Valves in Oil and Gas Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Middle East and Africa |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Valves in Oil and Gas Market Analysis
Global Valves in the Oil and Gas Industry Market are expected to register a CAGR of 3.2% over the forecast period (2022 - 2027). Advancements in technology have shaped innovative solutions that can improve process plants to become increasingly more efficient through streamlining of their operations. As Oil and gas industry requirements evolve and change, suppliers of control valves and valve automation solutions are expected to continue developing products and processes that address these new challenges.
- The growth of the valves market is driven by factors such as the increasing need for wireless/remote infrastructure to monitor equipment in various plants, along with an augmented focus on technology advancements propelling the application of smart valves, especially in the industrial sector. Major industries such as oil and gas are moving toward valve technology with embedded processors and networking capability to work alongside sophisticated monitoring technology coordinated through a central control station.
- Moreover, major countries in the Middle East have increased focus on the renovation of existing refineries and also the expansion of their oil refineries to meet the growing demand for crude oil. This is expected to result in increased investments in the pipeline and infrastructural development, which is expected to augment the demand for valves over the forecast period.
- The new valves designed in the market for the oil and gas industry comply with ASME and ASTM material standards for chemical strength across the globe. In addition, the valves also comply with ASME B1.20.1, ASME B16.11, and ASME B16.34, which are accepted across the globe. The standards ensure the quality and longevity of the valves life for the Oil and Gas industries.
- However, one of the major challenges for valves is the availability of alternate valves. For instance, globe, butterfly, and check valves are considered alternatives to gate valves as these valves control and regulate the flow of gasses by also handling high temperatures.
- Additionally, according to the International Energy Agency (IEA), in the OECD countries, the oil price was reduced by 40.6% from March to April 2020, nurturing concerns for oil and gas firms. Therefore, during the spread of COVID-19, companies in the oil and gas sector started experimenting with contemporary technologies and industrial automation to increase efficiency and revenue. This brought a positive impact on the market studied during the pandemic.
Valves in Oil and Gas Market Trends
This section covers the major market trends shaping the Valves in Oil & Gas Market according to our research experts:
Ball Valves is Expected to gain significant market share
- The Ball valve has a sealing ability and is ideal for regulating gases due to its sealing ability. The valves provide airtight seals for gas under pressure upto700 bars and temperatures up to 200 degrees Celcius.
- The rotation is provided with 90 degrees for full close or fully open and is considered the most inexpensive product for replacements and fresh installments. However, the ball valves are not used for corrosive fluids as it damages the product and brings in leaks in the oil and gas plants.
- The rising gas projects across the globe have increased innovations among vendors. For instance according to Baker Huges the number of US gas and oil rigs in operation at the end of May 2022 accounted to 727 compared to 698 in April 2022. Such growth in opeartions increases the demand for ball valves studied in the market.
- In August 2021, Dixon announced the launch of 2-piece stainless steel ball valves for the oil and gas industry that can replace 6 different common ball valve ranges. Such innovations reduce the burden of re-investments or service investments from the industries and drive the market studied.
Middle East and Africa to Dominant the Market
- The Middle Eastern region has been through massive changes and has landed more projects for the oil and gas industry. Some of the ongoing projects are Upper Zakum, a production capacity enhancement project that costs USD 21.8 billion. The project is expected to be complete by 2024, when Zadco increases the production capacity from 50,000 b/d to around 1 million b/d. Such instance increases the need for different types of valves in the industry.
- Similarly, Africa is also expected to gain huge demand for valves in its oil and gas industries owing to increased investments. For instance, in Tanzania, a Liquefied Natural Gas Liquefaction project is aimed to be completed by 2028 with an investment of USD 30 billion and is expected to begin in 2023. the project is expected to have a capacity to produce 10 million tons of LNG per year. Therefore driving the market in Africa.
- The demand for valves is driving partnerships in the region. For instance, in January 2022, AMPO POYAM VALVES signed a corporate procurement agreement with Aramco in the 6th edition of the In-Kingdom Total Value Add Forum to supply engineered valves as well as ad-hoc and added value services. AMPO has been in Saudi Arabia and has supplied more than 20,000 valves for strategic projects in the oil and gas industries. Therefore such developments are driving the market in the region.
