Growing Use of Valves in Oil & Gas Industry oil acts as an important base raw material for deriving various chemicals such as organic, analytical, physical, inorganic and biochemistry. With the increasing rate of industrialization, the demand for oil and gas has surged substantially across the Europe. The crude oil production of the Organization of the Petroleum Exporting Countries (OPEG) has increased steadily from ~400,000 b/d in January 2016 to ~800,000 b/d by the end of Q2 of 2021. Petróleo Brasileiro S.A. has also announced an investment of US$ 68 billion for managing production at the offshore fields in the subsea pre-salt area from 2022 to 2026. The Russian Government has also announced its plan to escalate the LNG production capacity to 140 million tons per year by 2035. Moreover, with the growing emphasis on curtailing carbon emissions, governments of various countries are also favoring gas-powered power plants over coal-powered power plants, as natural gas emits less carbon than coal. This factor is propelling the demand for natural gas. Further, industrial valves are used across the oil & gas industry for the seamless transportation of oil and gas from one process to another and for other distribution purposes. Thus, the growing oil & gas industry is boosting the Europe industrial valve market growth.
The European industrial valve market, based on country, is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. The introduction of new and stringent rules for ballast water treatment across the region in 2019 propels the need for industrial valves. The rising oil & gas production from subsea sources has propelled the demand for industrial valves over the years. In process sectors, high labor costs in Europe are prompting businesses to prefer automation systems. This is accelerating the European industrial valve market expansion.
Europe Industrial Valve Market Segmentation
The Europe industrial valve market is segmented based on material type, valve type, industry, and country. Based on material type, the Europe industrial valve market is segmented into cast iron, steel, cryogenic, alloy-based, and others. The steel segment held the largest market share in 2023.
Based on valve type, the Europe industrial valve market is segmented into ball valves, butterfly valves, diaphragm valves, safety valves, piston ram valves, gate valves, and control valves. The ball valves segment held the largest market share in 2023.
Based on industry, the Europe industrial valve market is bifurcated into oil & gas and chemicals & petrochemical. The oil & gas segment held a larger market share in 2023.
Based on country, the Europe industrial valve market is segmented into France, Germany, the UK, Italy, Russia, and the Rest of Europe. Germany dominated the Europe industrial valve market share in 2023.
Velan Inc.; Crane Co.; Circor International Inc.; Flowserve Corp; Emerson Electric Co.; KITZ Corporation; Neway Valve (Suzhou) Co., Ltd; Spirax Sarco Engineering Plc; Schlumberger Ltd; and Weir Group PLC are the leading companies operating in the Europe industrial valve market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 7,112.59 Million |
| Market Size by 2028 | US$ 9,295.25 Million |
| CAGR (2023 - 2028) | 5.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2028 |
| Segments Covered |
By Material Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Industrial Valve Market is valued at US$ 7,112.59 Million in 2023, it is projected to reach US$ 9,295.25 Million by 2028.
As per our report Europe Industrial Valve Market, the market size is valued at US$ 7,112.59 Million in 2023, projecting it to reach US$ 9,295.25 Million by 2028. This translates to a CAGR of approximately 5.5% during the forecast period.
The Europe Industrial Valve Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Industrial Valve Market report:
The Europe Industrial Valve Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Industrial Valve Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Industrial Valve Market value chain can benefit from the information contained in a comprehensive market report.
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