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The industrial valves market in the oil and gas industry size is estimated to increase by USD 2.51 billion, growing at a CAGR of 3.79% between 2023 and 2027. The rising need for enhanced valves emerges as the main driving force behind the market's growth. With the oil and gas industry venturing into more distant and demanding environments for exploration, there's a noticeable transformation in the exploration and production (E&P) arena. As traditional fossil fuel reservoirs become depleted, there's a requirement to explore intricate geographical locations where adverse conditions present operational hurdles.
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This industrial valves market in oil and gas industry report extensively covers market segmentation by product (gate, globe, ball, butterfly, and others), type (cast and forged), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
The gate segment is estimated to witness significant growth during the forecast period. These have a circular or rectangular plate that acts as a gateway and regulates the flow in case of straight-line fluid flow. They are of two types – parallel-shaped and wedge-shaped ones.
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The gate segment was the largest segment and was valued at USD 2.97 billion in 2017. They are preferred due to having good shut-off characteristics, being bi-directional in nature, affordable, and allowing minimum pressure loss. In the oil and gas industry, they are used for on-off applications in drilling activities as well as in pipelines containing oil, grease, or other viscous fluids. Such factors will boost segment growth during the forecast period.
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APAC is estimated to contribute 36% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In APAC, changes in the oil and gas pipeline segment, LNG, and the petrochemical sector are the key factors for the growth of the market. Increasing energy demand in China and India for massive industrial projects will increase the scope of the market. Factors such as China having 31 TCM of technically recoverable shale gas resources, the largest shale gas reserves in the world, and increased investments into expanding LNG capacity will have a positive impact on the market and boost market growth during the forecast period.
The global industrial valves market in the oil and gas industry is being propelled by significant drivers such as advancements in technology, which have led to the development of more efficient and reliable valve automation solutions. Process plants, refineries, and chemical and water treatment industries are increasingly adopting these advanced valves to enhance their operations and ensure smooth control of fluid flow. Investments in infrastructural development, particularly in the downstream segment, are driving the demand for valves, especially in pipeline applications. The emphasis by governments on boosting oil and gas production further contributes to market growth. Additionally, the need for various valve types, including 0.25 to 8-inch valves, forged oil & gas valves, and ball valve oil and gas, made from materials like carbon steel, stainless steel, cast iron, and metal alloys, highlights the diverse requirements across the industry. Furthermore, the incorporation of polymers, rubber, and other metals in valve construction ensures durability and reliability, making them indispensable components in the global oil and gas sector.
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The surge in demand for more efficient valves stands as the primary catalyst propelling the expansion of the market. As the oil and gas sector delves into increasingly remote and challenging terrains for exploration, there's a notable shift in the exploration and production (E&P) landscape. Depleted fossil fuel reservoirs necessitate exploration in complex geographies where harsh conditions pose operational challenges. To ensure project viability, extensive analysis, and testing are imperative, driving the need for advanced valve solutions. Additionally, the proliferation of unconventional hydrocarbon resources like shale oil and gas and oil tar sands presents fresh avenues for growth. These resources are instrumental in augmenting oil production and facilitating artificial production techniques in unconventional fields. Consequently, the global industrial valve market in the oil and gas industry is propelled forward, particularly with the demand for these products ranging from 0.25 to 8 inches, forged oil & gas valves, and ball valve oil and gas, crafted from diverse materials like carbon steel, cast iron, stainless steel, and various metal alloys, along with the integration of polymers and rubber for enhanced durability and performance.
The growing use of additive manufacturing for valves is the primary trend in the market. With the help of additive manufacturing, valve manufacturers can create actual functional models of complex products, experiment with different material components, and control the flow of fluid through these devices on 3D-printed valve models. They can check the flow (liquid, gas, or oil). By leveraging new additive manufacturing technologies such as Polyjet printing technology, manufacturers can reduce the weight of the demo valve by approximately 90%, saving shipping costs.
Additionally, additive manufacturing helps reduce costs and improve performance. For example, the GE Oil & Gas Additive Manufacturing Lab in Florence, Italy uses several direct metal laser melting (DMLM) machines to manufacture turbomachinery components. All these factors drive the growth of the global market during the forecast period.
The issue of counterfeit and fraudulent valves is the challenge that affects the growth of the market. A counterfeit product is a product that is illegally copied from a genuine product and sold as a genuine product. Manufacturers of these counterfeits produce cheap, high valves and then certify and sell them as genuine ones. In some cases, manufacturers sell them from major valve OEMs under their own names. The challenge is that these actuators resemble the original logoed ones, forging, patent, serial, heat numbers, and data plate, but upon disassembling them, they are not up to the mark.
Moreover, the growth of online markets for such counterfeit and fraudulent ones has increased the geographic reach and anonymity of manufacturers in the counterfeit market, reducing potential revenue streams for genuine market players. These factors will hinder the growth of the global industrial valve market for the oil and gas industry during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global industry Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alfa Laval AB: The company offers industrial valves such as globe valves, check valves, and pressure relief valves.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The industry report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
The market is witnessing significant growth driven by advancements in technology and infrastructural development. With valves ranging from 0.25 to 8 inches in size, companies like AMPO POYAM VALVES and Baker Hughes are leading the market with offerings such as ball valves, butterfly valves, and control valves. These equipment, made from materials like carbon steel, stainless steel, and corrosion-resistant alloys, play crucial roles in downstream and midstream applications, including refineries, gas projects, and liquefied natural gas projects. Innovations such as smart valves and digital oilfield solutions are enhancing efficiency and safety in the industry, with government emphasis on oil and gas production further fueling market growth.
Furthermore, the industry encompasses a diverse range of products, from 0.25 to 8 inches in size, catering to various applications in upstream, midstream, and downstream sectors. With increasing automation and government emphasis on oil and gas production, demand is rising for products made from materials like aluminum, cast iron, and corrosion-resistant alloys (CRA). Manufacturers such as Dixon and Powell Valves offer a wide array of valve types, including ball valves, butterfly valves, and plug valves, designed to withstand harsh operating conditions and temperatures. Innovations in electro-mechanical devices and artificial intelligence are revolutionizing valve automation solutions, ensuring efficient flow control in process plants and power generation sectors while meeting stringent industry standards set by organizations like ASME and ASTM.
Industrial Valves Market In Oil And Gas Industry Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.79% |
Market growth 2023-2027 |
USD 2.51 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.33 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 36% |
Key countries |
US, China, Japan, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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 dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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