ALBANY, New York, Jan. 25, 2018 (GLOBE NEWSWIRE) --
According to a new market report published by Transparency Market Research entitled “Control Valves Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025”, the global control valves market was valued at US$ 6,017.8 Mn in 2016 and is expected to expand at a CAGR of 6.4% from 2017 to 2025, reaching US$ 10,460.1 Mn by the end of the forecast period. In terms of volume global control valves market is expected to reach 13,734.6 thousand units in 2025.
The global control valves market is presently driven by rising oil & gas exploration activities. Demand for control valves in the oil & gas industry exists primarily due to their exhaustive applications throughout upstream, midstream, and downstream activities. Demand for oil and gas products is increasing at a significant rate; however, supply for the same is dwindling due to the global decrease in oil and gas reserves. The demand and supply gap has led various companies to invest their financial and technological resources in exploring new oil fields and improving oil and gas extraction efficiency. Governments of different countries are investing in oil and gas companies. According to the government of Dubai, as of 2017, it owns 1381 oil and gas companies. Demand for valves is anticipated to rise with rising oil & gas plants. In 2016, the Organization of the Petroleum Exporting Countries (OPEC) projected world oil demand to be 65 thousand barrels per day. The oil and gas prices reduced in 2016, particularly in North America. However, companies in the countries such as the U.S. and China are estimated to invest in oil & gas exploration and production to recover the prices.
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In February 2017, the U.S. crude oil production surpassed 9 million barrels per day, approximately 0.5 million barrels higher than in 2016. Valves act as key components in the onshore and offshore oil and gas activities, where there has been an increase in their application due to the adverse corrosive conditions and high pressure conditions experienced on refineries and production platforms. Demand for valves is consistently increasing due to the benefits they offer in terms of pressure or temperature control throughout upstream, midstream, and downstream activities in the oil & gas industry. Floating Production Storage and Offloading (FPSO) activities require number of valves in activities such as tank farms, gas storage, and offshore production platforms. Custom-engineered valves for usage in large-diameter oil pipelines is anticipated to fuel the adoption of industrial valves in the LNG segment. Another prominent factor driving control valves demand is stringent regulations related to industrial emission.
Increased industrialization has given rise to stringent emission and effluent regulations for industries such as chemicals, oil & gas, pharmaceutical, and others. Several regulating authorities in different regions are beginning to adhere to stricter emissions standards. Fugitive emissions is a major area where valves play a vital role. Fugitive emissions are hazardous chemicals in physical form that can leak unanticipated. The International Standards Organization (ISO) has developed emission standards for valves that meet the increasingly stringent fugitive emission regulations. The regulations are divided in two parts. Part one covers the classification system and qualification procedures for type testing of valves that ensures the valves are leakage proof. Part two covers the production acceptance testing of valves that ensures the valves for further industrial usage. Additionally, ISO 15848, ISO 5208, ISO 28921, ISO 16137 are some emission standards to measure, test, and qualify the industrial valves. The American Petroleum Institute (API) has been a cornerstone in maintaining the standards for the oil & gas industry. In 2014, the API introduced API Standard 624, this norm emphasizes on type testing for valves to evaluate fugitive emissions.
The key players profiled in the global control valves market report include Honeywell International Inc. Emerson Electric Co., KITZ Corporation, Bürkert Fluid Control Systems, Schlumberger Limited, Flowserve Corporation, AVK Holding A/S, Rotork Plc., General Electric Company and Goodwin International Ltd.
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