According to the
research report, the increase in offshore and subsea oil and gas
projects is the main driving force behind the growth of the global
subsea valves market. The rising demand for energy, together with
rapid depletion of onshore reserves, has compelled companies
functioning in the area of oil and gas exploration and production to
raise capital and increase development activities in offshore
reserves, fueling the demand for subsea valves in the global arena.
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On the other hand,
the high cost of these valves and the stern rules and policies
regarding the operation of subsea systems are hindering the growth of
this market to a significant extent. However, the rising investment
in deep and ultra-deep reserves in order to meet the increasing
demand for energy as well as to reduce the dependence on onshore
reserves is likely to propel the offshore oil and gas industry,
which, in turn, is projected to boost the subsea systems market and,
eventually, the demand for subsea valves over the forecast period,
says the study.
The report studies
the global market for subsea valves on the basis of the type of
products and its regional distribution. Subsea ball valves, subsea
gate valves, subsea check valves, and subsea needle valves are the
main types of valves available in the market.
Subsea needle valves
are employed on Christmas trees to separate downhole safety valve
lines from gasket test lines. Subsea ball valves are utilized to
isolate chemical and hydraulic fluids. Subsea gate valves are
appropriate for high-pressure and high-temperature conditions, such
as the ones found in the Gulf of Mexico and the North Sea.
The global subsea
valves market has been segmented into North America, Latin America,
Asia Pacific, Europe, the Middle East and Africa, and the Rest of the
World in this research report. The Middle East and Africa and Latin
America are anticipated to lead the worldwide subsea valves market
during the forecast period, on account of the high number of new
exploration and production projects on the horizon in these regions.
The increasing investment in the offshore oil and gas industry in
Latin America and the Middle East Africa is also expected to propel
these regional markets for subsea valves in the coming years, notes
the study.
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The worldwide subsea
valves market is consolidated in nature. Oliver Valves Ltd., BuTech,
PetrolValves, DAFRAM S.p.A., Flowserve Corp., Perar S.p.A, Cameron,
Cortec LLC, and L.B. Bentley Ltd. are key players operating in this
market, states the research report.
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