Oil and Gas Valves Market Analysis and Forecast Report Till 2030

Global Oil and Gas Valves Market: Overview

An oil and gas valve is a controlling device that regulates the flow of fluids in oil processing and extraction machinery. These valves are utilized to maintain optimal conditions in varied operations and are therefore quite critical to the industry.

The oil and gas valves market is likely to experience significant growth in the upcoming years (2020 to 2030), owing to expansion in the power generation sector, rapid industrialization, and substantial development in mechanical engineering - procedures to extract energy sources like oil and natural gas.

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It is important to note here that the rising energy demand seen globally will ensure that an increasing number of oil and gas projects are witnessed in the proverbial pipeline, which will drive the market in the years to come, opines Transparency Market Research.

Global Oil and Gas Valves Market: Notable Developments

Growth measures taken by players operating in the global oil and gas valves market are many and varied. And, these are leading to a number of notable developments in the market. A glimpse can be had below:

November 2018: BHGE inaugurated a new steam test facility in Naples, Italy. This was done to improve scope and output – production. It is pertinent to note here that the plant produces full range of consolidated safety valves and masoneilan control valves.

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The global oil and gas valves market is fragmented and extremely competitive. Players are highly focused on increasing and improving their market share over the forecast period. Few global players in the oil and gas valves market are-

Schlumberger
CIRCOR International
Parker Hannifin
Metso Corporation
Emerson Electric
Watts Water Technologies
BHGE
National Oilwell Varco
The Weir Group
HYDAC
IMI
Armstrong

Global Oil and Gas Valves Market: Key Trends and Drivers

A number of growth factors are lining the landscape of global oil and valves market. Some of these trends and drivers, as identified by Transparency Market Research, are:

Newly discovered oil fields in Latin America, Africa, and the Mediterranean region are attracting exploration and extraction activities. This will lead to higher demand for these valves over the forecast period. In turn, it will drive the market on an upward growth trajectory.

Demand for oil and gas is growing rapidly owing to increase in population – 2 billion new people will mark the planet by 2050. This will lead to increased demand for power and energy for various purposes. Additionally, rapid industrialization is set to push demand for oil and gas on an upward growth curve over the forecast period.

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This release was published on openPR.