January 30, 2024 05:00 ET | Source: Research Nester Research Nester
New York, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The global butterfly valve market size is expected to expand at ~7% CAGR from 2023 to 2033. The market is anticipated to garner a revenue of USD 14.10 billion by the end of 2033, up from a revenue of ~USD 7.1 billion in the year 2022.The major factor to dominate the market revenue is the growing demand for automobiles. Car sales ascended from over 65 million in 2021 to more than 66 million in 2022 on a global scale.[R1] In automotive systems, butterfly valves are often utilized. Consequently, the valve's purpose is essentially to control the airflow sent towards the vehicle's engine. This may result in the engine running too rich (too much gasoline) or too lean (too little fuel). Wafer Butterfly Valve
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Furthermore, there has been a surge in emissions from fuel causing huge degradation in the quality of air which is also increasing demand for the market. An average passenger automobile produces 4.6 metric tons of carbon dioxide annually. [R2] It can be partially opened and closed to regulate how much air passes through. Moreover, comparing butterfly valves to other valve types, they are lighter, simpler to assemble, as well as more compact. They so usually require less material and space.
Rising Urban Population to Boost the Growth of Global Butterfly Valve Market
By 2021, there will be more than four billion people living in rural regions and five billion living in cities worldwide. In 1950, almost 750 million people considered cities to be their permanent home. The global population is expected to almost double to over 7 billion by 2050, with an additional 3 billion people expected to live in metropolitan areas. By 2021, it had nearly doubled to over 5 billion.[R3] Urban homes possess more energy-consuming appliances, including air conditioners and heating equipment, than rural ones. Cities and towns also have a wider range and quantity of energy sources than rural locations. Therefore, the market revenue for butterfly valve is also projected to grow.
Butterfly Valve Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Population to Influence the Market Expansion in Asia Pacific
The Asia Pacific butterfly valve market is projected to capture the highest market revenue by the end of 2033. This growth is set to be influenced by the rising population. With 4.3 billion people residing there, or 60% of the world's population, the Asia-Pacific area is dwelling to China and India, the two most populous nations on earth.[R4]
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Surge in Consumption of Energy to Influence the Market Growth in North America
The North America market for butterfly valve is set to have significant growth in the market over the forecast period. The main element to drive the market growth in this region is the rising consumption of energy. North America's primary energy consumption expanded to around 117 exajoules in 2022 from approximately 114 exajoules the year before.[R5]
Butterfly Valve, Segmentation by End-User
The oil & gas segment is predicted to generate the largest revenue by the end of 2033. The main element to influence the segment growth is rising consumption of oil & gas. In 2022, the worldwide oil consumption was projected to reach over 96 million barrels per day. In contrast to the prior year, this represented a rise of about 2%.[R6]
Butterfly Valve, Segmentation by Type
The lined butterfly valves segment is poised to have noteworthy growth in the market over the forecast period. This growth of the segment is predicted to be dominated by raising production of chemical. Every year, in excess of over 249 billion tons of chemicals are manufactured.[R7]
Butterfly Valve, Segmentation by Application
Butterfly Valve, Segmentation by Function Type
A few of the well-known indsutry leaders in butterfly valve market that are profiled by Research Nester are Valmet Oyj, Pentair, Emerson Electric Co., Schlumberger Limited., The Weir Group PLC, Bray International, Velan, Inc., L&T Valves Limited, Flowserve Corporation, Adams Armaturen GmbH, and others.
Recent Development in the Market
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