Contributes to enhance the efficiency of the metering pump, a hybrid valve is dual function since it can be operated both manually and electrically. We can find it in various sectors and industries, for example food and beverages, oil and gas, and other sectors.
This valve is widely used, since it is easy to install, provides reliability, and offers facility. This valve also combines the capabilities of different types of valves, thus eliminating the need for utilizing multiple valves.
Another advantage that this valve offers is its focus on sustainability. With its energy consumption optimization and ability to reduce fluid leakage, it can ultimately minimize environmental impact. Its eco-friendly features like energy recovery systems and low-friction seals further align with sustainability regulatory standards.
As it offers many benefits for various industries, we can see the rising demand of this market. A research firm GMI Research projected that hybrid valve market size would reach USD 2,010 million by 2027 and would grow at a CAGR 4.8% from 2020 to 2027.
What are The Major Drivers?
Several factors contribute to this market’s positive trend.
- Upgrading standard for energy and power
There has been an upgrading standard for energy and power, especially to improve energy efficiency and reduce operational risk. There is also the need to optimize the industrial production process, which requires the flexibility of the hybrid valve. Therefore, this can boost the growth of the valve market.
- The emergence of corrosion problems in oil and gas industry
A well-designed and well-maintained valve by implementing regular cleaning, purging, and lubrication is needed to prevent various corrosion problems.
- The increasing number of chemical plants and petrochemical industries worldwide
The growing number of these industries globally can happen since there is an increasing demand for fertilizers, plastics, and other products. This factor can contribute to the growth of the valve market.
- Hybrid valve can reduce cost and increase profit
With their integrated design, hybrid valves can help companies to reduce costs, including procurement, installation, operation, and maintenance costs. Moreover, with its superior functionality and durability, it provides sustainable cost reductions.
Nevertheless, there are also some challenges that need to be overcome. The lack of standardized certification can lead to inconsistent services and quality, therefore can be the obstacle to the growth of the market. Furthermore, since it involves an integration of multiple valves, it can present complexity in the design and implementation. It includes compatibility issues and engineering complexities, which can be a challenge both for manufacturers and end-users.
Even though it is considered cost-saving in the long term, it still offers a relatively high cost due to its advanced design and features. Therefore, industries with limited budgets must conduct thorough cost analysis and seek out more affordable options. This can further hinder the growth of the valve market.
However, there are some opportunities on the horizon. With the emergence of AI and automation systems, the market can utilize data analytics and advanced connectivity to boost efficiency and operation. With the integration of industrial IoT as well as advancements in technology, materials, and manufacturing, the hybrid valve market can see potential prospects over the coming years.
