Hybrid Valve Market Projected to reach $1.4 billion by 2024

Posted March 10, 2023 by asmitapatil77

Hybrid Valve Market by Material (Steel, Tungsten Carbide, Alloy, Titanium, Duplex Nickel), Valve Size, End-Use Industry (Oil & Gas, Water & Wastewater, Energy & Power, Chemicals, and others), and Region

The global hybrid valves market size is expected to be worth USD 1.0 billion in 2019 and reach USD 1.4 billion by 2024, at a CAGR of 6.4% from 2019 to 2024. The growth of this market can be attributed to the high demand for hybrid valves from various industries such as oil & gas, energy & power, and water & wastewater, mainly from APAC and North America.

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Oil & gas industry to hold the largest share of the hybrid valves industry in 2019

The hybrid valves market is expected to grow significantly in the coming years, with the oil and gas industry accounting for the largest share in 2019. This growth is driven by several factors, including the recent upswing in the oil and gas industry, increasing demand for energy from a growing population, and the expansion of the consumer base in developing economies in Asia Pacific. Additionally, the increase in pipeline production of oil and gas is likely to contribute to market growth. The production of crude oil in the Middle East is also expected to increase, resulting in a high demand for hybrid valves in the region. Overall, these factors are likely to drive the growth of the hybrid valves market in the next few years.

The demand for steel hybrid valves to grow at the highest CAGR during the forecast period

The hybrid valves market for steel is expected to experience significant growth during the forecast period. This growth is mainly due to the increasing demand from industrial production plants for high-temperature and high-pressure applications of valves. Steel hybrid valves are well-suited for these applications, as they offer excellent durability and resistance to corrosion and wear. As a result, they are increasingly being used in various industrial sectors, such as oil and gas, chemical, and petrochemical industries. Overall, the rising demand for steel hybrid valves is likely to drive the market's growth during the forecast period.

APAC expected to hold the largest share of hybrid valves market in 2019

The Asia Pacific (APAC) region is expected to hold the largest share of the hybrid valves industry in 2019. This growth is mainly due to the initiatives taken by the government to encourage the implementation of the Internet of Things (IoT) in companies in the region. Additionally, the region is experiencing increasing oil and gas activities, and there is a growing need for water treatment solutions in countries such as China, India, and Japan. These factors are expected to drive the usage of hybrid valves in the region. Overall, the APAC region is projected to see significant growth in the hybrid valves industry, making it a crucial market for manufacturers and suppliers of hybrid valves.

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A few key players operating in the hybrid valves industry are Emerson (US), IMI PLC (UK), Trillium Flow Technologies (US), and Dymet alloys (UK).

News also Covered: https://www.prnewswire.com/news-releases/hybrid-valve-market-worth-1-4-billion-by-2024--exclusive-report-by-marketsandmarkets-300924011.html
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Last Updated March 10, 2023