Oil and Gas Valve Market Projected US$ 18,720.19 Million Valuation by 2034:

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.

NEWARK, Del, April 22, 2024 (GLOBE NEWSWIRE) — The oil and gas valve market is catching substantial growth with the increasing need for energy sources like diesel, gasoline, and natural gas worldwide. The market is anticipated to progress at a CAGR of 3.40% from 2024 to 2034, reaching a valuation of US$ 18,720.19 million.

The growth in the market is attributed to the rising emphasis on increasing oil and gas production. This is driving the demand for valves in the exploration, production, and transportation of these resources.

Governments in several countries are investing heavily in the upstream oil and gas sector to increase the production of natural gas and crude oil by-products. This is expected to create lucrative growth opportunities for oil and gas valve manufacturers.

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The market growth is, however, limited by factors like lack of standardization and government policies regarding valves, which create diversity in the demand and applicability of valves in various industries. Additional capital and a diverse product portfolio affect the overall profitability and maintenance cost.

To overcome these challenges, industry players are adopting new technologies and equipment that help improve safety and mitigate risks. Valves play a vital role in controlling the flow and pressure of oil and natural gas during their production and refining and are designed to meet the highest safety standards. This peculiarity is spurring the sales of oil and gas valves in the global market.

Key Takeaways from the Market Study

• The oil and gas valve market is presently valued at US$ 13,400.5 million in 2024.

• Butterfly valves are in demand, setting a market share of 18.00% for 2024.

• The 0.25 to 8-inch segment is anticipated to hold a market share of nearly 51.00% in oil and gas valves for 2024.

• The oil and gas valve market in India has the potential to increase at a 5.10% CAGR through 2034.

• The oil and gas valve market in South Korea is predicted to rise at a moderate 4.60% CAGR through 2034.

• The oil and gas valve market in Japan is projected to inflate at a CAGR of 3.90% through 2034.

• The oil and gas valve market in Italy is anticipated to develop at a CAGR of 3.60% through 2034.

• The oil and gas valve market in Spain is estimated to rise at a 3.20% CAGR through 2034.

Story continues

“Rapid expansion of the power generation sector and growing inclination towards adopting advanced mechanical engineering procedures to extract energy sources is foreseeable opportunities in oil and gas valve market,” – Says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Competitive Landscape

Market players operating in the global oil and gas valve market are striving to enhance their footprint by adopting strategies such as new product launches. New facility development and acquisition of small local players are new steps entering the global market. Manufacturers are implementing new safety features and advancements in the valves to cover the market requirements and serve more products with varied regional differences.

Recent Development:

• In July 2023, Renishaw and Kent Introl partnered to introduce additive manufacturing to the United Kingdom oil and gas sector, with Kent Introl becoming the first valve parts manufacturer to adopt AM technology.

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Key Companies

Growth Factors

As the global population continues to grow, the demand for energy is experiencing a corresponding surge. This heightened need for various energy sources like diesel, gasoline, and natural gas is prompting governments worldwide to prioritize increased oil and gas production.

Consequently, there is a significant uptick in the demand for valves utilized in the exploration, production, and transportation of these vital resources, which serves as a primary driver for market growth.

Moreover, the emergence of numerous new chemical plants dedicated to producing crude oil derivatives across regions like Argentina, Brazil, and Peru is expected to further boost the sales of oil and gas valves.

Given the inherently hazardous nature of the oil and gas industry, preventing accidents and spills is paramount. To address these risks, companies are increasingly adopting advanced technologies and equipment designed to enhance safety standards….