NEW
YORK, Aug. 9, 2024 /PRNewswire/ -- The global
industrial valves in oil and gas market size is estimated to grow
by USD 2.44 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of almost 3.58% during the forecast period. Rise in
demand for more efficient valves is driving market
growth, with a trend towards advances in valve
technology. However, issue of counterfeit and fraudulent
valves poses a challenge. Key market players include Alfa
Laval AB, AVK Holding AS, Bray International Inc., Crane Holdings
Co., Curtiss Wright Corp., Dembla Valves Ltd., Emerson Electric
Co., Flowserve Corp., General Electric Co., Hobbs Valve Ltd.,
Honeywell International Inc., IMI Plc, ITT Inc., KITZ Corp., Larsen
and Toubro Ltd., Pentair Plc, RF Valves Inc., Schlumberger Ltd.,
The Weir Group Plc, and Valvitalia SpA.
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
snapshot of this report
Industrial Valves In
Oil And Gas Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
3.58%
|
Market growth
2024-2028
|
USD 2441.2
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
3.41
|
Regional
analysis
|
APAC, North America,
Europe, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 36%
|
Key
countries
|
China, US, UK, France,
and Japan
|
Key companies
profiled
|
Alfa Laval AB, AVK
Holding AS, Bray International Inc., Crane Holdings Co., Curtiss
Wright Corp., Dembla Valves Ltd., Emerson Electric Co., Flowserve
Corp., General Electric Co., Hobbs Valve Ltd., Honeywell
International Inc., IMI Plc, ITT Inc., KITZ Corp., Larsen and
Toubro Ltd., Pentair Plc, RF Valves Inc., Schlumberger Ltd., The
Weir Group Plc, and Valvitalia SpA
|
Market Driver
The Oil and Gas market is witnessing significant growth due to
increased exploration activities in the energy sector. Both
greenfield and brownfield projects are driving the demand for
industrial valves in onshore exploration and pipeline projects.
Valves such as check valves, gate valves, ball valves, butterfly
valves, globe valves, and pressure relief valves are in high
demand. The size of the valve market varies, with below 10 inch, 10
to 20 inch, and above 20 inch categories catering to different
applications. Upstream, midstream, and downstream industries,
including natural gas production, crude oil refining, and chemical
plants, are key consumers. Safety remains a top priority, with
automated valve operations reducing human error and minimizing
accidents and spills. The power generation sector and valve
manufacturing sector are also major contributors to the market's
growth. Clean energy initiatives are expected to create new
opportunities in the market. The market for industrial valves in
the Oil and Gas industry is diverse, catering to the needs of
various sectors, from energy production to transportation and
refining. With the increasing demand for diesel, gasoline, natural
gas, and other petroleum products, the market for industrial valves
is poised for continued growth. Mechanical engineering plays a
crucial role in designing and manufacturing these essential
components, ensuring safety and efficiency in operations.
Discover 360° analysis of this market. For
complete information, schedule your consultation - Book
Here!
Market Challenges
- The issue of counterfeit and fraudulent industrial valves in
the oil and gas market has emerged as a significant concern. These
products, which are illegally manufactured and sold as genuine,
pose a serious threat to safety and quality. Counterfeit valves are
often of inferior quality and can fail under pressure, compromising
the integrity of facilities. For original equipment manufacturers
(OEMs), the sale of counterfeit valves results in potential revenue
loss and damage to brand equity. Counterfeiters produce and market
valves that resemble the original ones, complete with logos,
certifications, and data plates. However, upon disassembly, these
valves do not meet the required standards. Old valves are sometimes
repaired improperly and sold as new. Certification bodies'
certifications are forged, and valves are marketed under false
names. Manufacturers are taking steps to combat this issue by
forming alliances and raising awareness among end-users and
distributors. Some are implementing laser marking on valves to
indicate size, material, and pressure class. However, the growth of
online marketplaces for counterfeit valves provides wider reach and
anonymity for counterfeiters, threatening revenue streams for
genuine vendors. This trend is expected to hinder the growth of the
global industrial valves market in the oil and gas sector during
the forecast period.
