Ball Valves Market Growth Analysis

The global Ball Valves Market size is predicted to reach USD 17.27 billion with a CAGR of 4.1% by 2030.

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The rapid growth of the oil and gas industry accelerates the need for reliable, efficient and durable flow, thereby propelling the market growth. The report of the International Agency report in 2023 states that global oil demand is expected to reach 105.7 million barrels per day by 2028.

Additionally, the surge in pharmaceutical sector propels the need for equipment to maintain hygiene standard and prevent contamination on medical drugs production that in turn accelerates the market growth.

Asia Pacific dominates the ball valves market share and is projected to maintain its dominance throughout the forecast period due to the rise in oil and gas exploration in countries such as China, and India.

The ball valves industry comprises of various market players such as Alfa Laval AB, Swagelok Company, Emerson Electric Company, Valworx, Velan Inc., Weir Group PLC, Valmet Technology Company, Kitz Corporation, Schlumberger Limited, and Flowserve Corporation. These market players are adopting various strategies such as product launches to stay competitive and maintain their market positions.