In 2014, the global oil and gas valves market was pegged at approximately US$10 billion. The global oil and gas valves market is estimated to be valued at over US$11 billion by the end of 2019. The oil and gas valves market is projected to grow at a CAGR of more than 3% during the forecast period of 2019 - 2029, and reach a value of nearly US$16 billion by the end of 2029.
Downstream applications contributing a major share to oil and gas valves market
By product type, the global oil and gas valves market has been segregated into gates, globes, balls, butterflies, checks, PRVs, and others. The gate type of oil and gas valves are estimated to continue, recording a high market value share throughout the projected period, while recording a high CAGR simultaneously.
With respect to the different sizes of oil and gas valves, the oil and gas valves market has been segmented into 0.25 0 8 in., 8 - 20 in., and above 20 in. By the end of the year 2029, the 0.25 - 8 in. sized oil and gas valves segment is estimated to hold more than half of the global oil and gas valves market share.
With regards to application, the global oil and gas valves market has been segregated into upstream, midstream, and downstream applications. The downstream applications of oil and gas valves are estimated to contribute the most to the market size of the global oil and gas valves market.
Rising energy need and multiple oil and gas projects in pipeline accelerate market growth in developing countries
Among all the regional markets, the oil and gas valves market in North America is estimated to account for over a quarter of the global oil and gas valves market share throughout the forecast period, due to continuous advancements in the North American oil and gas and shale industry. With a booming oil and gas industry in the Western Africa and Northern African countries, the oil and gas valves market in the Middle East and Africa is estimated to record the second-largest market share throughout the forecast period. The oil and gas valves market in China, India, and Brazil are estimated to be emerging markets due to the growing energy needs, new oil and gas projects, improved economic conditions, and continuous industrialisation and urbanisation in these countries.
The oil and gas industry is extremely competitive, due to the high presence of established market players. This, in turn, makes the oil and gas valves market fairly fragmented. Leading market players in the oil and gas valves market are very well-established across all the regional markets. Some of the key vendors in the global oil and gas valves market are Emerson Electric Co., CIRCOR International Inc., Schlumberger Limited, PARKER HANNIFIN CORP, Weir Group Plc., Metso Corporation, and BHGE (BAKER HUGHES, a GE Company), among others. Key vendors in the oil and gas valves market must focus on investing in research and development-related projects, particularly in emerging markets such as China, Brazil, and India.
These insights are based on a report ‘Oil and Gas Valves Market’ by Future Market Insights.
Read the article online at: https://www.worldpipelines.com/business-news/18062019/forecast-of-the-global-oil-and-gas-valves-market/