An oil and gas valve is a controlling device that regulates the flow of fluids in oil processing and extraction machinery. These valves are utilized to maintain optimal conditions in varied operations and are therefore quite critical to the industry.
The oil and gas valves market is likely to experience significant growth in the upcoming years (2020 to 2030), owing to expansion in the power generation sector, rapid industrialization, and substantial development in mechanical engineering - procedures to extract energy sources like oil and natural gas.
It is important to note here that the rising energy demand seen globally will ensure that an increasing number of oil and gas projects are witnessed in the proverbial pipeline, which will drive the market in the years to come, opines Transparency Market Research.
Growth measures taken by players operating in the global oil and gas valves market are many and varied. And, these are leading to a number of notable developments in the market. A glimpse can be had below:
November 2018: BHGE inaugurated a new steam test facility in Naples, Italy. This was done to improve scope and output – production. It is pertinent to note here that the plant produces full range of consolidated safety valves and masoneilan control valves.
The global oil and gas valves market is fragmented and extremely competitive. Players are highly focused on increasing and improving their market share over the forecast period. Few global players in the oil and gas valves market are-
A number of growth factors are lining the landscape of global oil and valves market. Some of these trends and drivers, as identified by Transparency Market Research, are:
In 2018, the North American region was the largest oil and gas valves market globally owing to increased demand in the United States oil extraction fields and adoption of automated valve operations across various end-user industries in the region. The oil industry extracted a record high 4.46 billion barrels of crude oil in the United States in 2019, which was more than double the production ten years earlier, in 2009. Over the forecast period, the trend of dominance is set to continue.
The Asia Pacific oil and gas valves market is anticipated to be the fastest-growing region over the next few years owing to increasing exploration activities. Also, it is pertinent to note here that Middle East & Africa are the prominent regions in the Oil & Gas Valves market due to the recently discovered oil & gas wells in the region.
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