NEWARK, Del, April 22, 2024 (GLOBE NEWSWIRE) -- The oil and gas valve market is catching substantial growth with the increasing need for energy sources like diesel, gasoline, and natural gas worldwide. The market is anticipated to progress at a CAGR of 3.40% from 2024 to 2034, reaching a valuation of US$ 18,720.19 million.
The growth in the market is attributed to the rising emphasis on increasing oil and gas production. This is driving the demand for valves in the exploration, production, and transportation of these resources.
Governments in several countries are investing heavily in the upstream oil and gas sector to increase the production of natural gas and crude oil by-products. This is expected to create lucrative growth opportunities for oil and gas valve manufacturers.
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The market growth is, however, limited by factors like lack of standardization and government policies regarding valves, which create diversity in the demand and applicability of valves in various industries. Additional capital and a diverse product portfolio affect the overall profitability and maintenance cost.
To overcome these challenges, industry players are adopting new technologies and equipment that help improve safety and mitigate risks. Valves play a vital role in controlling the flow and pressure of oil and natural gas during their production and refining and are designed to meet the highest safety standards. This peculiarity is spurring the sales of oil and gas valves in the global market.
Key Takeaways from the Market Study
- The oil and gas valve market is presently valued at US$ 13,400.5 million in 2024.
- Butterfly valves are in demand, setting a market share of 18.00% for 2024.
- The 0.25 to 8-inch segment is anticipated to hold a market share of nearly 51.00% in oil and gas valves for 2024.
- The oil and gas valve market in India has the potential to increase at a 5.10% CAGR through 2034.
- The oil and gas valve market in South Korea is predicted to rise at a moderate 4.60% CAGR through 2034.
- The oil and gas valve market in Japan is projected to inflate at a CAGR of 3.90% through 2034.
- The oil and gas valve market in Italy is anticipated to develop at a CAGR of 3.60% through 2034.
- The oil and gas valve market in Spain is estimated to rise at a 3.20% CAGR through 2034.
“Rapid expansion of the power generation sector and growing inclination towards adopting advanced mechanical engineering procedures to extract energy sources is foreseeable opportunities in oil and gas valve market,” - Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Competitive Landscape
Market players operating in the global oil and gas valve market are striving to enhance their footprint by adopting strategies such as new product launches. New facility development and acquisition of small local players are new steps entering the global market. Manufacturers are implementing new safety features and advancements in the valves to cover the market requirements and serve more products with varied regional differences.
Recent Development:
- In July 2023, Renishaw and Kent Introl partnered to introduce additive manufacturing to the United Kingdom oil and gas sector, with Kent Introl becoming the first valve parts manufacturer to adopt AM technology.
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Key Companies
- Emerson Electric Co.
- CIRCOR International Inc.
- Schlumberger Limited
- PARKER HANNIFIN CORP
- Weir Group Plc.
- Metso Corporation
- BAKER HUGHES
- Others
Growth Factors
As the global population continues to grow, the demand for energy is experiencing a corresponding surge. This heightened need for various energy sources like diesel, gasoline, and natural gas is prompting governments worldwide to prioritize increased oil and gas production.
Consequently, there is a significant uptick in the demand for valves utilized in the exploration, production, and transportation of these vital resources, which serves as a primary driver for market growth.
Moreover, the emergence of numerous new chemical plants dedicated to producing crude oil derivatives across regions like Argentina, Brazil, and Peru is expected to further boost the sales of oil and gas valves.
Given the inherently hazardous nature of the oil and gas industry, preventing accidents and spills is paramount. To address these risks, companies are increasingly adopting advanced technologies and equipment designed to enhance safety standards. Valves, being integral components in this safety framework, are witnessing heightened sales in response to these market dynamics.
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Market Segmentation
By Product Type:
- Gates
- Globes
- Balls
- Butterflies
- Checks
- PRVs
- Others
By Size:
- 0.25 to 8 inches
- 8 to 20 inches
- Above 20 inches
By Body Material:
- Cast
- Forged
By Application:
- Upstream
- Midstream
- Downstream
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Explore Future Market Insights, Inc. Extensive Coverage in Industrial Automation Domain:
- Global safety valves market are projected to hit US$ 4.4 billion by 2023. Over the forecast period, there's an anticipated 8.6% compound annual growth rate (CAGR) in the demand for safety valves, reaching approximately US$ 10.0 billion by 2033. Industry analysis indicates that the target segment is poised to expand at an 8.2% CAGR through 2033.
- The Pressure Reducing Valve Market is expected to reach US$ 2,186.20 million in 2023 and is projected to register a CAGR of 4.70% from 2024 to 2034, reaching US$ 3,932.20 million.
- In the industrial valve market, the valuation is expected to reach around US$ 81.55 billion by 2024. The increasing utilization of industrial valves for material flow control is driving demand, with a projected moderate CAGR of 4.2% between 2024 and 2034. By 2034, the market is forecasted to be worth US$ 123.05 billion.
- The solenoid valve industry is expected to reach US$ 4.5 billion in 2023 and is projected to register a CAGR of 4.5% from 2023 to 2033, reaching US$ 6.9 billion by 2033.
- In the aerospace valves market, revenue from sales is expected to rise from US$ 10.8 billion in 2023 to nearly US$ 17.6 billion by 2033, with a CAGR of 5% during the forecast period.
- The worldwide cryogenic valves market is anticipated to see robust growth, reaching a value of US$ 3,552.3 million in 2023 and projected to expand at a CAGR of 4.9% from 2023 to 2033. By the end of the forecast period, it is expected to achieve a valuation of US$ 5,731.4 million.
- According to FMI, the North America Pressure Regulating Valves Market is poised to grow at a CAGR of 5.1% between 2022 and 2032, reaching US$ 1,293.5 million by 2032.
- Expansion Valves Market forecasted to escalate from US$ 11.5 billion in 2023 to US$ 17.4 billion in 2033, driven by the growing demand for advanced air conditioning systems across diverse sectors. This market is expected to grow at a CAGR of 4.2% during the same period.
- Future Market Insights (FMI) predicts significant growth for the valve remote control systems market, with sales exceeding US$ 7.9 billion in 2023 and reaching US$ 15.1 billion by 2033. The industry is expected to soar at a CAGR of 6.7% over the forecast period.
- The global electronic expansion valves market is forecasted to reach US$ 1.6 billion by 2032, exhibiting growth at a CAGR of 8.4% from US$ 695.99 million in 2022.
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