Global Hybrid Valve Market to expand at a CAGR of 6.29% during 2020-2026 and segmented into By Size, By Material, By Industry and By Region
Growing need for controlling excessive noise, vibration, pressure, and to reduce cavitations in major processes and corrosion issues across the oil & gas facilities boost the hybrid valve market growth opportunities.
Rising penetration of innovative products, adoption of the latest technology, and strategic M&A thrust global revenues by key participants and manufacturers of hybrid market valve.
Moreover, emergence of 3D technology in manufacturing lines along with surge in the number of refineries, petrochemicals, and chemical plants worldwide entices the market value and size in the coming years.
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Steel hybrid valve segment to witness significant growth driven by the potential to withstand high steam and pressure for greater flow control, corrosive media and harsh chemicals.
Among the key size types, 1-6 size hybrid valves are largely consumed with wide applications to control the pressure and flow in oil and water pipelines, channel of slurries and chemicals which drive the hybrid valve market growth, by size type.
Although there are many prospects in this market, challenges of high fabrication cost and not have awareness of hybrid valve advantage hindrances the hybrid valve market growth during the forecast period.
Strong emergence of key end-users to exploit hybrid valve market growth opportunities during the forecast period
The noise associated, mixers, high-pressure pumps which is potentially disrupting the employees’ health and local community drives the consumption of hybrid valves across key end-users.
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In addition to Oil and Gas Industry, hybrid valve market for the chemicals industry to observe significant growth during the forecast period. The large consumption of hybrid valves is driven by increasing usage to tackle acoustical challenges generated in chemical plants and to streamline widespread oil and gas distribution pipelines.
Furthermore, the rising concerns and regulations over pollution of natural resources encourage refineries and factories to consume hybrid valves during the forecast period.
Asia Pacific to emerge with major hybrid valve market share through 2026
From regional perspective, Asia Pacific set to precede hybrid valve market growth driven by high demand for modified infrastructure, expansion of the consumer base and heavy use of transportation as key emerging market trends during the forecast period.
Further, recent uptrend in the oil & gas industry, demand for energy, and increase in the pipeline production of oil & gas in emerging economies augment the Asian hybrid valve market growth. Accordingly, up to 70 percent of global LNG trade is observed across Asia Pacific, in 2018 with China and South Korea accounting for a major percentage of net global LNG trade in 2018.
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In addition, the mounting need for water treatment solutions in countries such as China, India, and Japan set to drive hybrid valve market growth.
Population growth and rapid urbanization in developing economies is the other factor to prompt the speedy development of hybrid valve market from key end-user industries.
Furthermore, high oil production and the activation of oil rigs across Middle East countries thrust the demand for hybrid valves over the forecast period 2020-2026.
Hybrid valve market players are engaging in patents, innovative products to capitalize on market growth opportunities
Key players explore the hybrid valve market growth opportunities by developing new products and investing in patents of manufacturing hybrid valves. The 2018 patented Hybrid Valve™ from Blacoh Fluid Controls, Inc. that combines the steady flow control of a pulsation dampener and the regulation of a back-pressure valve is an example of latest and innovative hybrid valve trending the market growth.
Further, SunHydraulics introduced a new family of combination valve cartridges with fewer mechanical connections to maintain and incorporates relief and check function into a single cartridge.
Furthermore, key participants are investing in developments of novel hybrid valves to meet the requirements across the medical sector. For instance, in 2019, Ortho Active introduced Cypress AdaptiveARIA HYBRID VALVE for prosthetic applications.
Auto-Control Engineering Co. LTD., Circor International Inc, ChemtrolsEmetPvt. Ltd., Carter Process Control GmbH, Dymet Alloys, Emerson Electric Co., IMI Plc., Koso Kent IntrolPvt. Ltd., Parcol S.P.A., and Trillium Flow Technologies contribute to the hybrid valve market share.
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Source: EIN Presswire