The new industrial thermostatic control valves market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Industrial Thermostatic Control Valves Market 2021-2025 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the increased implementation of automation in industrial facilities," says a senior analyst for Industrials at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the industrial thermostatic control valves market size to grow by USD 242.27 million during the period 2021-2025.
Industrial Thermostatic Control Valves Market Segment Highlights for 2020
The industrial thermostatic control valves market is expected to post a year-over-year growth rate of 2.12%.
Based on the end-user, the oil and gas industry saw maximum growth in 2020. Several European and American governments have started imposing regulations on the oil and gas industry to safeguard the interests of both environment and human life. These norms and directives are driving the demand for thermostatic control valves from the oil and gas industry during the forecast period.
The growth of the market segment will be significant during the forecast period.
43% of the growth will originate from the APAC region.
The rapid industrial development across countries like China, India, South Korea, Indonesia, and Taiwan will facilitate the industrial thermostatic control valves market growth in APAC over the forecast period.
China, India, and Japan are the key markets for industrial thermostatic control valves in APAC. Market growth in APAC will be faster than the growth of the market in other regions.
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The industrial thermostatic control valves market size is expected to accelerate at a CAGR of over 4% during the forecast period.
The industrial thermostatic control valve market is segmented by end-user (Oil & gas, Water & wastewater treatment, Power, and Others) and geography (APAC, Europe, North America, MEA, and South America).
The market is fragmented due to the presence of many established vendors holding significant market share.
The research report offers information on several market vendors, including AMOT Controls Corp., Armstrong International Inc., Danfoss AS, Dwyer Instruments Inc., Fluid Power Energy, Fushiman Co. Ltd., Honeywell International Inc., Huegli Tech AG (LTD), Metrex Valve Corp., and Relevant Solutions LLC
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