The Residential Ball Valves’ market in North America will increase at a CAGR of 5.6%, valued at US$554.1 Mn in 2032. More than 80% of people in the U.S. and Canada live in urban areas, and as urban areas continue to grow and develop, so does the demand for residential complexes. The construction sector in the United States is projected to grow by 3.5 to 4.0% in 2022.
Overall, the forecast assumes that the residential construction sector will grow over the coming quarters despite challenges like supply chain bottlenecks, rising construction material costs, and other issues that delay work and raise costs. The growing residential sector and demand from the existing apartments, townhouses, and villas will boost the residential ball valves market in North America.
The FY2020, the market for residential ball valves witnessed decline in sales, part of which was due to decreased demand. However, the market showed v-shaped recovery in FY2021 and demand went to pre COVID levels, but since China was suffering from lockdowns and COVID protocol at that time, which caused significant supply constraints and this factor increased the raw material cost for the time being.
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Key Takeaways of Residential ball valves Market Study
- Over the course of the forecast period, the value of the brass residential ball valves is projected to increase at a value CAGR of 4.9% to reach around US$ 183.0 Mn by 2032
- In terms of End Use, Villas is anticipated to create an absolute dollar opportunity worth US$ 35.7 Mn.
- In the global market, Floating ball valves are projected account for more than 64% share by the end of forecast period.
- By Diameter, 1″ segment will grow with a CAGR of 7.0% through the forecast period.
- By Country, U.S. is expected to remain dominant throughout the forecast period and is anticipated to account for more than 80% of market share by 2032.
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
Competitive Landscape
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.
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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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Key Segments Covered in Residential Ball Valves Industry Analysis
Residential Ball Valves Market By Valve Material:
- Brass
- Stainless Steel
- PVC
- Glass Fiber-Reinforced Polypropylene Ball Valve
- Others
Residential Ball Valves Market By Valve Type:
- Floating
- Trunnion Ball
- Others
Residential Ball Valves Market by Diameter:
- 3/8″
- 1/2″
- 3/4″
- 1″
- 1 ¼”
- upto to 2″
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