Butterfly Valve Market Trends
Growth Drivers
- Increasing Urbanization And Industrialization – Approximately 4.5 million people are considered urban in the World Bank's statistics, which is 57% of the total population. The number of people living in urban areas is projected to double over the next two decades with 7 out of 10 people in urban areas. The rapid urbanization and industrialization of the world have fueled high demand for butterfly valves in a variety of end use industries, such as oil and gas, chemicals, and automotive. During oil extraction, butterfly valves isolate or regulate the flow of oil. This increased demand is anticipated to speed up the growth rate of the global butterfly valve market.
- Growing Energy Consumption Worldwide- For instance, in 2018, the global energy demand grew by 2.8%, and by 2040, global energy consumption is expected to reach 730 million terajoules, an increase of 29%.
- Rising Investments In Power Sector- According to estimates, it is predicted that the Indian power sector is set to receive investments worth USD 120 to 130 billion between FY19 and FY23.
- Expansion of the Automotive Sector- For instance, the Indian automotive industry is expected to generate 200 billion dollars by 2031, making it the world's third largest industry.
- Increasing Research and Development Spending- As of 2020, the World Bank estimates global research and development expenditures were 2.63% of GDP. A significant increase from the 2.2% reported in 2018.
Challenges
- Increasing Price Of Butterfly Valve
- High Manufacturing Cost
- Presence Of Low-Cost Product in The Market
Butterfly Valve Market: Key Insights
The global butterfly valve market is estimated to garner a revenue of USD 14,102 Million by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 7,100 Million in the year 2022. The growth of the market can be attributed primarily to the increasing crude oil and gas extraction worldwide. For instance, crude oil extraction accounted for 34 million metric tonnes (MMT) in the financial year 2018-19 in India.
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Get more information on this report: Butterfly valves are three-way, rotary valves that are used for starting, regulating, and stopping gas or liquid flow through pipes. The actuator is made up of two semi-circular plates hinged at the center, a seal, stem, disc, handles and gears, and an actuator. This device is extremely reliable, economical, and requires little maintenance, and has a wide range of applications in the power generation industry, the oil and gas industry, and others. Moreover, a rise in butterfly valve production using 3D printing, combined with industrial Internet of Things (IIoT) for improved performance is further expected to drive market growth during the forecast period.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
7.3% |
|
Base Year Market Size (2024) |
USD 8.22 billion |
|
Forecast Year Market Size (2037) |
USD 20.7 billion |
|
Regional Scope |
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