Global Oil and Gas Valves Market: Overview
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.
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Global Oil and Gas Valves Market: Notable Developments
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-
- CIRCOR International
- Parker Hannifin
- Metso Corporation
- Emerson Electric
- Watts Water Technologies
- National Oilwell Varco
- The Weir Group
Global Oil and Gas Valves Market: Key Trends and Drivers
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:
- Newly discovered oil fields in Latin America, Africa, and the Mediterranean region are attracting exploration and extraction activities. This will lead to higher demand for these valves over the forecast period. In turn, it will drive the market on an upward growth trajectory.
- Demand for oil and gas is growing rapidly owing to increase in population – 2 billion new people will mark the planet by 2050. This will lead to increased demand for power and energy for various purposes. Additionally, rapid industrialization is set to push demand for oil and gas on an upward growth curve over the forecast period.
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Global Oil and Gas Valves Market: Regional Analysis
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.