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The industrial valves market in the oil and gas industry size is estimated to increase by USD 2.44 billion, growing at a CAGR of 3.58% between 2023 and 2028. The market's growth is primarily fueled by the increasing demand for advanced valves, driven by the oil and gas industry's expanding exploration into remote and challenging environments. As traditional fossil fuel reservoirs diminish, there's a notable shift in the exploration and production (E&P) landscape towards more complex geological settings. These environments pose significant operational challenges due to their adverse conditions. The need for enhanced valves is critical in overcoming these hurdles, ensuring efficient and safe extraction processes. This transformation underscores a growing emphasis on technological innovation and reliability in valve systems to meet the rigorous demands of modern exploration and production activities in the oil and gas sector.
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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 3.00 billion in 2018. 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 market forecast period.
The industrial valves market in oil and gas plays a critical role across various sectors including diesel, gasoline, natural gas, and oil and gas production. Chemical plants and crude oil refineries rely on precise valve automation solutions for efficient operations. In the upstream oil and gas sector, exploration wells equipped with advanced control valves and wireless or remote infrastructure optimize extraction processes. Smart valves ensure safe handling of liquid level and temperature control in refining and exploration activities. Both greenfield projects and brownfield projects benefit from robust valve automation solutions that enhance operational reliability and safety. The demand for onshore exploration continues to drive innovations in valve technology, ensuring sustainable and efficient energy production. The market's growth is underpinned by advancements in natural gas production and the expansion of exploration activities, highlighting the pivotal role of valves in the oil and gas industry. Our researchers analyzed the data with 2023 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 market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is integral to various industries including the power generation sector, oil and gas pipelines, and petrochemical plants where reliability is paramount. With a focus on pipeline safety and reducing accidents and spills, film capacitors in ESD valve applications ensure quick response times. They are pivotal in mechanical engineering for precise fluid management and are built to meet ASME and ASTM material standards. Capacitors support clean energy initiatives and greener energy sources by enhancing automated valve operations in pipeline projects and midstream to downstream operations. Capacitors excel in automotive and marine operations where pressure relief valves and check valves require dependable sealing ability. As demand grows, capacitors are adapted for shale gas production and accommodate varying sizes from below 10 inches to above 20 inches for diverse applications in the global market.
Market Scope |
|
Report Coverage |
Details |
Page number |
188 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.58% |
Market Growth 2024-2028 |
USD 2.44 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.41 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 36% |
Key countries |
China, US, UK, France, and Japan |
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 growth 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, and Market condition analysis for the market 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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