August 09, 2023 07:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Aug. 09, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the global Gate Valve Market saw sales of US$ 12.9 Billion in 2018. In 2023, the market is anticipated to generate US$ 14.8 Billion in sales.
Revenue is anticipated to surge at a 5.0% CAGR throughout the review period of 2023 to 2033. By the end of 2033, it is set to total US$ 24.3 Billion.
Demand for Gate Valves is closely tied to the growth of various sectors such as oil & gas, water & wastewater, power generation, chemical processing, and mining. As these sectors expand, the need for Gate Valves for controlling fluid flow increases, driving the market.
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Gate Valves: Vital Role in Safeguarding Oil & Gas Operations from Exploration to Storage
The oil & gas sector relies heavily on Gate Valves for controlling the flow of hydrocarbons during exploration, drilling, and production activities. Gate Valves are used in wellheads, Christmas trees, and other critical infrastructure. It is used to manage oil & gas flow, maintain safety, and prevent leaks.
Gate Valves are utilized both in upstream (exploration and production) and midstream (transportation and storage) segments of the oil & gas sector. In the upstream sector, these valves are deployed at wellheads and production facilities. In the midstream sector, they are used in pipelines and storage tanks for fluid transportation & storage.
The oil & gas sector operates in harsh environments and faces challenging operating conditions such as high pressures, extreme temperatures, and corrosive substances. Gate Valves are designed to handle these severe service conditions, making them essential components in the sector’s infrastructure.
Oil & gas projects often involve substantial investments in infrastructure development, including pipelines, refineries, and offshore platforms. These projects require a significant number of Gate Valves, contributing to the market's expansion.
Infrastructure projects, including water distribution networks, sewage systems, and the construction of power plants, play a significant role in boosting the demand for Gate Valves. These valves are critical components for regulating and controlling fluid flow in large-scale infrastructure projects.
Key Takeaways from Gate Valve Market Study:
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“Ever-expanding demand from various sectors is expected to drive the expansion of the Gate Valve market. Key manufacturers are using advanced materials, incorporating smart technologies, and optimizing valve designs to meet specific industry requirements,” - says a Future Market Insights (FMI) analyst.
Key Gate Valve manufacturers are seeking to expand their geographic reach by establishing a strong distribution network and entering new markets. This strategy enabled them to tap into emerging economies and cater to a wide customer base.
Manufacturers are also aiming to offer tailored solutions to customers in various sectors. They are understanding specific requirements from them to provide Gate Valves optimized for diverse applications. This includes oil & gas, water treatment, power generation, and more sectors.
Top Companies in Gate Valve Market:
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Find More Valuable Insights into Gate Valve Market Report
The research report analyzes the demand for Gate Valves. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply-side and demand factors.
As per Future Market Insights (FMI), the market has been analyzed based on disc type (wedge, parallel slide, knife, and slab), valve material used (cast iron, steel, brass, bronze, and plastic), size (0.25” to 2", 3 to 12", 14 to 30", more than 30"), and end use (oil & gas, water & wastewater treatment, chemical & petrochemical, power generation, and mining & minerals, HVAC, marine & shipbuilding, and others) across various region.
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