Although the instrumentation fittings market has been around for quite some time, feeding its stockholders profitably, those players who are catering to the automation demands of the manufacturing and oil and gas industries are gaining an edge over the competition, according to the lead analyst of a recent business intelligence study by Transparency Market Research (TMR). The TMR report has detected that the vendors landscape of the global instrumentation fittings market is largely consolidated within a small pool of players, such as PARKER HANNIFIN CORP, Circor International, Swagelok Company, AS-Schneider, HAM-LET GROUP, HOKE, ASTEC VALVES & FITTINGS, Bray International, Fujikin of America, Inc., Hy-Lok USA, Inc., World Wide Fittings, Inc., Vesbo Asia Pte Ltd., Allied International S.R.L, and BMT Superlok Asia Pte Ltd.
Global Instrumentation Fittings Market to be worth
US$2,417.2 mn by 2025
If the projections of the TMR report are to be believed, the
demand in the global instrumentation fittings market will expand at the CAGR of
4.9% during the forecast period of 2017 to 2025. The analysts have evaluated
that the global instrumentation fittings market produced opportunities worth
US$1,652.2 mn in 2017 and have estimated the valuation of the market to go up
to US$2,417.2 mn by the end of 2025. In terms of volume, there was a demand for
123.1 mn units of instrumentation fittings in 2017 and increasing at a CAGR of
3.6% during the said forecast period, the demand volume is anticipated to reach
163.4 mn units.
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Vendors Improving Product Portfolio as per Evolving Requirements
As for the market leaders to maintain their stronghold over
the instrumentation fittings market, enhancement of their portfolio with
quality products that are cost effective at the same time is expected to be the
primary strategy. For instance, HAM-LET Group offers a wide range of let-lock
tube fittings with double ferrule, one-lock tube fittings with single ferrule,
dielectric fitting, pipe fittings, and flare fittings. On the other hand,
PARKER HANNIFIN boasts of its strong and diverse product portfolio including
A-lock fittings, CPI fittings, instrument pipe and ISO conversion fittings,
phastite, welded fittings, ultraseal fittings, and tube fabricating equipment.
All these newly designed products are in accordance to the changing demands of
manufacturing industries.
Based on fitting type, the report segments the
instrumentation fittings market into tube and pipe. While the tube segment has
been further sub-segmented into compression, butt weld, cone and thread,
swivel, and push-to-connect, the pipe segment has been further bifurcated into
elbow, straight, and tee and cross. The report gauges the demand for
instrumentation fittings that can be expected from the end-use industries of
oil and gas, manufacturing, food and beverage, power, and chemicals.
Geographically, the analysts highlight North America and Asia Pacific as the
two regions that are providing for the maximum demand in the global
instrumentation fittings market, and will continue to do so until 2025.
However, the demand from Asia Pacific is primed for a stronger CAGR than that
of North America.
Government Regulations to Ensure Safety at Production
Units Driving Demand
Rapid infrastructural development in several emerging
economies, stringent government regulations for the manufacturing companies to
ensure safety at production facilities, prosperity of the electronics and
construction industries, and increased oil and gas exploration activities in
quite a few countries are some of the key factors driving the demand in the
global instrumentation fittings market. The analysts of the report also expects
growing adoption of automation methods for improved efficiency across various
consumer product manufacturers to open new opportunities in this market during
the forecast period.
Key Takeaways:
- A
small pool of players lead at the International level, although domestic
players are eating considerable chunk of shares too in the global
instrumentation fittings market.
- In
terms of volume, the demand for instrumentation fittings to increase at a
CAGR of 3.9% during the forecast period of 2017 to 2025.
- North
America and Asia Pacific constitute for the maximum portion of the total
demand.
Key Segments of the Global Instrumentation Fittings
Market
Global Instrumentation Fitting Market, By Fitting Type
- Tube
- Compression
- Cone
and Thread
- Butt
Weld
- Push-To-Connect
- Swivel
- Others
- Pipe
- Straight
- Elbow
- Tee
- Cross
Global Instrumentation Fitting Market, By End Use
Industry
- Manufacturing
- Oil
& Gas
- Food
& Beverage
- Chemical
- Others
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