Market Trends of Europe Industrial Valves Industry
This section covers the major market trends shaping the Europe Industrial Valves Market according to our research experts:
Oil and Gas Segment is Expected to Register Significant Growth
- Important nations in the European region have increased their focus on renovating existing refineries and expanding their oil refineries to meet the rising demand for crude oil in order to ensure the continuation of efficient operations. According to this scenario, infrastructure and pipeline investments will increase, boosting the demand for valves over the forecast period.
- The International Energy Agency (IEA) reports that from March to April 2020, the oil price decreased by 40.6% in OECD nations, raising concerns for oil and gas companies. As a result, businesses in the oil and gas industry began experimenting with cutting-edge technologies and industrial automation during the COVID-19 outbreak to boost productivity and profits. This brought a positive impact on the market studied during the pandemic.
- In May 2022, Italian company Snam and Spanish company Enagas investigated the possibility of building a gas pipeline. It is anticipated that the proposed pipeline between Spain and Italy will have a 30-billion-cubic-meter annual capacity. This comes after Europe's efforts to reduce its reliance on Russian gas and diversify its energy supply mix following Russia's invasion of Ukraine.
- Additionally, the Nigerian government gave the country's state-owned oil company, Nigerian National Petroleum Corporation (NNPC), permission to sign a contract to construct a 5,660-km gas pipeline from Morocco to Europe in June 2022. These programs help the market under study even more.
- Additionally, as Europe attempts to wean itself off of Russian fossil fuels, Netherlands and Germany announced in June 2022 to jointly develop and exploit a new gas field in the North Sea. This move is expected to help secure the gas supply. Due to the conflict in Ukraine, the permit was granted, and production in the field is anticipated to begin in the coming years.
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Butterfly Valves to Hold a Significant Market Share
- The butterfly valve market in Europe is currently expanding. In a pipeline, a butterfly valve initiates, controls, and terminates the flow of gases or fluids. It uses two semicircular plates, a disc, a stem, a seal, and an accumulator. The butterfly valve is more dependable, cost-effective, and requires less maintenance than its competitors. As a result, it has many uses in the water supply and treatment facilities in Europe.
- Butterfly valves are among the most frequently used in the industrial sector throughout Europe. They are also cost-efficient and simpler to install. Butterfly valves are renowned for their efficiency in handling slurries and corrosive liquids. Therefore, the industrial valve market players are seeing significant demand for butterfly valves due to rising urbanization and the increased deployment of wastewater treatment plants, fueling the growth of the Europe market.
- Moreover, among the key factors favorably affecting the butterfly valve market in Europe are rapid urbanization and industrialization, as well as the rising demand for renewable energy and exploration activities. The European Union has also implemented strict laws to control emissions and gas leaks in the mining, refining, oil and gas, power, and chemical industries. Resultantly, there is a rise in the need for high-quality butterfly valves in the region.
- For instance, in July 2022, KTH Royal Institute of Technology researchers in Sweden developed a high-temperature packed bed thermal energy storage (TES) system that could be used to store electricity produced by large-scale renewable energy sources. A mass flow controller and an electrical heater are used in the system to regulate charge and discharge, and piping with four butterfly valves allows for consecutive thermal cycles.
- The pandemic and the ensuing lockdown measures had a detrimental effect on the market in Europe. This may be attributed to a brief halt in production at various manufacturing facilities. After lockdown restrictions were lifted, the butterfly valve market expanded.
- For instance, in collaboration with Definox, Freudenberg Sealing Technologies created a line of high-performance seals for butterfly valves in November 2020. The butterfly valve seal uses a combination of materials that are resistant to wear and closes gently. The valves have high compression when closed to ensure proper sealing. For a hygienic design, the geometry of the sealing is also developed to be free of dead space and leak-free.
- Additionally, the valve expert GEMÜ announced in October 2020 that it could expand its selection of pneumatically operated ball valves and butterfly valves and would eventually offer versions with basic GEMÜ GDR or GSR actuators. For butterfly valves that are operated pneumatically, there are the GEMÜ GDR and GSR basic actuators.
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