The global instrumentation valves and fittings market size is anticipated to reach USD 3.7 billion by 2025, growing at a CAGR of 9.4 percent during the forecast period. Major factors fueling the growth of this sector include the increase in demand for valves from healthcare and pharmaceutical industries owing to the COVID-19 pandemic outbreak, rapid industrialization and urbanization, and the burgeoning requirement for reducing excessive noise in the industrial processes. Other factors driving the growth of this market include the rapid increase in the number of smart city initiatives, rising need for connected networks to maintain and monitor various types of equipment in industries and factories.
One of the applications of the major use of the instrument valve is in the manufacturing of various types of medical devices. With the wide and rapid spread of the coronavirus, there is a surge in demand for the production of critical medical devices that are used in treating COVID patients. Since instrument valves play a critical
role in the production of different types of medical devices, companies manufacturing this equipment are seeing huge growth in this sector.
Also, enterprises are investing largely in the Research & Development activities related to automatic components like solenoid valves, which are mainly supplied to the pharmaceutical industry. Similarly, pharma companies are looking to develop sophisticated fluid handling systems like automatic sanitizer dispensers and liquid soap dispensers, which in turn is creating a huge demand for the valves.
Therefore, there is a huge proliferation in the manufacturing of healthcare devices and an increase in investments in Research & Development in the pharmaceutical sector. This is expected to drive the market growth of the instrumentation valves and fittings.
Lead time – the major challenge faced by valve manufacturers
One of the factors controlling the valve industry is the lead time, which is nothing but the time between the request generation of valves by the end-user industries and manufacturing and installation and documentation of valves. A significant number of weeks are required for delivery of valves and on average, the lead time for a valve is somewhere around 18 weeks. However, this may vary based on the type, material, and application of the valves. Also, the lead time may be longer for customized valves, therefore this is one of the major challenges faced by valve manufacturing companies. In order to overcome the aforementioned challenge, valve manufacturers and industry players have to either develop innovative technologies or establish strong business relations with value chain entities.
The oil & gas industry which was accounted for the largest share of the instrumentation valves and fittings market in 2019. This was due to the growth in the transportation sector, growing energy demand, and increasing drilling activities in the Gulf Cooperation Council countries.
