Global Instrumentation Fittings Market: Snapshot
The constant strive of nearly every industry is to increase production within their existing setup. And while these organizations look for measures to obtain higher efficiencies from their facilities, is also essential for them not to lose out on production due to leakage. Consequently, the instrumentation fittings market is prospering, as they provide a leak-proof and torque-free seal at all tubing connections as well as eliminate costly and hazardous leaks in instrumentation and process tubing.
The fittings are specifically designed to meet numerous process safety and other requirements. Reliability, robustness, and high performance of the instrumentation fittings are the main features that consumers seek while buying the product. Also, the instrumentation fittings are comparatively easy to install and rarely require special tools. Additionally, some fittings are re-usable too, and are able to survive heavy vibration and impulse both in pressure and vacuum systems.
According to this business intelligence publication, the demand in the global instrumentation fittings market will increment steadily at a CAGR of 4.9% during the forecast period of 2017 to 2025. The analysts of the report have evaluated that the opportunities in the instrumentation fittings market, across the world, constituted for a revenue of US$1,652.2 mn in 2017 and have estimated the valuation to add up to US$2,417.2 mn by the end of 2025. Factors such as increasing focus on development of infrastructure, tremendous growth of the manufacturing and chemical industries, escalated oil & gas exploration activities in some parts of world, and stringent safety rules and regulations regarding fittings are anticipated to drive the growth of the global instrumentation fittings market in the near future.
Tube Fitting Segment Providing for Maximum Demand
On the basis of fitting type, the instrumentation fittings market has been segmented into tube and pipe fittings. While the tube fitting segment has been further sub-divided into compression, cone and thread, butt weld, push-to-connect, and swivel, the pipe fittings segment has been bifurcated into straight, elbow, tee, and cross. The tube fitting segment has the highest rate of adoption in the instrumentation fittings market, and is projected to expand at an above-average CAGR of 5.0% during the forecast period of 2017 to 2025. This growth is mainly attributed to the rising usage of these instrumentation fitting in the manufacturing and oil and gas industries for flow control mechanism of water flow and gas systems. Certain industry verticals such as chemicals, food & beverage, and wastewater management also utilize these type of instrumentation fitting.
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Oil and Gas Industry Primary End User
Based on end-use industry, the instrumentation fittings market has been classified into manufacturing, oil & gas, food and beverages, chemical, and others. The oil & gas industry was the largest end-use segment of the instrumentation fittings market in 2016, as there is a growing need for fittings due to process standardization, process efficiency, and stringent safety rules and regulations in the manufacturing process within organizations. Manufacturing segment is also expected to hold its prominent position in the market during the forecast period.
North America and Asia Pacific Most Lucrative Regions
In 2017, North America constituted for a demand for instrumentation fittings that was worth US$546.6 mn, whereas Asia Pacific provided for a revenue of US$433.9 mn the same year. Even until 2025, these two regions are expected to retain their dominance of demand, although the Middle East and Africa is also projected to expand the demand at a healthy CAGR of 5.0% during the aforementioned forecast period.
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AS-Schneider, ASTEC VALVES & FITTINGS, Fujikin of America, Inc., HAM-LET GROUP, Hy-Lok USA, Inc., PARKER HANNIFIN CORP, Swagelok Company, and World Wide Fittings, Inc. are some of the key players currently operating in the global instrumentation fittings market.