Press release
Industrial Valves in Oil and Gas Market to Reach USD 10.5 Billion by 2034, Driven by Growing Energy Demand and Smart Technologies
Industrial Valves In Oil And Gas Market
This growth is largely supported by the rising global demand for energy and the expansion of oil and gas exploration activities. Technological advancements, especially the adoption of smart valves, are significantly improving the performance, reliability, and efficiency of valve systems used across the oil and gas value chain.
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Segment Insights
Among various valve types, ball valves are expected to be the fastest-growing and largest segment. Valued at USD 1.5 billion in 2024, the segment is projected to reach USD 3.2 billion by 2034, growing at a CAGR of 7.5%. Their ability to handle high pressure and temperature conditions makes them essential in upstream, midstream, and downstream operations. Enhanced material durability and the rising use of smart features like real-time monitoring contribute to their growing popularity.
On the application front, the downstream segment-which includes refining operations-is forecasted to lead the market. This segment is expected to grow from USD 2.3 billion in 2024 to USD 4.5 billion by 2034, at a CAGR of 6.8%. Growth is driven by the increasing demand for refined petroleum products and the modernization of refineries aimed at improving efficiency and meeting stricter environmental standards.
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Regional Outlook
North America is expected to retain its position as the leading region, thanks to its well-established oil and gas infrastructure and advanced technology adoption. Meanwhile, the Asia Pacific region is predicted to witness the fastest growth due to rising energy needs and ongoing infrastructure development in countries such as China and India.
Key Drivers
One of the biggest drivers of market growth is the rapid technological progress in valve systems. Smart valves equipped with sensors are becoming more common, allowing for real-time flow, pressure, and temperature monitoring. These features help reduce downtime, improve safety, and lower maintenance costs.
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Government support is also playing a key role. For instance, the U.S. Department of Energy has committed USD 50 million to support energy-efficient technologies, including smart valve systems. Product innovation is also on the rise, with companies like Emerson Electric Co. recently launching advanced smart valves tailored for offshore drilling environments.
Industrial Valves In Oil And Gas Competitive Strategies & Notable Developments
Emerson Electric Co.
Flowserve Corporation
Schlumberger Limited
Siemens AG
KSB SE & Co. KGaA
AVK Holding A/S
China National Petroleum Corporation
Mitsubishi Heavy Industries, Ltd.
Larsen & Toubro Limited
Tenaris S.A.
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Industrial Valves In Oil And Gas Market Segmentation
By Product Type
Ball Valves
Gate Valves
Globe Valves
Check Valves
Butterfly Valves
Plug Valves
Pressure Relief Valves
By Application
Upstream
Midstream
Downstream
By End User
Oil and Gas Companies
Refineries
Petrochemical Plants
By Technology
Conventional Valves
Smart Valves
By Distribution Channel
Direct Sales
Distributors
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