Oil & Gas Valves Market: Global Industry Analysis, Opportunity Assessment 2029
Analyses the global oil & gas valves market, and provides an in-depth analysis on the forecast period of 2019-2029. Also, the oil & gas market research report assesses the prominent forecasting factors that are projected to further augment the growth of the oil & gas valves market on a global level as well as regional level. Further, the report offers the key industry dynamics affecting the global oil & gas valves market across its supply chain and value chain.
In 2014, the global oil & gas valves market was
pegged at approximately US$ 10 Bn. The global oil & gas valves market
is estimated to be valued at over US$ 11 Bn by the end of the year
2019. The oil & 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 Bn by the end of 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.
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.
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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. 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.
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