology advancements. Such factors are propelling the application of smart valves and actuators, especially in the industrial sector.
- Major industries, such as oil and gas, water and wastewater, and mining, are moving toward valve technology with embedded processors and networking capability to work alongside sophisticated monitoring technology coordinated through a central control station.
- Another significant development in the market is the rising usage of hybrid valves in the oil and gas industry. These valves are progressively being employed to address the industry's reoccurring corrosion issues. Furthermore, the oil and gas business has seen tremendous growth in recent years. This has particularly benefited the worldwide hybrid valve industry since advancements in the end-use industry sector have increased their market.
- A breakdown in critical equipment is costly to manufacturers in terms of repairs and the loss of productivity and downtime. Approximately 98% of organizations stated that a single hour of downtime costs over USD 100,000. Ensuring the optimal functioning of all equipment remains an essential priority for manufacturers, many of whom are turning to predictive maintenance-enabling technology and solutions on their production floor.
- The COVID-19 pandemic impacted market growth negatively. The primary end-user segments, such as oil & gas, suffered heavily, with crude oil prices hitting USD zero per barrel. This affected the automation activities of the sector across the globe.
Hybrid Valve Industry Segmentation
The hybrid valves are mechanically and electrically operating valves that are deployed for the smooth flow of liquid to increase the efficiency of metering pumps.
The Hybrid Valve Market is Segmented by End-user Industry (Oil & Gas, Wastewater Management, Chemicals, Food & Beverage, and Other End-user Industries) and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The market sizes and forecasts are provided in terms of value in USD million for all the above segments.
By End-user Industry | |
Oil & Gas | |
Wastewater Management | |
Chemicals | |
Food & Beverage | |
Other End-user Industries |
By Geography | |
North America | |
Europe | |
Asia-Pacific | |
Rest of the World |
Hybrid Valve Market Size Summary
The hybrid valve market is poised for steady growth, driven by the increasing demand in sectors such as petrochemicals, refineries, and chemical plants. The need to manage noise, pressure, vibration, and cavitation in critical processes is a significant factor propelling market expansion. Additionally, the shift towards wireless and remote monitoring infrastructure, coupled with technological advancements, is enhancing the adoption of smart valves and actuators, particularly in industrial applications. Industries like oil and gas, water and wastewater, and mining are increasingly integrating valve technology with embedded processors and networking capabilities, aligning with sophisticated monitoring systems. The oil and gas sector, in particular, is witnessing a rise in hybrid valve usage to combat corrosion issues, benefiting from the sector's overall growth and the advancements in end-use industries.
The market's growth trajectory is further supported by the expansion of the oil and gas industry across various regions, with significant investments in exploration activities. The construction of new combined cycle gas turbine plants in the United States, driven by the availability of natural gas, is expected to contribute to market growth. The North American petrochemical sector's expansion and the advent of shale gas exploration activities also play a crucial role in the market's development. The hybrid valve market is characterized by fragmentation, with numerous players engaging in product launches, mergers, acquisitions, and partnerships to strengthen their market position. Notable developments include Emerson Electric Company's introduction of advanced valve data and diagnostic systems, enhancing digital transformation in process applications.
Hybrid Valve Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Need for Controlling Excessive Noise, Pressure, Vibration, and Cavitation in Critical Processes
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1.2.2 Growing Number of Petrochemical, Refineries and Chemical Plants Acts as a Market Driver in the Forecast Period
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1.3 Market Restraints
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1.3.1 High Cost of Installation
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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1.5 Industry Value Chain Analysis
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1.6 Assessment Of The Impact Of COVID-19 On The Industry
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2. MARKET SEGMENTATION
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2.1 By End-user Industry
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2.1.1 Oil & Gas
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2.1.2 Wastewater Management
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2.1.3 Chemicals
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2.1.4 Food & Beverage
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2.1.5 Other End-user Industries
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2.2 By Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 Rest of the World
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Hybrid Valve Market Size FAQs
What is the current Hybrid Valve Market size?
The Hybrid Valve Market is projected to register a CAGR of 4.80% during the forecast period (2024-2029)
Who are the key players in Hybrid Valve Market?
Emerson Electric Company, Flowserve Corporation, IMI plc, CIRCOR International, Inc. and Carter Process Control GmbH are the major companies operating in the Hybrid Valve Market.