Market Trends of Europe Valves Industry
This section covers the major market trends shaping the Europe Valves Market according to our research experts:
Control Valves to Hold a Significant Market Share
- The control valve manipulates the flowing fluid, such as gas, steam, water, or chemical compounds, to compensate for the load disturbance and keeps the regulated process variable as close as possible to the desired set point. Control valves are the most important part of any process control loop, as they are critical to the overall performance of the process, especially when reliability and productivity are the primary goals.
- The growth of the control valve market is driven by factors such as the increasing need for wireless infrastructure to monitor equipment in various plants, augmented focus on automation, and expanding number of process industry establishments.
- Further, companies are looking for various acquisitions and partnerships in order to stronghold their market presence. For instance, in June 2021, Helios Technologies signed a definitive agreement to acquire NEM s.r.l. NEM produces cartridge, parts-in-body and directional control valves.
- In August 2021, Burkert Fluid Control Systems announced to offer durable and low maintenance on/off and control valves for switching and controlling gases, liquids, and steam in the process and food industries, suitable for media pressures up to 25 bar and temperatures up to 230°C. The service life at 200°C is more than one million switching cycles.
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Oil & Gas Segment is Expected to Register Significant Growth
- To ensure the continuation of efficient operations, significant countries in the European region have increased focus on renovating existing refineries and expanding their oil refineries to meet the growing demand for crude oil. This scenario is expected to increase investments toward the pipeline and infrastructural development, augmenting the demand for valves over the forecast period.
- In June 2022, Nigerian state oil firm Nigerian National Petroleum Corporation (NNPC) received permission from the Nigerian Government to sign an agreement on constructing a 5,660-km gas pipeline from Morocco to Europe. These initiatives further boost the studied market.
- Moreover, in May 2022, Italy's Snam and Spain's Enagas explored the construction of a gas pipeline. The proposed pipeline between Spain and Italy is expected to have an annual capacity of up to 30 billion cubic meters. This comes after Europe's efforts to diversify its energy supply mix and cut its reliance on Russian gas in the wake of Russia's invasion of Ukraine.
- Further, in June 2022, Netherlands and Germany announced jointly developing and exploiting a new gas field in the North Sea to help secure gas supply as Europe tries to wean itself from Russian fossil fuels. The permit was granted due to the war in Ukraine, and the production at the field is expected to start by the end of 2024.
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