HOME › Research Insight › Expansions and Acquisitions are the Key Strategies Adopted by Industry Players to Achieve Growth in the Global Instrumentation Valves and Fittings Market
Expansions and Acquisitions are the Key Strategies Adopted by Industry Players to Achieve Growth in the Global Instrumentation Valves and Fittings Market
The global instrumentation valves & fittings market is expected to be worth USD 4.31Billion by 2022, growing at a CAGR of 4.6% during the forecast period. The major drivers for the instrumentation valves & fittings market are growth in growth in fracking and utilizing 1” to 6” brass or copper valves, expanding process instrumentation and automation, and increase in consumption of instrumentation valves due to high growth rate of hyperbaric oxygen therapy devices.
High significance is given to brand value and certification, major downturns in petroleum and power industries between 2014 and 2016, and decrease in prices of valves & fittings by major industry players are the major restraining factors for the instrumentation valves & fittings market. Some of the key players in the instrumentation valves & fittings market include Swagelok (U.S.), Hoke (U.S.), SSP Fittings (U.S.), Parker Hannifin (U.S.), and others. These players adopted various strategies such as new product developments and business expansions to cater to the needs of the global instrumentation valves & fittings market.
Expansions and acquisitions are the key strategies adopted by industry players to achieve growth in the global instrumentation valves & fittings market. These strategies collectively accounted for a share of 38% of all growth strategies adopted by market players. Companies such as Swagelok, Parker adopted the strategies of expansion & acquisition to expand in new geographical regions for the instrumentation valves & fittings market. Parker is a diversified manufacturer of motion and control technologies and systems, providing precision engineered solutions for a variety of mobile, industrial, and aerospace applications. Parker’s strategy is built on long established goals of premier customer service, financial performance, and profitable growth. Company’s key business strategy is to acquire and integrate companies from different business areas, recently in July 2015, the company acquired President Engineering Group Ltd. based in Sheffield, United Kingdom and Ezi-Hose Pty. Limited based in Perth, Australia.
New product developments & launches is another major strategy. Companies opt for continuous innovation and development of actuators and other fittings to provide better quality to the customers. These strategies together accounted for a share of 23% of the total number of growth strategies adopted by players in the instrumentation valves & fittings market. Parker & Hoke are the major players in the instrumentation valves & fittings market, which have adopted acquisition as a key strategy. Swagelok, Parker, SSP Fittings create competitiveness in the market through joint ventures and partnerships. These strategies collectively account for15% of the total strategies applied in the industry.
Instrumentation Valves and Fittings Market by Product Type (Valves, Fittings, Pneumatic Actuators), Application (Semiconductor, Oil & Gas, Food & Beverage, Chemical, Pharmaceutical, Paper & Pulp, Hyperbaric Chambers, and Others) - Global Forecast to 2022
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