Dublin, Oct. 27, 2021 (GLOBE NEWSWIRE) -- The "Pressure Control Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The pressure control equipment market is expected to grow at a CAGR of over 6.1% during the forecast period of 2021-2026. Factors such as increase in demand for advanced technology, tools and equipment to increase efficiency of exploration and production activities in onshore and offshore areas is expected to drive the market for pressure control equipment market. However, the volatile oil prices over the recent period, owing to the supply-demand gap, geopolitics and several other factors has been restraining the growth in the demand for pressure control equipment market.
The active rig count have been on the rise in recent years, with around 920 active rigs in September 2016 to 1130 in September 2019, showing an increase in drilling activity and hence the pressure control equipment market.
Valves are extensively used for industrial applications, for controlling the flow of any fluid through a system. In industries, valves are used to start, throttle, or stop the fluid flow to ensure safe and efficient operation. The increase in the demand from industrial sector has also boosted the market growth of pressure control equipments.
The COVID-19 pandemic is expected to dent the growth of the market particularly in 2020 due to lockdown across various countries across the globe. Due to the rapid decline in the demand of various industry goods including crude oil, natural gas, steel manufacturing etc the demand for pressure control equipment will also decline. Major companies in the industry such as Baker Hughes (A GE Company) are adopting remote working wherever possible and is working closely with customers, suppliers, and vendors to minimize operational disruption.
Key Market Trends
Onshore Applications are Expected to Witness Significant Growth
Steel manufacturing industry have also been on a rise in recent years, with China, Japan, and India holding top three positions in steel manufacturing. Pressure control equipments are used for controlling water pressure or water flow to a mold and other times for controlling the amount of air to a casting process to maintain a specific temperature.
Almost all the easy oil being already discovered the wells now being drilled are deeper and more complex than before, also deep and ultra-deep-water drilling operations are also on the rise. Both factors have led to a growth in demand for oilfield services market.
Pipelines stand to be one of the most integral arrangements in various industries, such as oil and gas, refineries, and power generation, to transport media from its source to the place where it is to be used or transformed into final products. There are thousands of miles of crucial pipelines running across the world for transportation of oil and gas, LNG, etc. Such pipelines run in onshore locations.
In such industries, valves are used in the upstream, midstream, and downstream sectors for application in piping, where they help to optimize the operating conditions of pipelines. The countries, such as Kuwait, Saudi Arabia, Algeria, and Oman, have been witnessing greenfield investments and expansions in pipeline projects. With this, the demand for valves is also expected to increase therefore boosting the growth of pressure control equipment.
Asia-Pacific to Drive The Market Growth
Particularly driven by the demand for oil in the developing world which is expected to overtake that in industrialized countries in the coming future, majorly because by strong demand from China, India and other developing nations across Asia which continue to see strong economic growth. The market is expected to grow, as the number of wells being drilled is increasing as a result of increased search activities for coal seam gas and shale gas and lucrative oil and gas prices.
India's investment in refining and petrochemicals industry is expected to pave a way for the high pressure control equipment market in India. Refining capacity of India grew to 22495.43 TMT in March 2019, an increase of 6.51% from March 2018. Refining capacity of China is also on the rise, with a recent contract for 1 MTA ethylene and refinery expansion project of Sinochem Quanzhou Petrochemical. Factors such as these will contribute towards providing growth opportunities to pressure control equipments.
With China's five-year plans for the period of 2016 - 2020, the government's plans to increase the proportion of natural gas in the energy consumption mix to about 10% by 2020, from about 5.9% as estimated in the year 2015, through enhanced domestic exploration and production activities. Such initiatives by the government are one of the driving factors for the growth of pressure control equipment market.
China is also expected to strengthen its gas pipeline network, to boost the clean fuel's share in the country's energy mix, during the forecast period. As per the National Development and Reform Commission of China, the country's oil & gas pipeline network is expected to reach 240,000 km by 2025, with natural gas pipelines reaching 123,000 kilometers. Therefore, the increasing demand and new pipeline infrastructure in Asia-Pacific are some of the major factors that are driving the pressure control equipment market growth.
The global pressure control equipment market is highly fragmented, with the top 10 players accounting for majority of the total market share. The major companies include Schlumberger Limited (previously Cameron International), Emerson Electric Co., Flowserve Corporation, IMI PLC, and Crane Co., among others.
April 2020 - Emerson announced it has completed the purchase of American Governor Company, a leader in technologies and services for hydroelectric turbine controls. The addition of American Governor builds on Emerson's technology capabilities and expertise in the renewables and power industry. The addition of a highly-respected hydropower company will enable Emersion to provide comprehensive solutions to power customers, from generating consistent hydropower to providing the industry's leading control system to safely and efficiently manage power operations.
February 2020 - Emerson introduced new shutoff valve that enhances safety and reliability of combustion systems. The new ASCO Series 158 gas valve and Series 159 Motorized Actuator deliver the highest flow rate. The valve offers a higher close-off pressure of 75 psi (5.2 Bar) ensures a safe shutoff in the event of a fuel train system failure and eliminates the need for additional safety components.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
3 months of analyst support
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Market Drivers
4.4.1 Technological Advancement in Oilfield Equipment
4.4.2 Increase in Global Investments in Exploration & Production (E&P)
4.5 Market Restraints
4.5.1 Customized Demands By Drillers
4.5.2 Decline in Drilling Activities and Rig Counts
4.6 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.1.2 Control Head
5.1.3 Wellhead Flange
5.1.4 Christmas Tree (Flow Tee)
5.1.5 Adapter Flange
5.1.6 Quick Unions
5.3.1 High Pressure (Above 10,000 PSI)
5.3.2 Low Pressure (Below 10,000 PSI)
5.4.1 North America
5.4.3 Asia Pacific
5.4.4 Middle East and Africa
5.4.5 Latin America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Allied Valves, Inc.
6.1.2 Baker Hughes (A GE Company)
6.1.3 Brace Tool, Inc.
6.1.4 Emerson Electric, Co.
6.1.5 FHE USA, LLC
6.1.6 GKD Industries, Ltd.
6.1.7 Hunting PLC
6.1.8 IKM Pressure Control AS
6.1.9 Schlumberger, Ltd.
6.1.10 Weatherford International, PLC
6.1.11 National Oilwell Varco, Inc.
6.1.12 Kirloskar Brothers, Ltd.
6.1.13 Lee Specialties, Inc.
6.1.14 TIS Manufacturing, Ltd
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/6rqf4w
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900