Global Subsea Valves Market Set for Rapid Growth, to Reach Value USD 334.50 Million by 2022

Zion Market Research has revealed a new report titled “Subsea Valves Market (Subsea Gate Valves, Subsea Needle Valves, Subsea Ball Valves, Subsea Check Valves and Others): Global Market Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. As per the report, global subsea valves market was valued at USD 302.50 Million in 2016 and is estimated to reach USD 334.50 Million in 2022, growing at a CAGR of 3.7% between 2017 and 2022.

It is a type of valve that is designed with special uniqueness to direct and control the stream of liquid. Some of the efficient characteristics of subsea valves include standability in high-pressure condition, high temperature, long term serving capacity in terms of corrosion effect in seawater, leakage proof, and many others. Owing to these high standards and reliable capacities of subsea valves are highly demanded by diverse industrial end users segments such as marine industry, energy harvesting & production, oil & gas industry, and underwater mining.

Subsea valves are deployed mainly for production and exploration process in oil and gas industry. Growing offshore projects to extract oil and gas is presently driving the growth of the global subsea valves market. Huge investment in development and innovation has also surged the global market growth. The unstable crude oil prices have somewhere hampered the global subsea valves market. Growing competition among the global players has resulted in the development of various high-quality products with respect to simple assembly design and cost factor. Constantly growing demand for energy appreciably motivates the market growth. The global energy consumption is basically attributed to three main sources oil, gas, and coal.

Subsea valves can be segmented widely, based on the product this include subsea needle valves, subsea ball valves, subsea check valves, and subsea gate valves. Among these, subsea ball valve was the driver of the global market in 2016. The segment held the market share of 30% in the same year. The segment is also projected to spur in the coming future. The key driver of the subsea valves market is the huge demand for subsea and offshore projects. Other types, such as gate valves and check valves are projected to boost the demand and create potential opportunities for suppliers and OEMs.

Geographically, Latin America dominates the global subsea valves market and holds the market share of 30% share. The region is anticipated to witness an appreciable growth in the coming five years on the grounds of growing investments in subsea and offshore projects in the region. The Middle East and Africa are anticipated to witness the speedy growth owing to the existence of a large number of oil and gas production plants in the region.

Some of the leading players dominating the subsea valves market comprise Oliver Valves Ltd, Petrol Valves, Cortec LLC, Flowserve Corporation, DAFRAM S.p.A, Perar S.p.A, and .B. Bentley Ltd. In addition, companies following expansion strategies by merger, acquisition, and advancement in innovation have made the global subsea valve market more competitive.