Global Valves Market: Overview

Valves can be operated and controlled both automatically and manually. Because many industrial processes create dangerous gases and fluids, there is a greater requirement for effective worker safety. At a global level, the demand for valves is likely to be fueled by the requirement for effective workplace safety, which is likely to support growth of the global valves market. Valve demand in the oil and gas sector is driven by their wide range of uses in downstream, midstream, and upstream operations.

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The demand for oil and gas products is growing rapidly, whilst supply is diminishing due to global declines in reserves of oil and gas. The demand and supply gaps have pushed many firms to invest in finding new oil fields and enhancing efficiency of existing oil and gas extraction using their technological and financial resources. Investments in petroleum and gas businesses are done by the governments of different nations, which is estimated to drive demand for valves in the years to come.

The “global valves market” research covers important market segments such as product type, industry, and regional markets. It also evaluates the global valves market’s current competitiveness during the projection period of 2020 to 2030.

Global Valves Market: Key Trends

For businesses such as pharmaceuticals, oil and gas, and chemicals, augmented industrialization has resulted in more severe emission and effluent laws. Several regulatory agencies in various areas are starting to enforce tougher emission requirements. The control of fugitive emissions is one of the most important applications for valves. Hazardous substances in physical form that might leak unintentionally are known as fugitive emissions.

This might be linked to corporations’ strategic spending on the technology sector. By increasing services and products innovation, merger and acquisition measures aim to develop new income streams from new consumers and markets. In addition to that, the increase in investments in the oil and gas markets is one of the major factors likely to drive the expansion of the global valves market.

The oil and gas sector is projected to continue its prominence in the global valves market throughout the forecast period, from 2020 to 2030. Automation in the oil and gas sector is likely to add to the expansion of the market in the near future. The employment of robots to execute complicated industrial tasks has increased dramatically. Automation of plant is becoming increasingly popular in the oil and gas companies. Valves are necessary in such operations to guarantee efficiency. These factors have greatly aided the expansion of the global valves market.

Rising need for pipeline infrastructure is another aspect that is likely to drive market expansion. One of the main causes for the increase in pipeline installations, which is guiding the market’s growth, is the growing demand for natural gas at a global scale. Due to a rise in funding for the advancement of technologies and development of new technologies, the advent of improved and reliable valve manufacturing techniques is estimated to add to the market’s development.

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Global Valves Market: Competitive Assessment

One of the recent developments in the global valves market is mentioned as below

• In February 2020, the U.S. oilfield service firm, Schlumberger Limited, has opened up its new unit at the King Salman Energy Park (SPARK), Saudi Arabia. This new unit is meant for the purpose of production of isolation valve technologies like ORPIT stem ball valves and GROVE valves.

Some well-known companies in the global valves market are listed below:

• Bürkert Fluid Control Systems
• General Electric Company
• Honeywell International, Inc.
• Industrial Scientific AVK Holding A/S
• Goodwin International Ltd
• KITZ Corporation

Global Valves Market: Regional Assessment

As far as region is concerned, Asia Pacific is considered to be one of the leading regions and its domination of the market is predicted to remain throughout the forecast timeframe, from 2020 to 2030. The market in the region is likely to be driven by rising oil and gas exploration operations, as well as strong expansion in the pipelines sector. In addition, the oil and gas sector is expanding investment, which is likely to augur well for the regional market in the years to come.

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