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The industrial valves market in the oil and gas industry size is estimated to grow at a CAGR of 3.79% between 2023 and 2027. The market size is forecast to increase by USD 2,509.5 million. The growth of the market depends on several factors such as a rise in demand for more efficient valves, a rise in demand for oil and gas, and growing regulatory standards on safety and carbon emissions
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). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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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 rise in demand for more efficient valves is the key driver for the growth of the market. The E&P landscape of the oil and gas sector is changing with the increase in exploration activities in remote areas. With fossil fuel resources depleted, oil and gas exploration forces oil and gas companies to travel to complex geographies where harsh operating environments make it difficult to continue drilling operations. More analysis and testing need to be done for the project to be commercially viable under these circumstances.
Moreover, the growth of unconventional hydrocarbon resources such as shale oil and gas and oil tar sands is also creating new opportunities for industrial valves in the oil and gas industry. These valves are also used to enhance oil production and artificial production in such unconventional oil and gas fields. Thus, these factors drive the growth of the global industrial valve market for the oil and gas industry during the forecast period.
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 valves 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 industrial valve market for the oil and gas industry 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 counterfeit valves produce cheap, high valves and then certify and sell them as genuine valves. In some cases, manufacturers of such valves sell valves from major valve OEMs under their own names. The challenge is that these actuators resemble the original logoed valves, forging, patent, serial, heat numbers, and data plate, but upon disassembling the valves, they are not up to the mark.
Moreover, the growth of online markets for such counterfeit and fraudulent valves 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 Industrial Valves Market in Oil and Gas 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 gate segment is estimated to witness significant growth during the forecast period. These valves have a circular or rectangular plate which acts as a gateway and regulates the flow in case of straight-line fluid flow. They are of two types – parallel shaped gate valves and wedge-shaped gate valves
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The gate segment was the largest segment and was valued at USD 2,968.56 million in 2017. Gate valves 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.
Due to the lockdowns imposed in several countries in the region to contain the spread of COVID-19, the demand for oil and gas was adversely affected in 2020. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Thus, the growing demand for oil and gas in the region will drive the growth of the regional market in focus during the forecast period.
The industrial valves market in oil and gas industry report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
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Industrial Valves Market In Oil And Gas Industry Scope |
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.79% |
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Market growth 2023-2027 |
USD 2,509.5 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
3.33 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 36% |
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Key countries |
US, China, Japan, UK, and France |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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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 |
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Market dynamics |
Parent market analysis, 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. |
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Customization purview |
If our 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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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