According to the report titled ‘Global Instrumentation Valves and Fittings Market Size study, By Material (Stainless Steel Valves, Alloy Based Valves, Cast Iron Valves and Others), By Product (Valves and Fittings)By Industry (Oil & Gas ,Food & Beverages , Chemicals , Healthcare , Paper & Pulp, Energy & Power and Others ) and Regional Forecasts 2020-2027’, available with Market Study Report, global instrumentation valves and fittings market was valued at USD 2.20 billion in 2019 and is expected to record a 9.4% CAGR during 2020-2027.
 

Rapid industrialization leading to implementation of advanced instrumentation equipment, swift urbanization owing to rising smart city initiatives, and incorporation of process automation & instrumentation in manufacturing plants are primarily driving the growth of global instrumentation valves and fittings market. According to Oxford Economics report published in June 2019, the increase in automation will lead to loss of around 20 million manufacturing jobs worldwide by 2030. It further stated that automated systems and robots could replace 8.5% of the global manufacturing workforce.
 

Notably, instrumentation valves and fittings are an essential component of manufacturing unit, and are utilized across several sectors like food & beverages, pharmaceuticals, oil & gas, and pulp & paper. It comprises of plumbing parts that control the flow of liquid and gases across the plumbing system.
 

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As per the report, leading organizations in the market are focusing on tactics such as merger & acquisition, innovations, and product launches to gain a competitive edge, facilitating the business scenario. However, hefty cost of instrumentation valves and fittings is likely to hamper the industry landscape over the study period.
 

Based on material terrain, the market is split into cast iron valves, alloy based valves, stainless steel valves, and others. Speaking of product type, global instrumentation valves and fittings industry is bifurcated into fittings, and valves. As per industry vertical, the market is categorized into energy & power, paper & pulp, healthcare, chemicals, food & beverages, oil & gas, and others.
 

Citing the geographic terrain, worldwide instrumentation valves and fittings market sphere is segmented into Asia Pacific, Europe, Latin America, North America, and Rest of the World. The report claims that North America is poised to accrue notable gains over the estimated timeframe, owing to concentration of major players along with presence of advanced chemical and healthcare infrastructure in the region.
 

In addition, prompt approval and introduction of state-of-the-art instrumentation valves and fittings, especially in the United States, on account of domicile of various major manufacturers, is also contributing to the regional market growth.
 

Major players impacting global instrumentation valves and fittings market dynamics are FITOK Group, Fujikin Inc., Oliver Valves Ltd., AS-Schneider Group, Bray International Inc., Hy-Lok Corporation, HAM-LET Group, Circor International Inc., Parker Hannifin Corporation, and Swagelok.