The trajectory of the global oil & gas valves market is primed for an impressive ascent, projected to exceed US$ 12.5 billion by the culmination of 2022. This remarkable journey is anticipated to be underscored by a robust surge in demand, characterized by a compelling Compound Annual Growth Rate (CAGR) of 3.5% over the forecast period spanning 2022 to 2029.
The infusion of intelligent technologies into oil & gas valves, endowing them with the capability to monitor critical process variables—ranging from upstream and downstream pressure to stem position, flow rate, and temperature—stands as a pivotal catalyst poised to profoundly augment market demand.
Furthermore, the horizon of oil & gas valves extends beyond the sector's confines, as their utilization proliferates across diverse domains, including the chemical and water treatment industries. This diversified application landscape is anticipated to act as a driving force, propelling the market's ascent to attain a valuation of US$ 15.9 billion by 2029. According to Future Market Insights (FMI), the downstream segment is poised to maintain its prominent stature within the global market landscape until the year 2029.
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Emerging Economies Drive Global Oil & Gas Valves Market Growth
The escalating demand for energy and a multitude of upcoming oil and gas projects in the pipeline are propelling the growth of the oil & gas valves market in developing nations. Among the various regional markets, North America's oil & gas valves market is projected to maintain a share of more than one-fourth of the global market throughout the forecast period. This can be attributed to ongoing advancements in the North American oil & gas and shale sectors.
In the Middle East & Africa, the oil & gas valves market is anticipated to secure the second-largest market share, driven by the thriving oil & gas industry in Western African and Northern African countries.
China, India, and Brazil are marked as emerging markets in the oil & gas valves industry, owing to escalating energy demands, the initiation of new oil & gas projects, improved economic conditions, and ongoing trends of industrialization and urbanization.
The oil & gas sector is characterized by fierce competition, given the substantial presence of established industry players. Consequently, the oil & gas valves market exhibits a fragmented landscape. The prominent market players in this field have firmly established their foothold across various regional markets.
Competition in the Global Oil & Gas Valves Market
Major players in the global oil & gas valves market are actively working to expand their influence by implementing strategies like introducing new products, establishing new facilities, and acquiring local smaller players. For example,
In November 2018, Baker Hughes, a multinational industrial service company based in the US, announced the successful establishment of a new steam test facility in Naples, Italy. This facility is dedicated to testing and manufacturing a comprehensive range of masoneilan control valves and consolidated safety valves. This move is aimed at enhancing the company's presence and impact in the European market.
- Emerson Electric Co.
- CIRCOR International Inc.
- Schlumberger Limited
- PARKER HANNIFIN CORP
- Weir Group Plc.
- Metso Corporation
- BAKER HUGHES
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By Product Type :
By Size :
- 0.25 to 8 inches
- 8 to 20 inches
- Above 20 inches
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By Application :
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa