Zion Market Research has published 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”. According to the report, global subsea valves market was valued at USD 302.50 million in 2016 and is expected to reach USD 334.50 million in 2022, growing at a CAGR of 3.7% between 2017 and 2022.
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Subsea valve is the special component that controls and directs the flow of the liquid. These valves offer unique physical and mechanical properties such as waterproofing, leakage free and have the ability to withstand long-term corrosion effects from high salt content seawater, perform in high-temperature and high-pressure condition, etc. therefore, it finds broad range of applications including oil & gas industry, marine industry, offshore wind power, energy harvesting & production and underwater mining among others.
Growing demand for energy is a prime factor that drives the market for subsea valves. Oil, coal, and gas are main sources of global primary energy consumption. Thus, the exploration and production process requires the subsea valve in oil and gas industry. Moreover, growing subsea and oil & gas projects is likely to fuel the demand for subsea valves in the near future. However, unstable crude oil may hamper the market growth. Nonetheless, advancement in technologies is likely to provide new avenues for the players of the market over the forthcoming years.
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On the basis of type, the global subsea valves market is segmented into subsea ball valves, subsea gate valves, subsea needle valves, subsea check valves, and others. Subsea ball valve was the largest segment of the market in 2016 and it accounted for more than 30% share of the total market in 2016. It is also expected to be the fastest growing segment during the coming years. This growth is attributed to its numerous applications in subsea projects. In addition, subsea ball valves are expected to be in high demand from various offshore and subsea projects. Moreover, subsea check valves and gate valves are also projected to witness robust demand during the forecast period and thus provide attractive market opportunities for subsea valve manufacturers (OEMs) and suppliers.
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Latin America led the global subsea valves market with more than 30% share in 2016. Furthermore, it is projected to experience the lucrative growth during the next five years owing to surging investments for offshore and subsea projects in the region. The Middle East & Africa is expected to be the fastest growing market of the subsea valve within the forecast period owing to numerous upcoming offshore and subsea projects in the region. Most of these offshore and subsea projects are expected to come online near West Africa. Countries such as Angola, Nigeria, Ghana, and Ethiopia among others are expected to drive the offshore and subsea projects in this region during the forecast period.
The major players of global subsea valves include Perar S.p.A., Flowserve Corporation, BuTech, Oliver Valves Ltd., Cameron, L.B. Bentley Ltd, Cortec LLC, DAFRAM S.p.A., PetrolValves and amongst others.
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