Global Industrial Valves Market: Key Highlights
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Global Industrial Valves Market: Key Market Dynamics
Global Industrial Valves Market: Regional Overview
North America accounted for the largest market share in 2018 due to the presence of a large industrial base in the region. The presence of large-scale manufacturing, as well as processing industries in the US, is driving the demand for industrial valves in the region. The US Energy Information Administration forecasts dry natural gas production will average 94.2 billion cubic feet/day in 2020, a 2% increase from 2019.
Middle East & Africa is expected to be the prime consumer of the industrial valves during the review period. According to the Arab Petroleum Investment Corporation (APICORP), the region planned energy investments of around USD 1 trillion in 2019. Some of the upcoming oil & gas projects in the region include Zubair Oil Field, South Pars Phases 13-14, Petro Rabigh Integrated Refinery & Petrochemical Complex- Phase II, among others are expected to boost the industrial valve market in this region.
Global Industrial Valves Market: Key Players Overview
Schlumberger Limited is an international oilfield services company. It employees around 105,000 people and has operations in more than 120 countries. In February 2020, the company announced the opening of a new manufacturing center in the King Salman Energy Park (SPARK) in Saudi Arabia. The new center is a part of the company’s strategy to align itself with Saudi Arabia’s 2030 Vision. It will manufacture well completion technologies such as liner hangers and packers, as well as isolation valve technologies such as GROVE valves and ORBIT rising stem ball valves.
Metso Corporation is one of the leading industrial company offering equipment and services for the sustainable processing and flow of natural resources in the mining, aggregates, recycling and process industries. In November 2018, the company completed the acquisition of the valve automation division of India based Rotex Manufacturers and Engineers Private Limited (RMEPL), by acquiring all of the shares in RMEBS Controls Private Limited (RMEBS).
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