Valves Market Technology Advancement Features 2021-2027

A valve is a mechanical device that controls or regulates the flow of fluid (liquid or gas) by the action of closing and opening or partially obstructing various gateways. Valves are also used to control temperatures. In civic areas, valves are typically used to control the water supply for household applications. However, valves find applications in industrial use such as oil & gas, chemical, and more to perform crucial tasks. There are various types of valves used namely ball valve, gate valve, butterfly valve, and globe valve.

Moreover, valves are used in demineralized water systems, high integrity pressure protection systems, radwaste systems in nuclear facilities, pressure control systems, on/off systems, etc.
Valves have registered significant demand from the oil & gas industry, typically due to their extensive use throughout upstream, midstream, and downstream activities. Although there is high demand for oil & gas, supply for the same is declining due to worldwide decrease in oil & gas reserves. Thus, such circumstances have compelled oil & gas companies to explore new fields to enhance extraction efficiency.

Governments of various countries are focused on investing in new oil & gas companies. For instance, according to Government of Dubai, as of 2017, it owns 1381 oil and gas companies. Demand for valves is anticipated to rise with rising oil & gas plants. Moreover, in February 2017, the U.S. crude oil production surpassed 9 million barrels per day, around 0.5 million barrels higher than in 2016. Floating production storage and offloading (FPSO) necessitates number of valves in activities such as offshore production platforms, tank farms, and gas storage. Hence, these factors are expected to support the market growth during the forecast period.

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What are the key factors driving growth of the valves market?
Increasing number of oil & gas exploration activities is one of the major factors that is expected to propel growth of the market over the forecast period.
What is the Compound Annual Growth Rate (CAGR) of the valves market for next 8 years?
The global valves market is estimated to exhibit a CAGR of 6.8% during the forecast period(2019-2027).

Which are the prominent valves market players across the globe?
Major players operating in the global valves market include Schlumberger Limited, Goodwin International Ltd, Honeywell International Inc., General Electric Company, Emerson Electric Co., Rotork Plc, KITZ Corporation, AVK Holding A/S, Bürkert Fluid Control Systems, and Flowserve Corporation.

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