MEA will lead the industrial valves market in the oil & gas equipment & services industry

The MEA (Middle East and Africa) region is expected to lead the industrial valve market size in the oil and gas industry with 37% of the market’s growth during 2020-2024. Saudi Arabia and Iran (Islamic Republic of Iran) are the key market for industrial valves market size in the oil and gas industry in MEA and are expected to offer several growth opportunities to market vendors during the forecast period, says Technavio, a leading market research company.
Technavio’s report on “Industrial Valves Market in Oil and Gas Industry Market by Product and Geography – Forecast and Analysis 2020-2024” reveals that the market has the potential to grow by USD 4.20 billion during 2020-2024, progressing at a CAGR of over 5%.
Technavio identifies North America as the second-highest country, where the industrial valve market size in the oil and gas industry will have the potential to reach USD 5.16 billion by 2024. The increase in E&P of crude oil and gas resources will contribute to a rise in the use of industrial valves in North America during the forecast period.
Europe will be the third-highest country, where the industrial valve market size in the oil and gas industry will have the potential to reach USD 3.9 billion by 2024. The adoption of renewable energy sources for power and as a fuel in automotive vehicles will increase the demand for the industrial valve during the forecast period.
To help businesses improve their market position, the industrial valve market size in the oil and gas industry report provides a detailed analysis of around 25 vendors operating in the market.
The report also covers the following areas:
• Industrial Valves Market in Oil and Gas Industry size
• Industrial Valves Market in Oil and Gas Industry trends
• Industrial Valves Market in Oil and Gas Industry industry analysis.