The global instrumentation fittings market size is anticipated to expand at a robust CAGR during the forecast period, 2021-2028. The growth of the market is attributed to rising awareness about its benefits such as easy installation, reliability, and robustness.
Instrumentation fitting provides leak-proof and torque-free seal at all tubing connections. They are used to transfer, measure and control system flow, pressure, temperature, and provide system calibration. Fittings, valves, and tubing are the vital parts of the instrumentation system.
These fittings are easy to install and require no special tools in the process. Moreover, they are re-usable and can withstand heavy impulse and vibration both in vacuum and pressure systems. Instrumentation fittings are available in variety of designs and materials. They are used across various industries such as oil & gas, chemical, paper and pulp, food and beverages, pharmaceuticals, and semiconductor.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing focus on development of infrastructure is anticipated to propel the market growth during the forecast period.
- Rapid growth of the manufacturing and chemical industries is expected to influence the growth of the market.
- Higher cost in the manufacturing of precision components can restrain the market growth.
- Unavailability of raw material impede the growth of the market in the projected timeline
- Growing cost of high quality is products can hinder the growth of the market.
- The growing trend of utilizing confined chambers, which are used for remedying various disorders affecting the growth of its market in the future additionally designed fittings seamlessly integrate its function to gain higher number of customer in the market.
Instrumentation Fittings Market Segment Insights:
Pipes segment to account a considerable market share
Based on types, the global instrumentation fitting market is divided into tubes and pipes. Pipes play a crucial role in the growth of the market. They are used extensively owing to their durability and abrasion resistance. Pipes fittings are used in various industries such as transmission, irrigation, and gas processing. Growing use of pipes fittings in various end-user industries, including oil & gas, healthcare, and chemicals, is fueling the growth of the market
Oil & gas segment to grow at a rapid pace
Based on applications, the global instrumentation fitting market is divided into manufacturing, oil & gas, food & beverage, chemical, and others. The food & beverage segment accounted for a key share of the market. However, the oil & gas segment is anticipated to expand at a rapid pace during the forecast period. Rising number of wells in North America and the Middle East & Africa is driving the segment growth.
North America to account a large market share
On the basis of regions, the market is segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is a large consumer and a producer of natural gas, and the market in this region is dominated by the US. The country was the world’s largest producer and consumer of natural gas in 2019. Moreover, the shale gas industry boom in North America, contributed to the significant growth of the oil & gas industry in the region until 2019. However, the entire world was strongly hit by the COVID-19 pandemic in 2020, resulting in health and economic crisis.
Compititive Landscape
The major players of the market are Allied International S.R.L, As-Schneider, Astec Valves & Fittings, BMT Superlok Asia Pte Ltd, Fujikin of America, Inc, Ham-Let Group, Hoke, Hy-Lok Usa, Parker Hannifin, Swagelok Company, Vesbo Asia Pte Ltd, World Wide Fittings Inc
Companies are engaging in mergers, acquisitions, and partnerships to expand their market share.
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