The global oil and gas valves market was valued at around US$ 10 billion in 2014. The global oil and gas valves market is expected to be worth more than US$ 12 billion by the end of 2022. The oil and gas valves market is expected to grow at a 3.5% CAGR from 2022 to 2029, reaching nearly US$ 16 billion by the end of 2029.
Future Market Insights (FMI) recently released a market study titled ‘Oil & Gas Valves Market: Global Industry Analysis 2014 to 2021 and Opportunity Assessment 2022 to 2029,’ which examines the global oil & gas valves market and provides an in-depth analysis for the forecast period of 2022 to 2029.
Furthermore, the oil & gas market research report evaluates the prominent forecasting factors that are expected to further augment the growth of the oil & gas valves market on a global and regional scale. Furthermore, the report discusses the key industry dynamics influencing the global oil and gas valves market across the supply and value chains.
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A list of Key Players Covered in the Oil & Gas Valves Market are:
- Emerson Electric Co.
- CIRCOR International Inc.
- Schlumberger Limited
- PARKER HANNIFIN CORP
- Weir Group Plc.
- Metso Corporation
- BAKER HUGHES
Downstream Applications Contributing a Major Share to Oil & Gas Valves Market
By product type, the global oil & gas valves market has been segregated into gates, globes, balls, butterflies, checks, PRVs, and others. The gate type of oil & 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 & gas valves, the oil & gas valves market has been segmented into 0.25 to 8 inches, 8 to 20 inches, and above 20 inches. By the end of the year 2029, the 0.25 to 8 inch-sized oil & gas valves segment is estimated to hold more than half of the global oil & gas valves market share.
With regards to application, the global oil & gas valves market has been segregated into upstream, midstream, and downstream applications. The downstream applications of oil & gas valves are estimated to contribute the most to the market size of the global oil & 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 & gas valves market in North America is estimated to account for over one-fourth of the global oil & gas valves market share throughout the forecast period, due to continuous advancements in the North American oil & gas and shale industry.
With a booming oil & gas industry in the Western Africa and Northern African countries, the oil & gas valves market in the Middle East & Africa is estimated to record the second-largest market share throughout the forecast period.
The oil & gas valves market in China, India, and Brazil are estimated to be emerging markets due to the growing energy needs, new oil & gas projects, improved economic conditions, and continuous industrialization and urbanization in these countries.
The oil & gas industry is extremely competitive, due to the high presence of established market players. This, in turn, makes the oil & gas valves market fairly fragmented. Leading market players in the oil & gas valves market are very well-established across all the regional markets.
Key vendors in the oil & gas valves market must focus on investing in research and development-related projects, particularly in emerging markets such as China, Brazil, and India.
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Oil & Gas Valves Market By Category
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
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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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