Ball valves acquired the largest market revenue share in the Russia Instrumentation Valves and Fittings (CNG Industry) market in year 2021 – 6Wresearch
The Instrumentation valves and fittings market in Russia increasing significantly over the last few years on account of increased production and consumption of natural gas with production capacity over 638.5 BCM per year and consumption of 411.1 BCM in year 2020. However, due to COVID-19 pandemic led measures, lockdowns and restriction on international trade resulted in a slight slowdown in the instrumentation valves and fittings (CNG Industry) market due to supply chain disruption as Russia is the major exporter of natural gas in the world. Further, with upliftment of lockdown restrictions and regulatory measures to revive economic activity, and stimulus package announced by the Russian government would boost the demand for instrumentation valves and fittings.
According to 6Wresearch, Russia Instrumentation Valves and Fittings (CNG Industry) market revenue size is projected to grow at a CAGR of 8.7% during 2022-2028. The Russia Instrumentation Valves and Fittings (CNG Industry) market is poised for growth in the coming years as government aims to increase share of natural gas export to other countries 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, “Pipe fitting segment acquired highest share in the Russia instrumentation valves and fittings (CNG Industry) market in 2021 in terms of revenue on account of precision thread construction to ensure leak-free and reliable systems. Furthermore, pipe fittings offer many different connections and configurations. Pipe fittings are also anticipated to register the fastest growth in the forecast period owing to surge in the consumption of CNG due to increasing price of petrol and diesel in the country which would further augment growth of valves and fittings market in the coming years.”
Some of the major companies in Russia Instrumentation Valves and Fittings (CNG Industry) market include Swagelok Company, HY-Lok Corporation, Emerson Electric Co. and DK-Lok Corp. Emerson Electric Co. Parker Hannifin, AS-Schneider, Hy-Lok Corporation, AVK Valves Co., Ltd, Schlumberger Limited
“Russia Instrumentation Valves and Fittings (CNG Industry) market report (2022-2028)” report provides an in-depth analysis with 23 figures and 2 tables, covered in 69 pages. The report estimates and forecast the overall Russia 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.