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The manifolds market size is estimated to grow by USD 564.08 million at a CAGR of 3.52% between 2022 and 2027. The growth in demand for oil and natural gas, driven by factors such as increasing energy consumption and industrialization, is leading to a greater need for exploration and production activities. Stringent regulatory norms and standards on vehicular emissions are driving the adoption of cleaner fuels, leading to increased demand for natural gas as a cleaner alternative to other fossil fuels. The rise in deepwater and ultra-deepwater exploration and production activities is driven by the need to access untapped reserves and replace declining production from onshore and shallow-water fields. 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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This market report extensively covers market segmentation by application (oil and gas industry, industrial automation, HVAC system, automotive, and others), type (hydraulic, pneumatic, HVAC, automotive, and fluid distribution), and geography (APAC, Europe, North America, 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.
The oil and gas industry segment is estimated to witness significant growth during the forecast period. In the oil and gas industry, manifolds can be used when liquids need to be transferred from a well to a test line or from a storage tank to a production line. The common manifold has a hollow structure and is equipped with valves, fittings (te, elbows, and plugs), pipes, tubes, and pressure machines. The hollow shape of the manifold allows fluid to pass freely through its many ports and onto the production line.
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The oil and gas industry segment was the largest segment and was valued at USD 969.67 million in 2017. The oil and gas industry is undergoing an evolution supported by technological advancements driving increased production capacity and big data integration for real-time data tracking to make informed decisions about the oil and gas industry. Such advances support increased oil and gas production, and growing investment in offshore E&P operations is driving the growth of the oil and gas industry. Thus, this scenario is expected to drive the growth of the market during the forecast period.
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APAC is estimated to contribute 31% 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, Japan, China, and India are the main contributors to the market. Undersea collection projects are expected to increase in the APAC region due to increasing fuel consumption, especially in countries such as India, China, Japan, Korea, and Indonesia. It is estimated that the increase in drilling activity in APAC will lead to strong growth of the market in the future.
Furthermore, stringent vehicle emission standards in countries such as Japan, Korea, China, and Australia are helping to generate revenue from the regional market. The implementation of these regulations led to improvements in the design and components of automotive systems, including manifolds. Thus, such factors will drive the growth of the market in this region during the forecast period.
The market is experiencing growth driven by demand from various industries such as oil and gas and healthcare. In the oil and gas sector, subsea technologies are crucial for offshore exploration and production. Subsea production systems, including manifolds, play a vital role in controlling the flow of hydrocarbons from reservoirs to the surface. These systems enhance oil recovery efficiency during the primary and secondary recovery phases. Advanced control systems and template manifolds are integrated with sensor technology and data analytics for remote monitoring and operation, reducing the need for manual intervention and ensuring safety. In the healthcare sector, manifolds are used in hospital labs for patient epidemiology studies and pipeline analysis. Regulatory frameworks in both industries are shaping the market, prompting proactive supply chain management strategies. 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.
Growth in demand for oil and natural gas is the key driver for the growth of the market. As the global demand for oil and gas rises, there is a growing need to explore and exploit new reservoirs, leading to increased drilling activities. This has resulted in the drilling of new wells in countries that are not major producers. Additionally, the oil and gas industry is increasingly focusing on offshore exploration and production (E&P) activities due to the larger size and longer lifespan of offshore oil and gas reservoirs compared to onshore ones. This shift towards offshore operations has led to advancements in subsea technologies, subsea production systems, manifolds, control systems, and template manifold designs.
Furthermore, the increasing global demand for oil and natural gas is expected to drive growth in the oil and gas E&P sector. While the costs of offshore drilling are higher, offshore wells typically have larger reserves than onshore wells, allowing upstream companies to extract oil and gas from these significant reserves. This increase in demand for oil and gas is anticipated to lead to increased drilling activities in offshore locations, thereby driving the demand for collectors and boosting market growth in the forecast period.
The growing use of 3D printing is the trend shaping the growth of the market. Various manifold manufacturers are leveraging 3D printing technology in their products, helping to improve energy and design efficiency. 3D printing also reduces manufacturing costs and provides lighter and less expensive manifolds. Removing more metal than necessary is expensive, and often excess metal does not chip, resulting in heavier weights.
In a metal 3D printing process, such as selective laser sintering, a laser traces a micron-thick cross-section of a part, selectively fusing and melting the metal powder layer by layer. This allows engineers to control the amount of material entering the part, using less amount of metal than is required for computer numerical control (CNC) machining. Market players are leveraging these developments to improve efficiency. Hence, such benefits are anticipated to drive the growth of the market during the forecast period.
Threat from counterfeit products affects market growth. Counterfeit products are in the gray market category where the product is genuine, but the sale and distribution are not done by an authorized distributor. Counterfeit and fraudulent hydraulic manifolds are often of poor quality, which means that these products can fail or malfunction under high pressure, affecting the safety and quality of the installation where they are deployed. For original equipment manufacturers (OEMs), counterfeiting and fraud not only lead to potential loss of revenue but can also damage their brand image.
Furthermore, manufacturers of these counterfeit manifold products offer inexpensive manifolds. The challenge is that on the outside, these valves look like exact replicas of the original valve, complete with logos, tampering numbers, patents, serial and serial numbers, and nameplates. As a result, many counterfeit products emerge as a threat to the players operating in the market. Thus, such factors are expected to impede the growth of the market 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 Market 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.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 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 report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market for offshore oil and gas exploration is driven by factors such as Enhanced Oil Recovery (EOR) techniques, advanced materials, and sensor integration. Companies like British Petroleum play a significant role in this sector, focusing on subsea umbilicals, risers, and flow lines. Despite technological progress and innovations, challenges such as high initial costs and the depletion of onshore reserves remain. However, the industry's commitment to sustainability and regulatory compliance continues to drive growth in the market for subsea manifold and other offshore production systems.
The market in the offshore oil and gas production sector emphasizes performance, reliability, and standardization to meet industry demands. It also focuses on environmental and regulatory compliance and pricing analysis to ensure sustainable operations. Key components like subsea wells and surface facilities play a crucial role in the primary recovery and management of fluids. Enhanced Oil Recovery (EOR) techniques are increasingly important, driving advancements in engineering techniques and remote operation to improve productivity while managing operational costs. Despite these advancements, challenges such as supply chain disruptions and the need for environmental compliance remain, highlighting the importance of subsea production system equipment and fluid management.
The market focuses on enhancing capabilities and Offshore oil and gas production systems. It is crucial for EOR efforts in offshore fields. However, the market faces certain restraints. Management and distribution of fluids is key to maximizing productivity in offshore operations.
Manifolds Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.52% |
Market growth 2023-2027 |
USD 564.08 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.05 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 31% |
Key countries |
US, China, India, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Berendsen Fluid Power Pty Ltd., Dril Quip Inc., Eaton Corp. Plc, Eurofluid Hydraulic S.r.l., Forum Energy Technologies Inc., General Electric Co., Hyspecs Hydraulics NZ, M and W Hydraulics, Moog Inc., NOV Inc., Oilpath Hydraulics Pty Ltd., RBV Energy Ltd., Parker Hannifin Corp., Renishaw Plc, Robert Bosch GmbH, Schlumberger Ltd., TechnipFMC plc, Weatherford International Plc, and Worldwide Oilfield Machine Inc. |
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 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 Application
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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