- The Energy sector, including Oil & Gas, faces numerous
challenges in areas like Diesel and Gasoline production, Natural
Gas production from exploration wells, and refining Crude Oil in
Refineries and Petrochemical plants. Safety is paramount, with a
focus on preventing accidents and spills. Mechanical engineering
plays a crucial role in addressing these challenges through the
manufacturing sector's Valve offerings. Valves are essential
Industrial Control Components in various applications, including
Power Generation, Chemical Plants, and the Automotive sector. In
the Oil & Gas industry, valves ensure pipeline safety, minimize
leakage, and manage Fluid level, Pressure, Flow, and Temperature in
Gas projects. Valve types include Ball, Butterfly, Gate, Globe,
Control valves, and Valve automation solutions like Actuators,
Sensors, and Smart Valves. The ESD valve market is growing due to
increasing focus on Safety and Environmental concerns. The
International Energy Agency emphasizes the importance of Clean
energy initiatives, which also impacts the Valve market. Valve
manufacturers must address challenges such as sealing ability,
mechanical devices' reliability, and adapting to Greener energy
sources and Marine operations. The Valve industry continues to
evolve, offering innovative solutions for Fluid management in
various sectors.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This industrial valves in oil and gas market report extensively
covers market segmentation by
- Product
- 1.1 Gate
- 1.2 Globe
- 1.3 Ball
- 1.4 Butterfly
- 1.5 Others
- Type
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Gate- Gate valves are linear motion valves
commonly used for on-off applications in the oil and gas industry.
They consist of a gate, which is either circular or rectangular,
that functions as a barrier to regulate fluid flow in a straight
line. Two main types of gate valves exist: parallel-shaped and
wedge-shaped. Parallel-shaped gate valves have a flat gate between
two parallel seats, making them popular in steam applications. In
contrast, wedge-shaped gate valves utilize two inclined seats and a
mismatched inclined gate, making them suitable for applications
with viscous fluids like oil and gas. These valves are essential in
drilling activities and pipeline operations. Their primary demand
arises from the construction of pipelines for water and gas supply.
Gate valves offer several advantages, including excellent shut-off
characteristics, bidirectional flow capability, minimal pressure
loss, and suitability for high-pressure applications. Moreover,
their affordability is another significant factor contributing to
their popularity. The expanding oil and gas infrastructure,
including pipelines, refineries, LNG terminals, and petrochemical
plants, fuels the demand for gate valves, thereby driving the
growth of the global industrial valves market in the oil and gas
sector.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Industrial Valves and Actuators Market is
experiencing significant growth, driven by the rising demand in
various industries, including oil and gas. The global Industrial
Valves Market size in the oil and gas industry is expanding due to
the increasing need for efficient flow control in exploration and
production activities. Technological advancements and automation in
industrial processes are further fueling market expansion. As a
result, the market is projected to witness robust growth, with key
players focusing on innovation and strategic partnerships to
capitalize on emerging opportunities.
Research Analysis
The Industrial Valves market in the Oil and Gas industry plays a
crucial role in managing the flow of energy resources, including
Diesel, Gasoline, Crude oil, and Natural gas, in various
applications such as Energy production, Chemical plants, and
Natural gas production. Valves are essential components in
Exploration wells and Refining processes, ensuring the safe and
efficient transfer of liquids and gases. Ball, Butterfly, Gate,
Globe, and Control valves are commonly used in this sector. Valve
automation solutions and Smart valves enable remote monitoring and
optimization of Pressure, Liquid level, Flow, and Temperature. The
Oil and Gas market encompasses both Greenfield projects and
Brownfield projects, as well as Onshore exploration activities,
where valves are indispensable for managing the complex processes
involved.
Market Research Overview
The Industrial Valves in Oil and Gas market plays a crucial role
in the energy sector, particularly in the production and processing
of Crude oil, Natural gas, and other hydrocarbons. Valves are
essential mechanical devices used for Fluid management in Energy
production, including Diesel and Gasoline refineries, Chemical
plants, Power generation sector, and Petrochemical plants. Valves
regulate Pressure, Liquid level, Flow, and Temperature in
Exploration wells, pipelines, and refining processes. Safety is a
top priority in the Oil and Gas industry, with a focus on
preventing Accidents and Spills. Valve manufacturing sector offers
various types of Valve automation solutions, including Smart valves
and Actuators, to ensure efficient and safe operations. The market
includes a wide range of valve types, such as Ball, Butterfly,
Gate, Globe, and Check valves, catering to different applications
and sizes (Below 10 inch, 10 to 20 inch, Above 20 inch). The market
is influenced by various factors, including Upstream, Midstream,
and Downstream activities, Gas projects, Clean energy initiatives,
and the International Energy Agency's focus on pipeline safety and
Leakage reduction. The market also serves various industries,
including the Automotive sector and Marine operations. Valves are
essential components in Industrial control systems, and their
Sealing ability is critical for maintaining process efficiency and
preventing environmental hazards. The market continues to evolve
with advancements in ESD valve technology, Valve automation
solutions, and the adoption of Greener energy sources.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Gate
- Globe
- Ball
- Butterfly
- Others
- Type
-
- Geography
-
- APAC
- North America
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download
multimedia:https://www.prnewswire.com/news-releases/industrial-valves-in-oil-and-gas-market-size-is-set-to-grow-by-usd-2-44-billion-from-2024-2028--rise-in-demand-for-more-efficient-valves-boost-the-market-technavio-302217850.html
SOURCE Technavio