Industrial Valves In Oil And Gas Market size is set to grow by USD 2.44 billion from 2024-2028, Rise in demand for more efficient valves boost the market, Technavio

NEW YORK, Aug. 9, 2024 /PRNewswire/ -- The global industrial valves in oil and gas market size is estimated to grow by USD 2.44 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 3.58%  during the forecast period. Rise in demand for more efficient valves is driving market growth, with a trend towards advances in valve technology. However, issue of counterfeit and fraudulent valves  poses a challenge. Key market players include Alfa Laval AB, AVK Holding AS, Bray International Inc., Crane Holdings Co., Curtiss Wright Corp., Dembla Valves Ltd., Emerson Electric Co., Flowserve Corp., General Electric Co., Hobbs Valve Ltd., Honeywell International Inc., IMI Plc, ITT Inc., KITZ Corp., Larsen and Toubro Ltd., Pentair Plc, RF Valves Inc., Schlumberger Ltd., The Weir Group Plc, and Valvitalia SpA.

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Market Driver

The Oil and Gas market is witnessing significant growth due to increased exploration activities in the energy sector. Both greenfield and brownfield projects are driving the demand for industrial valves in onshore exploration and pipeline projects. Valves such as check valves, gate valves, ball valves, butterfly valves, globe valves, and pressure relief valves are in high demand. The size of the valve market varies, with below 10 inch, 10 to 20 inch, and above 20 inch categories catering to different applications. Upstream, midstream, and downstream industries, including natural gas production, crude oil refining, and chemical plants, are key consumers. Safety remains a top priority, with automated valve operations reducing human error and minimizing accidents and spills. The power generation sector and valve manufacturing sector are also major contributors to the market's growth. Clean energy initiatives are expected to create new opportunities in the market. The market for industrial valves in the Oil and Gas industry is diverse, catering to the needs of various sectors, from energy production to transportation and refining. With the increasing demand for diesel, gasoline, natural gas, and other petroleum products, the market for industrial valves is poised for continued growth. Mechanical engineering plays a crucial role in designing and manufacturing these essential components, ensuring safety and efficiency in operations. 

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Market Challenges

• The issue of counterfeit and fraudulent industrial valves in the oil and gas market has emerged as a significant concern. These products, which are illegally manufactured and sold as genuine, pose a serious threat to safety and quality. Counterfeit valves are often of inferior quality and can fail under pressure, compromising the integrity of facilities. For original equipment manufacturers (OEMs), the sale of counterfeit valves results in potential revenue loss and damage to brand equity. Counterfeiters produce and market valves that resemble the original ones, complete with logos, certifications, and data plates. However, upon disassembly, these valves do not meet the required standards. Old valves are sometimes repaired improperly and sold as new. Certification bodies' certifications are forged, and valves are marketed under false names. Manufacturers are taking steps to combat this issue by forming alliances and raising awareness among end-users and distributors. Some are implementing laser marking on valves to indicate size, material, and pressure class. However, the growth of online marketplaces for counterfeit valves provides wider reach and anonymity for counterfeiters, threatening revenue streams for genuine vendors. This trend is expected to hinder the growth of the global industrial valves market in the oil and gas sector during the forecast period.
• The Energy sector, including Oil & Gas, faces numerous challenges in areas like Diesel and Gasoline production, Natural Gas production from exploration wells, and refining Crude Oil in Refineries and Petrochemical plants. Safety is paramount, with a focus on preventing accidents and spills. Mechanical engineering plays a crucial role in addressing these challenges through the manufacturing sector's Valve offerings. Valves are essential Industrial Control Components in various applications, including Power Generation, Chemical Plants, and the Automotive sector. In the Oil & Gas industry, valves ensure pipeline safety, minimize leakage, and manage Fluid level, Pressure, Flow, and Temperature in Gas projects. Valve types include Ball, Butterfly, Gate, Globe, Control valves, and Valve automation solutions like Actuators, Sensors, and Smart Valves. The ESD valve market is growing due to increasing focus on Safety and Environmental concerns. The International Energy Agency emphasizes the importance of Clean energy initiatives, which also impacts the Valve market. Valve manufacturers must address challenges such as sealing ability, mechanical devices' reliability, and adapting to Greener energy sources and Marine operations. The Valve industry continues to evolve, offering innovative solutions for Fluid management in various sectors.

