Industrial Valves Market Size in Oil and Gas Industry Will Accelerate at 5% CAGR During 2020-2024 | Technavio

Scope of the report

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Technavio has announced its latest market research report titled Global Industrial Valves Market in Oil and Gas Industry 2020-2024 (Graphic: Business Wire)

This report provides a detailed analysis of the industrial valves market by product (ball valves, plug valves, gate valves, globe valves, and others) and geography (MEA, North America, Europe, APAC, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including AVK Holding AS, Badger Meter Inc., Emerson Electric Co., Flowserve Corp., ITT Inc., Parker Hannifin Corp., Schlumberger Ltd., SMC Corp., The Dixon Group Inc., and The Weir Group Plc. Increase in oil and gas E&P activities is a key trend in the global industrial valves market which will lead to significant market growth. Technological advances such as the development of data-oriented and sensitive equipment have significantly increased the productivity of oil and gas E&P activities. Besides, countries such as the US and Canada are making huge investments in drilling activities to tap unconventional resources. All these factors are leading to a positive outlook for the industrial valves market.

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Industrial Valves Market in Oil and Gas Industry: Segmentation by Geography

The market is segmented into five regions encompassing MEA, North America, Europe, APAC, and South America. MEA was the largest market for industrial valves in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 37% of the market’s growth will originate from MEA during the forecast period. The region is home to many major oil and gas-producing nations such as Saudi Arabia, Iran, the UAE, Nigeria, Iraq, Angola, and Algeria. In addition, the region is witnessing a rise in the number of new refinery projects led by the growing need for increasing domestic gas production. These factors are fueling the growth of the industrial valves market size in MEA. Saudi Arabia and Iran (Islamic Republic of Iran) are the key markets for industrial valves for the oil and gas industry in MEA.

Industrial Valves Market in Oil and Gas Industry: Segmentation by Product

The industrial valves market is segmented into five segments based on the product comprising of ball valves, plug valves, gate valves, globe valves, and others. The market saw increased demand for ball valves in 2019. Ball valves are extensively used in the upstream oil and gas E&P activities owing to their high corrosion resistance to seawater and low-pressure drop in high-pressure applications. With a rise in the number of upstream oil and gas E&P activities, the demand for ball valves will further increase during the forecast period. These factors are creating significant growth potential in the segment.

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Industrial Valves Market in Oil and Gas Industry: Growth Drivers

Rise in demand for more efficient valves will drive market growth. The depletion of oil and gas reserves is compelling oil and gas companies to explore opportunities in remote locations and complex terrains with harsh operating conditions. In such conditions, even a small mistake could severely affect the safety and productivity of drilling operations. This has increased the demand for more efficient valves that can withstand hostile operating environments and provide the required level of safety and productivity. In addition, the rising investments in shale oil fields are also creating significant demand for more efficient valves. These factors are creating new opportunities for the manufacturers of industrial valves in the oil and gas industry, thereby fueling market growth.

Industrial Valves Market in Oil and Gas Industry: Market overview

The industrial valves market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. AVK Holding AS, Badger Meter Inc., and Emerson Electric Co. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the availability of counterfeit and fraudulent valves will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Market Sizing Methodology

Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)

Industrial Valves Market in Oil and Gas Industry: Parent Market Overview

Technavio categorizes the global industrial valves market in oil and gas industry as a part of the global oilfield equipment and services market within the global oil and gas market. The global oilfield equipment and services market covers products and companies engaged in upstream exploration and production (E&P) operations, production of equipment or service contracts, and is an important manufacturing sector, which caters to the needs of the oil and gas upstream sector.

Growth in the oil and gas market will be driven by the increase in global energy demand and robust growth in the power industry.

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