Choke Valve Market Size, Share & Industry Analysis, By Type (Adjustable Choke Valve, Fixed Choke Valve), By Regulating Function (Regulating, Non-regulating), By Shape (Angle Body, Y-type, In-line), By Application (Oil and Gas Production Wells, Reservoirs) And Regional Forecast, 2024-2032
KEY INDUSTRY INSIGHTS
A choke valve is primarily utilized to control the varying flow of fluids produced in the oil and gas production wells. It is also utilized to control the pressure in the flow lines and minimize the pressure from reservoirs. Regulating choke valve is an automatic valve that controls the varying flow via automatic opening feature. It is predominantly utilized in reservoirs and oil & gas industry.
Choke valve plays vital role in increasing profitability, safety and most importantly, the efficiency of end-use industries in various production processes. Additionally, the adoption of choke valves in oil & gas industry is increasing rapidly owing to, its pressure and temperature regulation through downstream and upstream flow of fluid. Moreover, the opening of valve minimizes the fluid pressure when valve is completely opened. This in turn, handles erosive working environment.
The global choke valve market is fragmented with the presence of several global, regional and local manufacturers across the globe. In order to gain competitive advantage, the manufacturers are emphasizing on technology development. This is generating the need for innovative and less harmful products with angle shape body or in-line type body of the valves. Therefore, the global choke valve market is expected to observe boosting growth in the forecast period.
However, the COVID-19 pandemic has drastically affected the choke valve market globally. Countries including, Germany, U.K., Italy, U.S., India, Asutralia and others have temporarily closed down the manufacturing units for unprecedented time that is resulting in disrrupted transportation and suply chain processes. Moreover, the freezed budget in the first quarter of 2020 is delaying the investment processes in technological development of choke valves. As a result, development of technologically advanced products has become an strategic issue amongst the manufacturers.
Key Market Driver -
• Increasing investments in fluid handling technology • Stringent government regulations for leakage control
Key Market Restraint -
• Impairment of choke valves in handling extreme pressure
Key Players Covered:
Key players operating in the global choke valve market are Yantai Jereh Petroleum Equipment & Technologies Co., Ltd., Taite Valve Co., Ltd., Shaanxi RONGLE Petroleum Machinery co., ltd., Master Flo Valve Inc., Schlumberger Limited., IMI plc, The Weir Group PLC, Emerson Electric Co., QUAM s.a.s. di Galli Gianluca & C.w, Mokveld Valves BV, Asset Matrix Energy Services Ltd, Baker Hughes (a GE Company LLC), National Oilwell Varco, Cyclonic Valve Company, KOSO Kent Introl, PSDS Industries Ltd., Merla LLC, QUAM s.r.l., FG Volvole, SAMSON Controls PTY LTD., Mascot and others.
Regional Analysis
North America is expected to witness strong growth owing to, the lucrative opportunities for key manufacturers to cater oil & gas projects for constructing pipelines across the U.S. and Canada. Moreover, the presence of leading players including, Schlumberger Limited, Emerson Electric Co. and others is also creating plentiful opportunities for choke valve market.
Asia Pacific is anticipated to substantial growth in the forecast period. It is attributed to the rise in spending by the manufacturers in response to adapt newer opportunities for market expansion in Singapore, Malaysia, India and other countries.
Europe is experiencing steady growth with the presence of extensive manufacturing bases from leading players in U.K., Italy and other countries that has set the standard by offering peerless blend of established expertise in choke valve market.
Rapidly increasing oil & gas exploration activities in Middle East & Africa is generating the need for valve replacement that in turn is offering attractive opportunities for the expansion of the market.
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Segmentation
ATTRIBUTE | DETAILS |
By Type |
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By Regulating Function |
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By Shape |
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By Application |
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By Region |
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Key Industry Developments
- June 2019: IMI plc, introduced ‘100DPC-S DRAG® Wellhead Production Choke Valve’ at DUG Rockies conference in Colorado, U.S. The aforesaid choke valve is configured to overcome challenges at production field.
- February 2018: Baker Hughes (a GE Company LLC) together with Centrix Control Solutions have supplied ‘heavy duty 77000 series, severe service valves’ to ConocoPhillips Company to replace with currently utilized product.
- Ongoing
- 2023
- 2019-2022
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