According to the research report titled ‘Global Ball Valves Market Size study by Material (Stainless steel, cast iron, cryogenic, alloy based and others), by Valve Type (Trunnion mounted ball valve, Floated ball valve, rising stem ball valve and double eccentric segmented ball valve) by Size (Up to 1”, 1–6”, 6–25”, 25–50” and 50” and Larger), by Industry (Oil & Gas, Water & Wastewater Treatment, Energy & Power, Food & Beverages, Pharmaceuticals and Others) and Regional Forecasts 2020-2027‘, available with Market Study Report, global ball valves market was remunerated at USD 12.60 billion in 2019 and is expected to grow with a CAGR of 3.75% through 2027.
 

Rapid rise in wastewater and water treatment plants is a major factor expected to drive the global ball valves market during forecast period. Further, high water demand due to rising urban population is also fueling the industry growth.
 

It is to be noted that industrial ball valves play a vital role in water & wastewater industries in controlling and monitoring applications like water transportation and treatment for better efficiency of all the processes.
 

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Additionally, massive rise in oil & gas industry is accelerating the market growth. However, high cost of equipment maintenance is a major factor likely to hamper global ball valves market expansion over the forecast years.
 

Based on industry vertical, global ball valves market is segmented into oil & gas, pharmaceuticals, energy & power, water & wastewater treatment, food & beverages, and others. With regards to size, the market is bifurcated into 50” and larger, 25–50”, 6–25”, 1–6”, and up to 1”. With respect to valve type, the industry is bifurcated into double eccentric segmented ball valve, trunnion mounted ball valve, rising stem ball valve, and floating ball valve. Considering the material spectrum, the market is classified into alloy based, stainless steel, cryogenic, cast iron, and others.
 

From regional frame of reference, worldwide ball valves market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is poised to accrue significant returns during the forecast period, mainly due to rise in water and wastewater industries in the region. Meanwhile, Asia Pacific industry is predicted to register highest growth rate over 2020-2027, owing to massive increase in production of energy and power in the region.
 

Major players influencing global ball valves market trends include Emerson Electric Co., Metso Corporation, Crane Co., Cameron International Corporation (Schlumberger), Flowserve Corporation, Burkert Fluid Control System, KITZ Corporation, Alfa Laval AB, Neway Valve (Suzhou) Co. Ltd., and Weir Group plc.