Latest News- Industrial Valves In Oil And Gas Market: Gate is expected to lead the Product segment during 2025-2029

The Industrial Valves In Oil And Gas Market is being driven by Rise in demand for more efficient valves

The Industrial Valves In Oil And Gas Market is expected to grow at a CAGR of 3.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2555.4 million. In the Oil and Gas industry, industrial valves continue to serve their fundamental function of controlling mass and energy flow. However, the focus on enhancing their performance in challenging industrial environments has led to technological advancements. Actuators, a crucial component of valves, are now being upgraded with sensors and electronic components to capture and monitor real-time data. This data-driven approach, driven by automation trends, enables manufacturers to optimize production processes and improve overall efficiency. By integrating advanced technologies, actuator manufacturers cater to the evolving demands of the Oil and Gas sector. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Gate
  • Globe
  • Ball
  • Butterfly
  • Others
• Type
  • Cast
  • Forged
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in demand for more efficient valves
• Rise in demand for oil and gas
• Growing regulatory standards on safety and carbon emissions

However, the market also witnesses some limitations, which are as follows:

• Issue of counterfeit and fraudulent valves
• Fluctuations in global crude oil prices
• Environmental concerns related to oil and gas exploration and production activities

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Market Scope in Industrial Valves In Oil And Gas Market Research Report

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Research Analysis Overview

The Industrial Valves market caters to various sectors including Energy, Oil & Gas, Chemical plants, and Refining. In Oil & Gas, these valves are essential for Natural Gas Production, Crude Oil Refining, and Exploration activities such as Onshore Drilling. Valve types include Ball, Butterfly, Gate, Globe, and Control Valves. Solutions like Valve Automation and Smart Valves manage Pressure, Liquid Level, Flow, and Temperature. They are used in Greenfield and Brownfield projects for Diesel, Gasoline, and Natural Gas production from Exploration wells.

Market Research Overview

The global oil and gas equipment and services market represents a significant business sector, encompassing companies involved in the manufacturing of equipment, provision of supplies, and rendering of services for upstream exploration and production (E&P) activities. This market's growth is underpinned by the expanding energy demand and the burgeoning power sector, which is projected to fuel the demand for drilling equipment and subsequently propel the global oil and gas equipment and services market forward. According to Technavio's market analysis, the industry's size is determined by the consolidated revenue generated by the market participants in the equipment, supplies, and services segments. Key growth drivers for this market include the rising energy demand, the expansion of the power industry, and the ongoing development of oil and gas exploration wells, crude oil production facilities, natural gas production sites, and chemical plants. Despite challenges such as accidents and safety concerns, the market is expected to grow at a moderate pace.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/