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Sunday, 14 April 2024
Tuesday, 06 Jun 2023 12:00 am

Ball Valve Market is expected to reach US$ 22.09 billion by 2028

The Global Ball Valve Market size is projected to grow from US$ 16.66 billion in 2023 to US$ 22.09 billion by 2028.

By The Insight Partners

Rising Investments in Drinking Water Infrastructure to Provide Opportunities for Ball Valve Market During 2023–2028

According to our latest market study on "Ball Valve Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Material, and End-Use Industry," the market is expected to grow from from US$ 16.66 billion in 2023 to US$ 22.09 billion by 2028 and is expected to record a CAGR of 5.8% during 2023–2028

Access to clean and safe drinking water is critical for public health and economic prosperity. Due to the rising demand for clean drinking water, governments of various countries are investing in enhancing drinking water infrastructure. In November 2021, the US government allotted more than US$ 50 billion to the U.S. EPA to enhance drinking water infrastructure after the Bipartisan Infrastructure Law (BIL) was passed. This investment includes the replacement of lead service lines and emerging contaminants. Out of the total investments, US$ 15 billion was allotted to Lead Service Line Replacement (LSLR). Furthermore, a majority of the water infrastructure funding is dedicated to improvements in municipal systems. In March 2023, the European Investment Bank (EIB) and the European Union (EU) announced an investment of around US$ 14.91 million (EUR 14 million) in water network improvement in and around the island of São Tomé. The project will help to improve services for the existing users of water distribution network and is also aiming to connect 25,000 more people who don’t have direct access to clean water. Thus, through this project, three out of four people on the island will have improved access to drinking water. In June 2022, the European Commission announced an investment of more than US$ 134.04 million (EUR 127 million) from the Cohesion Fund to solve water supply problems in Buz?u, Romania. The investment would help to create 57 water source extraction points, upgrade 13 water supply systems, lay 16 kilometers of sewage collectors, and construct 430 kilometers of sewerage network pipelines. The project will benefit around 170,392 people from the water and wastewater network upgradation. Thus, the increasing investment in the drinking water infrastructure by the government of various countries will propel the demand for ball valves as they assist in regulating pressure and flow of water with the needed precision. Hence, the growing investments in the drinking water infrastructure will create an opportunity for the ball valve market in the coming years.

Ball Valve Market — by Geography, 2023

To get free sample copy of the report, along with the TOC, Statistics, and Tables please visit @ https://www.theinsightpartners.com/brochure/TIPTE100000555

Source: The Insight Partners Analysis

According to International Trade Administration in August 2022, Germany plans to shift its energy generation source from coal, oil, and nuclear to nuclear-free renewable sources and increase the share of power generation by renewables by 60% by 2050. This will contribute to the building of renewable plants. In addition, the country is investing in expanding power generation from renewable and nonrenewable sources to meet the electricity demand.  According to Germany’s Economy Minister Robert Habeck in March 2023, the country will use tender to build new gas power plants with 25 gigawatts capacity by 2030 when renewable sources are not providing enough power. Thus, the growing energy sector will demand ball valves as they can shut off and control the flow of liquid and gas in the complex piping system of power generation plants, fueling the growth of ball valve market. To cater the demand from this industry, ball valves market players are engaged in developing new, upgraded, and innovative ball valves products. In November 2021, Hartmann Valves GmbH won the Primus Award DIAM 2021 in Bochum for its new pigging ball valves. These are designed with multiple safety barriers and can be used in the power industry. Thus, developments of new innovative products are fueling the ball valve market in Germany. A few major players operating in the ball valves market in Germany are HEROSE GMBH, Festo Inc., and GEMÜ Group.

The ball valve market size is segmented on the basis of type, material, and end-use industry. Based on type, the ball valve market size is segmented into rising stem, floating, and trunnion mounted. Based on material, the ball valve market is segmented into stainless steel, cast iron, cryogenic, alloy, and others. Based on end-use industry, the ball valve market is segmented into water management, oil & gas, chemicals, pharmaceuticals, energy & power, and others. 

Schlumberger Limited, Emerson, Curtiss Wright, KITZ Corporation, and IMI Critical Engineering are a few key players profiled during the study on the ball valve market. Several other major ball valve market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The ball valve market report provides detailed market insights, which helps the key players strategize their growth.

Germany, Italy, the UK, Russia, France, and Spain were the most-affected countries due to the COVID-19 pandemic. Governments of the above European countries imposed various regulations to curb the virus spread. Several countries in the region witnessed an economic hit and a decline in industrial activities in Q2 of 2020. Many European countries particularly closed their borders and implemented drastic measures on the transport of goods. All the above restrictions by the European government drastically affected the ball valve market growth in the region. However, since the government restrictions were lifted in Q1 of 2021, the market players were able to start the manufacturing activities of their solutions. In October 2021, Valtorc International announced the launch of stainless steel and carbon steel fabricated ball valve and butterfly valve fusible link assemblies. In addition, the demand for water treatment increased in the region for which the government of different European countries started the construction of water treatment plants. In Q4 of 2021, the construction of Husebyskogen water treatment plant started in Oslo, Norway, for which an investment of US$ 1,293 million was made. Thus, the increasing development and innovation of ball valves and the government support for water treatment activities will further fuel the ball valve market growth during the forecast period.

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