By the end of 2022, the market for oil & gas valves is anticipated to reach more than US$ 12.5 Bn. During the forecast period of 2022-2029, the global market for oil & gas valves is expected to grow at a 3.5% CAGR.
Future Market Insights’ (FMI) market study titled, ‘Oil & Gas Valves Market: Global Industry Analysis 2014–2021 and Opportunity Assessment 2022–2029’, analyses the global oil & gas valves market, and provides an in-depth analysis on the forecast period of 2019-2029.
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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.
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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.
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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.
Some of the key vendors in the global oil & 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 & gas valves market must focus on investing in research and development-related projects, particularly in emerging markets such as China, Brazil, and India.
Commercial Refrigeration Compressors Market: Vendor Insights
The report highlights some of the main companies that are operating in the global commercial refrigeration compressors market, such as Emerson Electric Co., HUAYI COMPRESSOR CO., LTD., Mitsubishi Electric Corporation, LG Electronics, Inc., The Danfoss Group, Panasonic Corporation, BITZER SE, GEA Group AG, Frascold S.p.A., Fusheng Co., Ltd., Nidec Corporation, Midea Group, Officine Mario Dorin S.p.A., Johnson Controls – Hitachi Air Conditioning, and Tecumseh Products Company LLC.
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 7-years.
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