Rising Demand From Oil & Gas Industry of Valves Market |...

Rising Demand From Oil & Gas Industry of Valves Market

Posted 2023-12-13 07:28:52

The valves market is estimated to be valued at US$ 72.04 Bn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:

Strength: Valves market has strong presence of leading players with robust research and development capabilities. Valves have wide applications in oil & gas, energy & power, pharmaceutical, chemical industries. Valves offers improved process control, safety and reliability.
Weakness: High initial investment and maintenance costs associated with valves. Significant skills required for installation and maintenance of valves. Dependence on commodity prices fluctuations.
Opportunity: Growing demand for valves from emerging applications in water & wastewater treatment sectors. Technological advancement in valve design with IoT integration. Increasing investments in pipeline infrastructure and renewable energy projects.
Threats: Trade barriers and local content policies poses threat to global manufacturers. Substitutes threat from advancing digital transformation and process automation. Stringent regulations regarding carbon emissions.

Key Takeaways:

The Global Valves Market Growth is expected to witness high, exhibiting CAGR of 7.5% over the forecast period, due to increasing investments in pipeline infrastructure projects globally. Asia Pacific region dominated the global valves market in 2023, accounting for over 30% of the total market share. Rapid industrialization and growing energy demand from China and India is driving the valves market growth.

Regional analysis - North America region is expected to exhibit significant growth at a CAGR of 7.5% during the forecast period. This is attributed to rise in shale gas production activities and ongoing power generation capacity additions in US and Canada. Europe region is also forecasted to offer lucrative opportunities owing to government focus on renewable energy integration.

Key players - Key players operating in the valves market are Schlumberger Limited, Goodwin International Ltd, Honeywell International Inc., General Electric Company, Emerson Electric Co., Rotork Plc, KITZ Corporation, AVK Holding A/S, BÃ1⁄4rkert Fluid Control Systems, and Flowserve Corporation. The market is highly competitive with presence of global multinational players and regional valve manufacturers.

Explorer more information on this topic, Please visit -

https://www.articledistrict.com/valves-market-is-estimated-to-witness-high-growth/

Explore more trending article on this topic -

https://diveintoinsights.blogspot.com/2023/10/valves-market-is-estimated-to-witness.html