Oil and Gas Valves Market
An oil and gas valve is a controlled device that regulates the flow of liquid by the variable. The dimension of the flow passageway of gas or fluid in a system is guided by a signal from a specific controller. These oil and gas valves are utilized to maintain operational different situations, such as liquid level, pressure, flow, and temperature.
The oil and gas valves market is likely to experience significant growth in the upcoming years, owing to the expansion of the power generation industry, robust industrialization, and substantial developments witnessed by technologies using mechanical engineering-based procedures. The rising energy demand and an increasing number of oil and gas projects in the pipeline are also expected to drive the oil and gas valves market in the years to come. However, the lack of skilled labors for operating these oil and gas valves may hamper the oil and gas valves market development on the global level. Alternatively, the escalating valves demand for IoT and Industry 4.0 architecture by various industries situated in the emerging countries is likely to generate new growth opportunities for the major players of the market in the future.
The oil and gas valves market is fragmented on the basis of valve type, body material, valve size, and application. On the basis of valve type, the oil and gas valves market includes butterfly, ball, globe, gate, check, and pressure reducing valves. By body material, the global market for oil and gas valves is bifurcated into cast and forged. The valve size segment of the market for oil and gas valves comprises above 20 inches, 8 to 20 inches, and 0.25 to 8 inches. Based on application, the oil and gas valves market includes upstream, midstream, and downstream.
In 2018, the North American region was the largest oil and gas valves market globally. This growth was mainly due to the rising adoption of automated valve operations across various end-user industries across the region. The Asia Pacific oil and gas valves market is anticipated to be the fastest-growing region over the next few years, owing to the increasing demand for oil and gas valves, especially for downstream applications.
Some major players of the oil and gas valves market are Schlumberger, CIRCOR International, Parker Hannifin, Metso Corporation, Emerson Electric, Watts Water Technologies, BHGE, National Oilwell Varco, The Weir Group, HYDAC, IMI, and Armstrong.