Chicago, September 21, 2020, Xinhua-PRNewswire/-According to a new research report, “Analysis of the market types of ball valves affected by COVID-19 and the oil price crisis (trunnion installation, floating, stem rise, material, size, End-Users (Oil and Gas, Energy, Electricity, Water and Wastewater Treatment) and Regions-Global Forecast to 2025″, released by MarketsandMarkets™. The market is valued at $8.1 billion in 2020 and is expected to reach 147 by 2020 Billion US dollars in 2025. The compound annual growth rate is expected to be 12.5% ​​during the forecast period. Due to the outbreak of the COVID-19 pandemic, the demand for the replacement of outdated ball valves and the adoption of smart valves, the healthcare and pharmaceutical industries have a The increasing demand for industrialization, urbanization and smart city development, as well as the emergence of new nuclear power plants and upgrading existing projects are the key drivers of the ball valve market.
Ball valves mounted on trunnions can be used for critical services in various applications, such as transmission and storage, gas handling, dryer sequences, compressor anti-surge, etc. Energy consumption, new production technologies, the need for process safety, increasing attention to sustainability, and the growth of environmental regulations may drive the growth of the trunnion ball valve market. Due to the lack of high-performance seat materials, float valves are mainly used in medium or low pressure applications.
Oil and gas are the key end-user industries for ball valves. 2019. Because of the use of ball valves in various applications in upstream, midstream and downstream operations. Ball valves provide process control support by appropriately controlling and positioning actuators. They have become key components in the operations of the offshore and onshore oil and gas end-user industries, encountering high pressure and adverse corrosive conditions in production platforms and refineries. However, due to the COVID-19 pandemic and the oil price war, the oil and gas end-user industry faces major setbacks in the first two quarters of 2020, and the end-user industry has affected the ball valve market in the oil and gas industry. . Due to the pandemic, various companies are planning to reduce their capital expenditures. For example, Cairn Energy PLC, an independent oil and gas exploration, development and production company based in the United Kingdom, announced a 23% reduction in overall capital expenditure in 2020.
North America is a large consumer and producer of natural gas, and the market in this region is determined by the dynamics of supply and demand in the United States. In 2019, the United States is the world’s largest producer and consumer of natural gas. This factor, along with the shale gas boom in North America, has been driving significant growth in the oil and gas industry in the region until 2019. Starting in early 2020, the entire world has been severely hit by the COVID-19 pandemic, health and economic crisis. The United States is one of the most affected countries in the world. The COVID-19 pandemic has caused a sharp drop in oil demand. The Energy Information Administration (EIA) reported that global oil demand in March 2020 was 11.4 million barrels per day, which was lower than the 2019 annual average. It further predicts that oil demand is 17.1 million barrels per day, lower than in April 2020. EIA estimates that demand this year will be 95.5 million barrels per day (5.2% less than in 2019). This is expected to be the biggest drop since the EIA started to keep records. The decline in demand may adversely affect the growth of the ball valve market in 2020.
Some of the major players in the ball valve market are Emerson (USA), Cameron Schlumberger (USA), Flowserve (USA) and IMI Plc. (UK), Metso (Europe), Spirax Sarco (UK), Crane Company (USA), KITZ Corporation (Japan), Trillium Flow Technology (UK) and Bray International (USA).
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Industrial valve market for COVID-19 and oil price crisis impact analysis by function (on/off, isolation, control), material, type, size, end user (oil and gas, energy and electricity, water and wastewater treatment), and region -Global forecast to 2025
Control valve market with COVID-19 impact analysis, by material, component (actuator, valve body), size, type (rotary and linear), industry (oil and gas, water and wastewater treatment, energy and power, chemical industry) And regional division-global forecast to 2025
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