The gas fittings and components market is expected to grow by 3.5% from 2023 to 2033, reaching USD 1,133.05 million in 2023. By the end of the aforementioned forecast period, a valuation of USD 1,600 million is expected for the market.
Various gas fittings, including flared, compression, quick connectors, and thread-on fittings, are expected to dominate the market in the near future. As part of various safety regulations and standards, qualified professionals focus on installing, maintaining, and replacing gas fittings and components.
Fittings and components of gas systems have become increasingly important in everyday life, creating the need for skilled tradespeople such as gas fitters and technicians who can install and maintain them safely and efficiently.
As natural gas remains a major source of energy in North America, the demand for gas fittings and components will likely continue to grow. The gas fittings and components industry will continue to develop in the years ahead, creating opportunities for professionals and companies alike.
| Data Points | Key Statistics |
|---|---|
| Estimated Base Year Value (2022) | USD 1,100 million |
| Expected Market Value (2023) | USD 1,133.05 million |
| Anticipated Forecast Value (2033) | USD 1,600 million |
| Projected Growth Rate (2023 to 2033) | 3.5% CAGR |
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According to Future Market Insights, demand for gas fittings and components is expected to grow at a CAGR of 3.5% between 2023 and 2033, reaching USD 1600 Million in 2033. The sales of the products witnessed substantial growth from 2018 to 2022, with a CAGR of 3%.
As new technologies are developed and adopted, the demand for gas fittings and components is expected to increase. Gas fittings and components are likely to focus more on energy efficiency, safety, and sustainability in the future. It is expected that gas fittings and components will need to become more efficient, safer, and sustainable as a result of the increasing demand for energy.
In the future, gas fittings and components will likely focus on automation and smart technology to reduce the time and effort involved in installation and maintenance. As gas fittings and components continue to improve in efficiency and safety, there is a chance that newer materials will be used, such as corrosion- and UV-resistant ones. Materials such as these will help ensure the longevity and reliability of fittings and components.
Growing Industrialization to augment sales of Gas Fittings and Components
Increasing demand for gas fittings and components in the automation and pharmaceutical sectors to grow market demand. Business opportunities for gas fittings and components are also increasing with the growing demand for renewable energy sources. The companies offer a range of services, including designing, installing, and maintaining solar and wind energy systems.
3D printing and other digital fabrication techniques are likely to be used more often for gas fittings and components. By implementing this technology, manufacturers will be able to create more complicated and customized components at a lower cost, and with a greater degree of precision.
Natural gas systems can also be retrofitted with gas fittings and components to make them more efficient. Natural gas can also be used to power energy-efficient appliances. In turn, this can lead to an increase in the demand for gas fittings and components in the market.
Advanced Technologies Will Present Lucrative Opportunities for Gas Fittings and Components
Technology has greatly impacted the demand for gas fittings and components in several ways. Fueling the supply of electricity, heating, cooking, and transportation with natural gas is one of the main drivers of this demand.
Furthermore, technological advancements have also led to the development of new gas appliances that are efficient and smart. These include smart thermostats, digital gas stoves, and high-efficiency furnaces that make use of modern gas appliances. Moreover, the need for gas fitting services is further driven by appliances that require specialized gas fitting and components.
The growth of natural gas usage has been accompanied by technological advances in gas detection systems that have also led to an increase in the demand for the fittings and components of gas systems. An important component of a gas leak detection system is its ability to detect and monitor gas leaks in order to prevent injuries and property damage. As technology advances, gas detection systems and associated components will become more prevalent.
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High cost of gas fittings and components is posing a threat to the growth of the industry
A lack of innovative products and increasing raw material costs are expected to hamper the global valve market's growth. Increasing investments in R&D to meet innovative designs of these fittings and components are limiting the growth of the gas fitting and component industry.
As the market for gas fittings and components continues to grow, competition from unorganized gas fittings and components manufacturers is going to further discourage the growth of the market.
Consumption of Natural Gas Will Drive the Adoption of Gas Fittings and Components
North American households and businesses use gas for a wide variety of purposes, such as cooking, heating, and operating industrial machinery. As exploration activities ramp up in this region for unconventional energy sources, the demand for gas fittings is expected to soar.
As part of delivering natural gas safely and efficiently to so many different applications, there is a constant need for gas fittings and components that can be used to ensure that natural gas is delivered in a safe and efficient manner.
The United States and Canada have a vast network of gas pipelines that provide natural gas to homes and businesses across a wide area. For the pipelines to be able to operate safely and efficiently, there must be a wide range of components, such as valves, fittings, and meters, and this creates an important demand for gas fittings and components in the market.
Growing Industrial Projects are Expected to Grow Demand for Gas Fitting and Components
As natural gas and other gas-related products become more popular in the Asia Pacific, the demand for gas fittings and components grows. Increasing urbanization, growing incomes, and a growing population have all contributed to an increase in gas appliances and installations in this region.
