Market Size of Hybrid Valve Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.80 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hybrid Valve Market Analysis
The hybrid valve market is expected to register a CAGR of 4.8% during the forecast period. The growing number of petrochemical, refineries, and chemical plants, along with the need for controlling excessive noise, pressure, vibration, and cavitation in critical processes, are expected to drive market growth over the studied period.
- The growth of hybrid valves is expected to be further driven by the increasing need for wireless/remote infrastructure to monitor equipment in various plants, along with an augmented focus on technology advancements. Such factors are propelling the application of smart valves and actuators, especially in the industrial sector.
- Major industries, such as oil and gas, water and wastewater, and mining, are moving toward valve technology with embedded processors and networking capability to work alongside sophisticated monitoring technology coordinated through a central control station.
- Another significant development in the market is the rising usage of hybrid valves in the oil and gas industry. These valves are progressively being employed to address the industry's reoccurring corrosion issues. Furthermore, the oil and gas business has seen tremendous growth in recent years. This has particularly benefited the worldwide hybrid valve industry since advancements in the end-use industry sector have increased their market.
- A breakdown in critical equipment is costly to manufacturers in terms of repairs and the loss of productivity and downtime. Approximately 98% of organizations stated that a single hour of downtime costs over USD 100,000. Ensuring the optimal functioning of all equipment remains an essential priority for manufacturers, many of whom are turning to predictive maintenance-enabling technology and solutions on their production floor.
- The COVID-19 pandemic impacted market growth negatively. The primary end-user segments, such as oil & gas, suffered heavily, with crude oil prices hitting USD zero per barrel. This affected the automation activities of the sector across the globe.
