The global instrumentation valves and fittings market size was valued at USD 2.4 billion in 2020 and is projected to reach USD 3.7 billion by 2025. It is expected to grow at a CAGR of 9.4% during the forecast period. Major factors driving the growth of the instrumentation valves and fittings industry are surging demand for valves from healthcare and pharmaceuticals industries due to outbreak of COVID-19 pandemic, growing requirement for reducing excessive noise, pressure, vibration, and cavitation in critical industrial processes, increasing industrialization and urbanization, along with growing number of smart city initiatives, and rising need for connected networks to maintain and monitor varieties of equipment in plants.
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Valves are expected to hold major share of the market during forecast period owing to increasing use of instrumentation vales in energy & power, chemicals, and oil & gas industries is the major factor that drives the growth of the market for instrumentation valves. Due to the high level of resistance to corrosion and sturdiness of instrumentation valves, these products account for a small share of the market for the retrofit application. However, for new installation the valves find significant opportunities during forecast period.
The oil & gas industry accounted for the largest share of the instrumentation valves and fittings market owing to the growing transportation sector, increasing energy demand, and rising drilling activities in the Gulf Cooperation Council (GCC) countries. However, at present, the world is facing an economic crisis due to the outbreak of the COVID-19 pandemic. The onset of this epidemic has affected the oil & gas industry badly, with oil prices slashing like never before. Similarly, on the one side, major oil-producing companies are running out of space to store extracted oil, while on the other side, the oil demand has declined drastically, which has created a huge demandâ€“supply gap. Oil & gas is one of the key industries for valves and fittings ,but the pandemic has adversely affected the market in 2020 to a greater extent.
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Increasing demand for instrumentation valves and fittings from several industries, such as energy & power and oil & gas, will boost the instrumentation valves and fittings market growth in North America. Before the outbreak of COVID-19, the trend of shale gas was a significant factor contributing to the growth of the instrumentation valves and fittings market in this region. However, the COVID-19 outbreak is expected to bring several long-lasting and short-term negative consequences to the overall instrumentation valves and fittings market. These may include disruptions in demand and supply chains or cancelled projects, as well as non-renewal of existing projects; potentially very less demand from non-essential industries such as oil & gas, energy & power, chemicals, metals & mining, and building & construction.