Ball valves acquired the largest market revenue share in the China Instrumentation Valves and Fittings (CNG Industry) market in year 2021 – 6Wresearch
The Instrumentation valves and fittings market in China increasing significantly over the last few years on account of several policy measures taken by Chinese government such as Technology Roadmap for Energy-Saving and New Energy Vehicles (2.0), Natural Gas Vehicles Promotion Policy and The Goal of Carbon Neutrality to enhance the adoption of natural gas in the country. However, with the outbreak of the COVID-19 pandemic in 2020, infrastructure sector witnessed massive hit due to supply chain disruptions, delays and lack of man-force, thus, negatively impacting the instrumentation valves and fittings market in the country in 2020.
However, with the revitalization of the economy from the prolonged impact of the coronavirus pandemic underpinned by the government’s economic plans coupled with strategies to boost the public-private partnerships, the demand for instrumentation valves and fittings in China picked up pace in the last quarter of 2020 and in also expected to increase in the next few years.
According to 6Wresearch, China Instrumentation Valves and Fittings (CNG Industry) Market revenue size is projected to grow at a CAGR of 8.9% during 2022-2028. The China Instrumentation Valves and Fittings (CNG Industry) market is poised for growth in the coming years as government aims to increase share of natural gas in China’s energy mix from 10.0 percent in 2021 to 14 percent by the year 2030. Furthermore, with increasing price of crude oil the demand for CNG vehicles have surged in the recent years thus the consumption of CNG has increased in the country. Hence, instrumentation valves and fittings market would show positive trend in the forecast period.
According to Rishabh Singh Bhandari, Research Analyst, 6Wresearch,
“Ball valves accounted for a major share in China instrumentation vales market revenues in 2021 and are expected to retain its dominant position over the coming years as well on account of its high application in the oil & gas sector and the upcoming projects in the oil & gas sector are expected to keep the ball valves market demand afloat over the coming years.”
Some of the major companies in China Instrumentation Valves and Fittings (CNG Industry) market include Emerson Electric Co., Schlumberger Limited and Parker Hannifin CRANE Instrumentation & Sampling PFT Corp., Swagelok Company, HY-Lok Corporation, AVK Valves (Shanghai) Co., Ltd Neway Valve-Suzhou Neway Valve Co., Ltd.
“China Instrumentation Valves and Fittings (CNG Industry) market report (2022-2028)” report provides an in-depth analysis with 29 figures and 2 tables, covered in 76 pages. The report estimates and forecast the overall China Instrumentation Valves and Fittings (CNG Industry) market by valve types, fitting types and regions. The report provides an unbiased and detailed analysis of the on-going 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.