Global Oil & Gas Valves Marketis Projected To Surge At 3.5% CAGR During 2022-2029
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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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 2022. The oil & gas
valves market is projected to grow at a CAGR of more than 3% during the
forecast period of 2022-2029, and reach a value of nearly US$ 16 Bn by the end
of 2029.
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.
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.
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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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