Growing global demand for energy is predominantly driving the market growth. Increasing count of subsea, submarine and oil and gas projects is again fueling the market growth. Additionally, high demand from the manufacturing sector is pushing the market growth uphill. Growing investment for the development of innovative products by major vendors is further boosting market growth. Moreover, owing to the ability to impart resistance from salt-water corrosion, and improved performance in extreme temperature and pressure conditions has widened its application in subsea and marine industry.
The latest report by Value Market Research expects the Global Subsea Valve Market was valued USD 290 million in 2017 and is likely to reach at USD 370 million by 2024 with CAGR of 3.5%.
BALL VALVE LED THE TYPE SEGMENT
In 2017, ball valve led the segment and has accounted for over XX.X% of the total market share. Use of ball valve in transportation and storage, gas processing, subsea hydraulic manifold, and other marine application is driving the segment growth. Also, owing to the ability to impart bubble tight sealing and reliable leak protection it is extensively used in gas application.
MIDDLE EAST AND AFRICA DOMINATED THE REGIONAL MARKET
Geographically, Middle East and Africa led the market by accounting over XX.X% of the total market share in 2017. Rising offshore oil and gas projects in countries such as Ethiopia, Angola, Nigeria, and Egypt is driving the market growth.
KEY PLAYERS OF THE MARKET
BuTech, Oliver Valves Ltd., Cameron, Cortec LLC, DAFRAM S.p.A., Flowserve Corporation, L.B. Bentley Ltd., Perar S.p.A. and PetrolValves are the major players of the market.
As per this study the Global Subsea Valves Market was valued USD 434.4 MN (by revenue) in 2021 and is anticipated to reach USD 516.36 MN by 2028 with a CAGR of 2.5%.
Subsea valves are used for isolation, extraction and to meet processing requirements within underwater mining, offshore wind power, and oil and gas. Basically, it controls the flow of components from the submarine pipeline. Subsea values are designed to impart resistance from salt-water corrosion, water leakage and to sustain in a high external pressure environment. These are extensively used in the submarine environment for transportation of oil and gas in an effective manner.
Market Dynamics
Rising demand for energy across the globe and increasing investment in offshore investment are the prominent factors driving the market growth. Rising subsea, submarine and oil & gas projects to fulfill the global energy demand is further boosting the market growth. The rise in investment by key players for the development of innovative products to serve end-use industries is presumed to foster the market growth. However, fluctuating crude oil prices is restraining the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of subsea valves.
Market Segmentation
The broad subsea valves market has been sub-grouped into type. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Type
- Ball
- Gate
- Needle
- Check
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for subsea valves in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Subsea Valves Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the subsea valves market includes BuTech, Oliver Valves Ltd., Cameron, Cortec LLC, DAFRAM S.p.A., Flowserve Corporation, L.B. Bentley Ltd., Perar S.p.A. and PetrolValves. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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