October 12, 2022 12:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The North America Residential Ball Valves Market is expected to reach US$ 321.2 Mn in 2022, growing at a CAGR of 5.6% from 2022 to 2032, according to Future Market Insights analysis.
The market for residential ball valves witnessed growth for the last few years, primarily due to growing residential construction activities, part of which goes to remolding activities. The U.S. and Canada have a developed residential infrastructure, therefore, remolding activities in which old homes are renovated account for a significant share of construction activities. However, the steady increase in the population and increased urbanization have resulted in a moderate increase in new residential construction like apartments and condominiums, which has been optimistically impacting the market for ball valves for residential applications.
The FY2020, the market for residential ball valves witnessed decline in sales, part of which was due to decreased demand. However, the market showed v-shaped recovery in FY2021 and demand went to pre COVID levels, but since China was suffering from lockdowns and COVID protocol at that time, which caused significant supply constraints and this factor increased the raw material cost for the time being.
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Key Takeaways of Residential ball valves Market Study
Growth in population, urbanization and remolding activities will increase the residential activities within North America region and this is anticipated to escalate demand for ball valves for residential application in the region.” says Future Market insights analyst
The market is moderately concentrated, with top players accounting for no more than 36% of market revenue in 2021. The unorganized sector includes both European and Chinese brands, which sell their products through local dealers and distributors. European brands depend on their high durability, whereas Chinese brands' USP remains their significantly lower pricing.
The ASC Engineered Solutions., Danfoss A/S, Apollo Valves, Parker Hannifin, Zurn Industries LLC and Legend Valves. are a few of the market's major participants.
More Insights into the Residential ball valves Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the North America Residential Ball Valves market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and scope, the market is segmented based on by material type, by valve type, by diameter, by end use and by country.
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3.1. Key Trends Impacting the Market
5. North America Ball Valves Market Demand Analysis 2017–2021 and Forecast, 2022–2032
5.1. Historical Market Volume (000' Units) Analysis, 2017–2021
5.2. Current and Future Market Volume (000' Units) Projections, 2022–2032
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