Valves Market ? Increasing Number of Oil & Gas Exploration Activities

Posted by RASHMI on March 13th, 2019

Valves can be manually and automatically operated. The strong need for efficient workplace safety has increased as many industrial processes produce flammable gases and fluids. The need for efficient work place safety is expected to fuel the demand for valves globally. The Global Valves market is anticipated to grow at a CAGR of 7.0 % during the forecast period 2018 to 2026. The Global Valves market was valued at US$ 60,906.1 Mn in 2016. The Valves market is also fueled by strict government regulations, policies and acts imposed by governments across different countries globally.

Valves market is mainly driven by increasing demand for pipeline infrastructure. This is majorly attributed to the growing natural gas production from the shale formations that has spurred growth in pipeline constructions, thus propelling the growth of the valves market. Further increasing number of merger & acquisition involving advanced valve manufacturing technologies has been identified as one of the major trends in regions such as North America & Europe. This is attributed to the strategic investments of the companies in technology sector.

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The intent of M&A is to generate the new source of revenue from new customers and markets by improvising product and service innovation. Furthermore, one of the major reason in the growth of valves market is due to the rise in investments in oil & gas markets. For example: The U.S exports of the refined products, Liquefied Natural Gas and crude oil saw a significant surge as the crude oil export ban was lifted in January 2016. The region is experiencing heavy investments by the oil & gas companies in exploration activities.