Subsea Valves Market Segment Forecasts up to 2023
The global subsea valves market is expected to grow owning to the increasing offshore oil and gas and subsea projects. Increasing energy demand coupled with declining onshore reserves has forced oil and gas exploration and production companies to increase investment and activities in offshore reserves which, accelerate the demand for subsea valves across the globe during the forecast period.
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Subsea valves are used in various oil and gas exploration and production process across the globe.Subsea valves should be able to withstand all fluids that pass through them. These valves are used in marine environments ranging from a depth from shallow to deep and ultra deep water. The size of valve specified is related to the volume of fluids that need to flow through it. The oil and gas industry is hazardous in nature. Hence, it is governed with various stringent regulations. The equipment used in subsea systems are very expensive, moreover any mishap can lead to environmental degradation and loss of produced fluids and delay in operations. This ultimately effects the earnings of a company. Hence, the valve used for the process should be able to withstand the harsh subsea conditions for safe and reliable operations. The type of valve to be used in a project is predetermined by operator engineers in the planning phase of the project. Then the company place order for valves with specification to the supplier.
The global subsea valve market can be segmented on the basis of product type and geography.Various types of subsea valves are used such as subsea ball valve, subsea check valve, subsea gate valve, subsea needle valve and others. A subsea ball valve provides the user with a soft seating quarter turn isolation solution. The valve can be used for isolation of chemical and hydraulic fluids. Subsea needle valves are normally used on christmas trees to isolate gasket test lines and downhole safety valve lines.Subsea gate valves are of various types: rotator gate valves, hydraulic actuated gate valves and manually actuated gate valves (ROV). These valves are suitable for high pressure and high temperature conditions.The use of high pressure and high temperature valves are mainly concentrated in the North Sea and the Gulf of Mexico due to harsh climate conditions. However, these valves also find application in some projects in Asia Pacific.There are several new exploration and production projects planned in regions such as West Africa and Brazil. Majority of investments in the offshore oil and gas industry is in these two regions.
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Increasing investment in deep and ultra deep reserves to fulfill the increasing energy demand and to reduce reliance on onshore reserves, the global offshore oil and gas industry is expected to grow in the forecast period. This will accelerate the growth of various associated industry such as subsea processing systems and subsea valves. Abundant untapped offshore deep and ultra deep water reserves are expected to provide a great opportunity to the company in the coming year. However, unstable crude oil prices which make certain projects economically non-feasible are expected to hamper the global subsea valves market between 2015 and 2023.
Some of the key players in the global subsea valvesmarketare Oliver Valves Ltd., PetrolValves, BuTech, DAFRAM S.p.A., Perar S.p.A, Flowserve Corporation, Cameron, L.B. Bentley Ltd., and Cortec LLC among others.
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This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
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- Asia Pacific
- Middle East and Africa
- Latin America
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