Press release
Global Oil & Gas Valves Market Projected to Surpass US$ 15.9 billion by 2029, Driven by Increasing Demand
Oil & Gas Valves Market
The infusion of intelligent technologies into oil & gas valves, allowing for the monitoring of critical process variables such as upstream and downstream pressure, stem position, flow rate, and temperature, is anticipated to significantly enhance the market demand.
Furthermore, the expanding utilization of oil & gas valves across diverse sectors, including the chemical and water treatment industries, is expected to contribute to the market's growth, propelling it to reach a valuation of US$ 15.9 billion by 2029. According to Future Market Insights (FMI), the downstream segment is poised to maintain its dominance in the global market until 2029.
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Emerging Economies Drive Global Oil & Gas Valves Market Growth
The escalating demand for energy and a multitude of upcoming oil and gas projects in the pipeline are propelling the growth of the oil & gas valves market in developing nations. Among the various regional markets, North America's oil & gas valves market is projected to maintain a share of more than one-fourth of the global market throughout the forecast period. This can be attributed to ongoing advancements in the North American oil & gas and shale sectors.
In the Middle East & Africa, the oil & gas valves market is anticipated to secure the second-largest market share, driven by the thriving oil & gas industry in Western African and Northern African countries.
China, India, and Brazil are marked as emerging markets in the oil & gas valves industry, owing to escalating energy demands, the initiation of new oil & gas projects, improved economic conditions, and ongoing trends of industrialization and urbanization.
The oil & gas sector is characterized by fierce competition, given the substantial presence of established industry players. Consequently, the oil & gas valves market exhibits a fragmented landscape. The prominent market players in this field have firmly established their foothold across various regional markets.
Competition in the Global Oil & Gas Valves Market
Major players in the global oil & gas valves market are actively working to expand their influence by implementing strategies like introducing new products, establishing new facilities, and acquiring local smaller players. For example,
In November 2018, Baker Hughes, a multinational industrial service company based in the US, announced the successful establishment of a new steam test facility in Naples, Italy. This facility is dedicated to testing and manufacturing a comprehensive range of masoneilan control valves and consolidated safety valves. This move is aimed at enhancing the company's presence and impact in the European market.
Key Players:
Emerson Electric Co.
CIRCOR International Inc.
Schlumberger Limited
PARKER HANNIFIN CORP
Weir Group Plc.
Metso Corporation
BAKER HUGHES
Others
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Market Segmentation:
By Product Type:
Gates
Globes
Balls
Butterflies
Checks
PRVs
Others
By Size:
0.25 to 8 inches
8 to 20 inches
Above 20 inches
By Body Material:
Cast
Forged
By Application:
Upstream
Midstream
Downstream
Region:
North America
Latin America
Europe
South Asia
East Asia
Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
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