The report presents an in-depth assessment of the Pressure Control Equipment Market including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Pressure Control Equipment from 2021 till 2026.
The pressure control equipment market is expected to grow at a CAGR of over 6.1% during the forecast period of 2021–2026.
– 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.
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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.
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.
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Highlights of the Pressure Control Equipment Market Report:
– Detailed overview of Pressure Control Equipment Market
– Changing the Pressure Control Equipment market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, current and projected Pressure Control Equipment market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Pressure Control Equipment Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.
The research includes historic data from 2016 to 2021 and forecasts until 2026 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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