Future Market Insights (FMI) market study titled, ‘Oil & Gas Valves Market: Global Industry Analysis 2014–2021 and Opportunity Assessment 2022–2029’ has forecasted that by the end of 2022, the oil & gas valves market is expected to reach more than US$12.5 billion. During the forecast period of 2022-2029, the global market for oil & gas valves is also expected to grow at a 3.5% compound annual growth rate (CAGR).
According to FMI, the global oil and gas valves market was valued at approximately US$10 billion in 2014, while the global oil and gas valves market is expected to be worth more than US$12 billion by the end of 2022. The oil and gas valves market is also expected to grow at a CAGR of more than 3% between 2022 and 2029, reaching a value of nearly US$16 billion by the end of 2029.
FMI indicated that 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 is 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.”
FMI
Downstream Applications Contributing a Major Share to Oil & Gas Valves Market
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.
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 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.
Meanwhile, 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.
The Future Market Insights (FMI) market analyse the global oil & gas valves market and provides an in-depth analysis forecast.
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