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Segment Overview 

This industrial valves in oil and gas market report extensively covers market segmentation by

1. Product 
• 1.1 Gate
• 1.2 Globe
• 1.3 Ball
• 1.4 Butterfly
• 1.5 Others
2. Type 
• 2.1 Cast
• 2.2 Forged
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Gate-  Gate valves are linear motion valves commonly used for on-off applications in the oil and gas industry. They consist of a gate, which is either circular or rectangular, that functions as a barrier to regulate fluid flow in a straight line. Two main types of gate valves exist: parallel-shaped and wedge-shaped. Parallel-shaped gate valves have a flat gate between two parallel seats, making them popular in steam applications. In contrast, wedge-shaped gate valves utilize two inclined seats and a mismatched inclined gate, making them suitable for applications with viscous fluids like oil and gas. These valves are essential in drilling activities and pipeline operations. Their primary demand arises from the construction of pipelines for water and gas supply. Gate valves offer several advantages, including excellent shut-off characteristics, bidirectional flow capability, minimal pressure loss, and suitability for high-pressure applications. Moreover, their affordability is another significant factor contributing to their popularity. The expanding oil and gas infrastructure, including pipelines, refineries, LNG terminals, and petrochemical plants, fuels the demand for gate valves, thereby driving the growth of the global industrial valves market in the oil and gas sector.

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Learn and explore more about Technavio's in-depth research reports

The global Industrial Valves and Actuators Market is experiencing significant growth, driven by the rising demand in various industries, including oil and gas. The global Industrial Valves Market size in the oil and gas industry is expanding due to the increasing need for efficient flow control in exploration and production activities. Technological advancements and automation in industrial processes are further fueling market expansion. As a result, the market is projected to witness robust growth, with key players focusing on innovation and strategic partnerships to capitalize on emerging opportunities.

Research Analysis

The Industrial Valves market in the Oil and Gas industry plays a crucial role in managing the flow of energy resources, including Diesel, Gasoline, Crude oil, and Natural gas, in various applications such as Energy production, Chemical plants, and Natural gas production. Valves are essential components in Exploration wells and Refining processes, ensuring the safe and efficient transfer of liquids and gases. Ball, Butterfly, Gate, Globe, and Control valves are commonly used in this sector. Valve automation solutions and Smart valves enable remote monitoring and optimization of Pressure, Liquid level, Flow, and Temperature. The Oil and Gas market encompasses both Greenfield projects and Brownfield projects, as well as Onshore exploration activities, where valves are indispensable for managing the complex processes involved.

Market Research Overview

The Industrial Valves in Oil and Gas market plays a crucial role in the energy sector, particularly in the production and processing of Crude oil, Natural gas, and other hydrocarbons. Valves are essential mechanical devices used for Fluid management in Energy production, including Diesel and Gasoline refineries, Chemical plants, Power generation sector, and Petrochemical plants. Valves regulate Pressure, Liquid level, Flow, and Temperature in Exploration wells, pipelines, and refining processes. Safety is a top priority in the Oil and Gas industry, with a focus on preventing Accidents and Spills. Valve manufacturing sector offers various types of Valve automation solutions, including Smart valves and Actuators, to ensure efficient and safe operations. The market includes a wide range of valve types, such as Ball, Butterfly, Gate, Globe, and Check valves, catering to different applications and sizes (Below 10 inch, 10 to 20 inch, Above 20 inch). The market is influenced by various factors, including Upstream, Midstream, and Downstream activities, Gas projects, Clean energy initiatives, and the International Energy Agency's focus on pipeline safety and Leakage reduction. The market also serves various industries, including the Automotive sector and Marine operations. Valves are essential components in Industrial control systems, and their Sealing ability is critical for maintaining process efficiency and preventing environmental hazards. The market continues to evolve with advancements in ESD valve technology, Valve automation solutions, and the adoption of Greener energy sources.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Gate
• Globe
• Ball
• Butterfly
• Others
• Type
• Cast
• Forged
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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