Valves in Oil and Gas Industry Overview
The global Valves in the Oil and Gas Industry Market are moderately fragmented due to many valve market players. Factors such as industrial automation and the advent of integrated Industry 4.0 with rising oil and gas projects to expand the production capacity worldwide are providing considerable growth opportunities to valve manufacturing industries.
- In November 2021, Dixon announced the launch of the new B5017 series butterfly valve for the oil and gas industry and other industries. The new series consists of valves with Vertical Canister Actuation, pull handle clamp end, and pull handle weld end.
Valves in Oil and Gas Market Leaders
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Emerson Electric Co.
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Danfoss A/S
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Dwyer Instruments LTD
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Schlumberger Limited
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Flowserve Corporation
*Disclaimer: Major Players sorted in no particular order
Valves in Oil and Gas Market News
- In May 2022, Webstone, a brand of NIBCO, announced the launch of ball valves with reversible handles, elbows, and couplings. The product that is available in the press ball valve with bleeder and reversible handle and large Pro-Pal Union Ball that are of sizes 1 1/4' and 1 1/2') in FIP, sweat, and press.
Valves in Oil and Gas Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Consumers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Assessment of the Impact of COVID-19 on the Industry
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing projects in Oil and Gas Projects across the World
5.2 Market Challenges
5.2.1 Growing projects on Green Energy
6. MARKET SEGMENTATION
6.1 By Valve
6.1.1 Ball Valve
6.1.2 Butterfly Valve
6.1.3 Gate/Globe/Check Valve
6.1.4 Control Valve
6.2 By Geography
6.2.1 North America
6.2.2 Europe
6.2.3 Asia
6.2.4 Latin America
6.2.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Emerson Electric Co.
7.1.2 Schlumberger Limited
7.1.3 Alfa Laval Corporate AB
7.1.4 Flowserve Corporation
7.1.5 Crane Co.
7.1.6 Rotork Plc
7.1.7 Metso Oyj
7.1.8 KITZ Corporation
7.1.9 IMI Critical Engineering
7.1.10 Samson Controls Inc.
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Valves in Oil and Gas Industry Segmentation
Valves are mechanical devices that open, close, or partially obstruct passageways to regulate the flow of liquid or gas within a system. The valves are also used to isolate, control and protect the equipment used in the oil and gas industries. Additionally, the valves direct and guide the refining of the crude oil.
The scope of the study focuses on the market analysis of Valves for Oil and gas industry across the globe, and market sizing encompasses the revenue generated through valves sold by various market players to Oil and gas industry. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period.
| By Valve | |
| Ball Valve | |
| Butterfly Valve | |
| Gate/Globe/Check Valve | |
| Control Valve |
| By Geography | |
| North America | |
| Europe | |
| Asia | |
| Latin America | |
| Middle East and Africa |
Valves in Oil and Gas Market Research FAQs
What is the current Global Valves in Oil and Gas Industry Market size?
The Global Valves in Oil and Gas Industry Market is projected to register a CAGR of 3.20% during the forecast period (2024-2029)
Who are the key players in Global Valves in Oil and Gas Industry Market?
Emerson Electric Co., Danfoss A/S , Dwyer Instruments LTD, Schlumberger Limited and Flowserve Corporation are the major companies operating in the Global Valves in Oil and Gas Industry Market.
Which is the fastest growing region in Global Valves in Oil and Gas Industry Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Valves in Oil and Gas Industry Market?
In 2024, the Middle East and Africa accounts for the largest market share in Global Valves in Oil and Gas Industry Market.
What years does this Global Valves in Oil and Gas Industry Market cover?
The report covers the Global Valves in Oil and Gas Industry Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Valves in Oil and Gas Industry Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Valves in Oil and Gas Industry Report
Statistics for the 2024 Valves in Oil and Gas market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Valves in Oil and Gas analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
