Oil and Gas Valves Market Projected To Garner Significant Revenues By 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.
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.
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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.
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.
Global Oil and Gas Valves Market: Regional Analysis
In 2018, the North American region was the largest oil and
gas valves market globally owing to increased demand in the United States oil
extraction fields and adoption of automated valve operations across various
end-user industries in the region. The oil industry extracted a record high
4.46 billion barrels of crude oil in the United States in 2019, which was more
than double the production ten years earlier, in 2009. Over the forecast
period, the trend of dominance is set to continue.
The Asia Pacific oil and gas valves market is anticipated to
be the fastest-growing region over the next few years owing to increasing
exploration activities. Also, it is pertinent to note here that Middle East
& Africa are the prominent regions in the Oil & Gas Valves market due
to the recently discovered oil & gas wells in the region.
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