Subsea valves market to expand due to rise in offshore oil and gas projects
The global subsea valves market is expected to grow between 2015 and 2023 owning to the increasing offshore oil and gas and subsea projects, says a new market study by Transparency Market Research.
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.
Subsea 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, and it is thus governed with various stringent regulations.
The equipment used in subsea systems are very expensive, and any mishap can lead to environmental degradation and loss of produced fluids and delay in operations, which 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 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, and they 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, including 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, but 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, with the majority of investments in the offshore oil and gas industry in these two regions.
Due to increasing investment in deep and ultra-deep reserves to fulfil 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.
The full study is available at http://www.transparencymarketresearch.com/subsea-valves-market.html.