Global industrial valves market in the oil and gas industry 2019-2023: growth analysis and forecast

Technavio has released a new market research report on the global industrial valves market in the oil and gas industry for the period 2019-2023.
The research report on the global industrial valves market in the oil and gas industry by Technavio predicts the market to post a CAGR of more than 6% during the period 2019-2023.
A key driver for the global industrial valves market in the oil and gas industry is the resurge in oil and gas exploration activities. The oil and gas exploration activities are recovering after the steep decline of oil prices in 2014, which had led to many companies postponing their upstream projects. The crude prices witnessed strong growth by the end of 2017 and a further rise in 2018. Several oil and gas upstream projects were commenced in 2017 due to the rise in oil prices, which resulted in significant drilling activities.
This research report on the global industrial valves market in the oil and gas industry also provides an analysis of the most important trends expected to impact the market outlook during the period 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the advances in valve technology as one of the key trends in the global industrial valves market in the oil and gas industry:
The valve components have been upgraded with the help of technological modifications to withstand hostile working applications of industries. The actuator is a component of the valve, which controls mass and energy flow by regulating the valve. The manufacturers of actuators have been integrating sensors and electronic components with actuators to improve their data capturing and monitoring capabilities.
“Advances are also being witnessed in valve positioners used for adjusting positions of actuators based on the control signal. The advances in sensor technology and decrease in cost of sensors are allowing valve positioners to deliver data regarding valve stroke and thrust, output pressure to the actuator, temperature, valve plug wear, and valve performance,” says a senior research analyst at Technavio.
This report on the global industrial valves market in the oil and gas industry segments the market by product (ball valves, plug valves, gate valves, globe valves, butterfly valves, and other valves) and geography (the Americas, APAC, and EMEA).
The ball valves segment held the largest industrial valves market share in 2018, accounting for more than 30% of the market. This product segment is expected to dominate the global market throughout the forecast period.
The EMEA region led the market in 2018 with around 59% of the market share, followed by the Americas and APAC respectively. The EMEA region is expected to dominate the market throughout the period 2019-2023.