Industrial Valves Market Size, Share & Global Insights 2023-2028
Operations related to the discovery of oil and gas in the Norwegian Sea, Kara Sea, Barents Sea, and the adjacent region near the North pole are a few factors fueling the demand for industrial valves in Europe. Increased emphasis on wastewater treatment across Europe and stringent government regulations related to the same are the other factors boosting the need for industrial valves in the region.
With the growing demand for crude oil and natural gas, the Gulf countries are increasing the production capacity of crude oil and natural gas, thereby driving the industrial valves market in the MEA. Countries such as Iran and Nigeria are actively focusing on increasing oil production, which is expected to offer lucrative growth opportunities to the industrial valves market players across the region. Venezuela and Brazil are among the largest crude oil producers, and they are focusing on increasing their production capacities owing to the high demand for oil and gas and natural gas across South America.
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The List of Companies -
1. Velan Inc
2. Crane Co
3. CIRCOR International Inc
4. Flowserve Corp
5. Emerson Electric Co
6. KITZ Corporation
7. Neway Valve (Suzhou) Co Ltd
8. Spirax Sarco Engineering Plc
9. Schlumberger Ltd
10. Weir Group PLC
The global industrial valves market size is segmented based on material type, valves type, industry, and geography. Based on material type, the industrial valves market is segmented into cast iron, steel, cryogenic, alloy-based, and others. Based on valves type, the industrial valves market is classified into ball valves, butterfly valves, diaphragm valves, safety valves, piston ram valves, gate valves, and control valves. Based on industry, the market is bifurcated into oil & gas and chemicals & petrochemical. The industrial valves market, based on region, is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America
Continuous technological advancements are leading to greater exploration and production operations in the oil & gas industry. In APAC, the industrial valves market, new oil and gas reserves have been discovered in several nations such as China and Thailand. Thus, the rising adoption of exploration technologies is expected to offer lucrative opportunities for the industrial valves market across APAC in the coming years. Another important end-user industry in APAC is the chemical industry. Many global chemical manufacturers have manufacturing sites in China. China had the highest share of revenue distribution in the global chemical sector in 2021, accounting for ~43% of global chemical sales. To enhance efficiency and safety across these plants, the demand for advanced industrial valves is constantly rising from the chemical industry in APAC.
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Impact of COVID-19 Pandemic on Industrial Valves Market Growth
Most economic operations in the Middle East & Africa were suspended due to an increase in the number of COVID-19 cases in the first two quarters of 2020. Many countries in Africa are still in the developing phase. Countries in the Middle East, especially the Gulf Cooperation Council (GCC) countries, witnessed a notable decline in the oil & gas sector due to a sharp drop in oil demand from major end-user countries across Asia Pacific, Europe, and North America. As a result, countries in the MEA registered a low volume of oil and gas production and low storage and transportation of natural gas, which subsequently hampered the demand for industrial valves in the region.
The production of natural gas and domestic oil is low across Germany, and it majorly relies on imports. The country receives more than 50% of its oil from Russia. As per the BP statistical data of world energy 2022, the country is the largest consumer of natural gas in Europe; it consumed 4.5 billion cubic meters of natural gas in 2021. In addition, Germany is characterized by one of the largest chemical industries across the globe. In 2019, the country recorded ~2,900 chemical companies operating in Germany, and the chemical industry is one of the major consumers of industrial valves. Thus, the industrial valves market growth is expected to propel in the coming years due to the presence of many chemical companies and oil & gas companies in the country.
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