The report on the industrial valves market in oil and gas industry provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by rise in demand for more efficient valves and increase in oil and gas E&P activities.
The global oil & gas valves market is expected to surpass US$ 12,517 Mn by the end of 2022. Demand for oil & gas valves in the global market is projected to surge at 3.5% CAGR during the forecast period 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.
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.
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| Attribute | Details |
| Oil & Gas Valves Market Estimated Size in 2022 | US$ 12,517 Mn |
| Oil & Gas Valves Market Projected Size in 2029 | US$ 15,897 Mn |
| Oil & Gas Valves Market Historical CAGR (2014-2021) | 2.7% |
| Oil & Gas Valves Market Value-based CAGR (2022-2029) | 3.5% |
Integration of smart technologies in oil & gas valves for monitoring process variables including downstream and upstream pressure stem position, flow rate, and temperature is estimated to augment the demand in the market.
Increasing applications of oil & gas valves across chemical and water treatment industries is anticipated to assist the market to total US$ 15.9 Bn by 2029. As per FMI, the downstream segment is projected to account for the dominant share in the global market through 2029.
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 3.5% 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.
Analysts who have compiled the oil & gas valves market report are available for interviews and quotes at [email protected]
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