A number of countries in the region have made significant investments in gas infrastructure, including China and India, which has created a number of new opportunities for the supply of gas fittings and components.
Governments in this region are providing incentives to attract foreign investment, which makes it easier for international investors to invest in this region. All of these factors have contributed to the growing demand for gas fitting and components in the Asia Pacific region.
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Demand for Valves is expected to soar impressively
Since the food & beverage industry is expanding rapidly, there are significant growth opportunities for valves in the market. With the growing demand for food and beverage products, direct contact valves will present new business opportunities in the coming years.
The food industry expects to increase its production of gas control equipment in order to ensure the efficient flow of gases in the food production process, such as carbon dioxide, nitrogen, and oxygen.
Besides regulating the pressure, temperature, and flow of gases in these systems, these valves are also responsible for ensuring the safety of the food produced. Food processing machines, such as beer fermenters and pasteurizers, also use gas valves to introduce and withdraw gases.
For example, in food production, when carbon dioxide is introduced into beverages in order to add carbonation to the beverage, a valve is used to control how much oxygen and nitrogen is released into the package.
Ability to withstand Extreme Manufacturing Processes to spike uptake
By material, stainless steel held a 14% market share in 2023. In adverse conditions, stainless steel fittings offer the advantage of being very corrosion resistant, and they are perfect for use in a variety of industrial applications.
Since a significant portion of the gas exploration process occurs in remote locations, stainless steel fittings are ideal for use in such situations. Gas fittings made of stainless steel can withstand high temperatures, which is why they are expected to increase in demand over time.
Steel gas fittings also have a very low thermal expansion coefficient and high thermal conductivity. As gas exploration activities expand globally, the global gas fitting market is likely to experience ample growth opportunities during the next few years. As upstream and downstream operations generate huge amounts of demand, gas-fitting products are in high demand.
Demand to be maximum in the Food Industry
The food industry application is expected to hold a market share of 54%. Due to the increased use of gas in food preparation, the food industry has a rapidly growing demand for gas fittings and components.
Considering how efficient and clean gas is as a fuel source, it is an ideal choice when it comes to producing food. In addition, it is also easy to manage and more convenient to use than other sources of energy. Hence, gas fittings and components are expected to grow in demand.
The food industry must have gas fittings and components that fit properly in order to ensure that every gas connection and gas system is safe and efficient. Besides reducing energy consumption and costs, gas fittings and components can also help to reduce the overall cost and energy consumption of food production and processing. All these factors are expected to grow the demand for gas fitting and components in the market.
There are a number of start-ups in the gas fittings and components market including
Manufacturers can increase revenue and market share through strategic partnerships by increasing production and meeting customer demands. Improved technology will be available to end users through the introduction of new products and technologies. A company can increase its production capacity by partnering with another company in order to increase its capacity.
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 1,133.05 million |
| Market Value in 2033 | USD 1,600 million |
| Growth Rate | CAGR of 3.5% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | End Fitting Type, Component Type, Material Type, End User, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Profiled | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, China, Japan, South Korea, Singapore, Thailand, Indonesia, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Assure Parts; Regency Gas Hoses; American Range; Antunes; Crown Verity Inc.; Dormont; T&S Brass and Bronze Works; Vulcan Restaurant Equipment; Gas Components Australia; Venus Enterprises; Nikasam Impex LLP; Zenith Industries |
| Customization | Available Upon Request |
The gas fittings and components market CAGR for 2033 is 3.5%.
The North America region is the leading region in the market.
The projected market value of the market for 2033 is USD 1,600 million.
Key players are developing the market by targeting emerging markets.
China, India, the United States, Japan, and Germany are the major countries in this market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Fitting Type 5.1. Flared 5.2. Compression 5.3. Quick Connect 5.4. Thread-on 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component Type 6.1. Valves 6.2. Regulators 6.3. Connectors 6.4. Adapters 6.5. Hoses 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material Type 7.1. Brass 7.2. Plastic 7.3. Stainless steel 7.4. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 8.1. Household 8.2. Commercial 8.2.1. Restaurants 8.2.2. Hotels 8.2.3. Cafes 8.3. Industrial 8.3.1. Medical Industry 8.3.2. Food Industry 8.3.3. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. Asia Pacific 9.5. Middle East & Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East & Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Assure Parts 17.2. Regency Gas Hoses 17.3. American Range 17.4. Antunes 17.5. Crown Verity Inc. 17.6. Dormont 17.7. T&S Brass and Bronze Works 17.8. Vulcan Restaurant Equipment 17.9. Gas Components Australia 17.10. Venus Enterprises 17.11. Nikasam Impex LLP 17.12. Zenith Industries 18. Assumptions & Acronyms Used 19. Research Methodology
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Gas Fittings and Components Market
