DUBLIN–(BUSINESS WIRE)–The “India Instrumentation Valves And Fitting Market: Size, Forecast, Share, Growth, Revenue, Trends, Industry, Outlook & COVID-19 IMPACT: Market Forecast By Valve Types, By Fitting Types, By Regions, And Competitive Landscape” report has been added to ResearchAndMarkets.com’s offering.
Market revenue size is projected to grow at a CAGR of 11.6% during 2022-2028.
India Instrumentation Valves and Fittings (CNG Industry) Market report thoroughly covers market by valve types, fitting types, and regions.
The market report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
India Instrumentation Valves and Fittings (CNG Industry) Market Synopsis
India instrumentation Valves and Fittings (CNG Industry) market was growing significantly before 2020 on account of government increased in expenditure on infrastructure development activities such as expansion national gas grid and city gas distribution. However, the market saw a sharp decline in 2020 due to the COVID-19 pandemic which resulted in the delay of many large-scale infrastructure development projects, thereby negatively affecting the demand for instrumentation valves and fittings.
However, government’s aim to diversify the India’s energy basket and higher adoption of natural gas to make India self-reliant to become less dependent on other countries for India’s oil and gas requirements would drive the instrumentation valves and fittings market in India.
In year 2020, the spread of the COVID-19 pandemic has resulted in slowdown of the overall economy leading to the temporary halt in many construction projects across the country, thereby impacting the instrumentation valves and fittings market in India. However, the market has regained momentum in 2021 and is expected to grow significantly in the coming years.
India is a prominent market for instrumentation valves and fittings due to strong demand from the oil & gas sector and the strengthening industrial sector. Furthermore, increased investment in exploration and production activities of oil & gas have propelled the demand in recent years and the same trend is set to follow in the forecast period.
Market by Fitting Types Analysis
In terms of fitting types, tube fitting segment has captured 38.4% of the market revenue in 2021. Tube fitting segment acquired highest share in the India instrumentation valves and fittings (CNG Industry) market in 2021 in terms of revenue on account of its higher resistance and strength in higher pressure and temperature conditions. Furthermore, tube fittings offer greater flexibility in systems with fewer connections, meaning fewer potential leak points
Market by Valve Types Analysis
In terms of valve types, ball valves have captured 29.9% of the market revenue in 2021. ball valves accounted for the major market revenue share in 2021 owing to its minimal pressure drops, minimal leakage through wear & tear and time & labor effective to operate along with low maintenance cost. Furthermore, ball valves come in a range of configurations to suit various specifications and can deliver ideal performance in hydrocarbon systems, as well as vapor, air, and gas systems.
Key Highlights of the Report
Company Profiles
Market Scope and Segmentation
By Valve Types
By Fitting Types
By Regions
For more information about this report visit https://www.researchandmarkets.com/r/jypgqx
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