Pumps and valves market set for significant growth
Increasing oil and gas production is expected to fuel forecast demand
Increasing production of oil and gas coupled with the need to transport and refine them is expected to fuel growth in the global pump and valves market.
This is according to a new research report, which claims the global pumps and valves market will experience a boom in the years up to 2023.
Accoridng to the report, the onshore segment will dominate the market due to large number of exploration activities and new pipeline projects.
“Increasing awareness on the economical and functional advantages of PD pumps is prompting customers to slowly but steadily shift away from centrifugal pumps,” said Frost & Sullivan Industrial Automation and Process Control Research Analyst Sakthi Sobana Pandian.
“PD pumps will prove indispensable in various applications such as hydraulic fracturing, the mixing and injecting of chemicals, and the mixing of solid proppants with water," he added.
The use of artificial lift for economical production of oil from wells is also fueling growth in the valves market.
“Most of the hydraulic systems designed for transporting fluids or gases work in complex operating conditions, which is why high-pressure valves and fittings are some of the key components for maintaining operations and production in the oil and gas industry,” said Sabharish Nandakumar, sales manager at Maximator.
Over the years, companies’ growing recognition of the importance of high quality valves has encouraged better scrutiny of the material used and the quality of products on the market.
“The trends we see in the market are the need for special materials like nickel based alloys, duplex or super duplex as well as larger orifices and higher working pressures,” Nandakumar said, adding that in this region, demand for sour gas service valves and fittings is also increasing.