The growth of the market is owing to the growing Number of Petrochemical, Refineries and Chemical Plants and the need for controlling excessive Noise, Pressure, Vibration, and Cavitation in Critical Processes.

- The growth of hybrid valves is expected to be further driven by factors such as increasing need for wireless/remote infrastructure to monitor equipment in various plants along with an augmented focus on technology advancements propelling the application of smart valves and actuators, specially in the industrial sector.​

- Major industries such as oil and gas, water and wastewater, mining, among others are moving toward valve technology with embedded processors and networking capability to work alongside sophisticated monitoring technology coordinated through a central control station.​

- Further, according to a study by E. Jones, currently there are 15,906 desalination plants worldwide and many projects are still under progress which is also significantly driving the demand for hybrid valves.​

- A breakdown in critical equipment is costly to manufacturers in terms of repairs, as well as the loss of productivity and downtime. Approximately 98% of organizations stated that a single hour of downtime costs over USD 100,000. Ensuring that all equipment is functioning optimally, remains an essential priority for manufacturers, many of whom are turning to predictive maintenance enabling technology, and solutions on their production floor.​

- However, the recent outbreak of the Covid-19 pandemic is expected to negatively impact market growth. The major end user segments like Oil & Gas have suffered heavily with Crude Oil prices hitting USD Zero per barrel recently. This is expected to affect the automation activities of the sector across the globe.

Key Market Trends

Oil & Gas Industry is Expected to Drive Market Share

- The Oil & Gas Sector's expansion across geographies is expected to drive market growth. The Department of the Interior (DoI) of the United States for instance, is planning to allow offshore exploratory drilling in about 90% of the Outer Continental Shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024. This is expected to open up new opportunities to the market in the oil and gas sector.​

- Moreover, declining sensor costs, could also offer several cost cutting measures to implement automation technologies in the oil & gas industry to improve productivity and eliminate any possible hindrances in the business model.

- Additionally, according to the Digital-Re-Definery report released in the past year stated that number of refiners that reported digital technologies delivering a margin improvement of more than 10% in refining operations dropped from 11% to 3% and the numbers also dropped for all subsequent margin improvement ranges. This underscores the fact that there is a huge potential for improvement as Oil and Gas Refineries are yet to capitalize completely on digital investments

- Further, favourable government policies are also expected to drive market growth. In 2019, US exports of crude, as well as liquefied natural gas (LNG) and refined products, continue to rise, which aligned perfectly with the new administration’s motto of “energy dominance” for the United States.

Free Sample report for this report is available :- https://www.statzyreports.com/report/sr496784/hybrid-valve-market

North America is Expected to Hold the Largest Market Share

- Major industries in the country, such as oil and gas, renewable energy, and water and wastewater treatment, are moving toward valve and actuators technology with embedded processors and networking capability to work alongside sophisticated monitoring technology coordinated through a central control station. The expanding power generation infrastructure in the United States and the availability of natural gas are also expected to result in the construction of several new combined cycle gas turbine (CCGT) plants.​

- North America is expected to have significantly larger market share owing to exhaustive activities in the exploration of shale gas, which requires control valves to regulate the temperature or pressure throughout upstream, downstream and midstream activities. Over the span of 1 year in 2019, the United Stated added 14 oil rigs and 1 gas rig for its oil and gas exploration focus.​

- Similar to the United States, Canada also has a vast potential for hybrid valves from the oil and gas industry. The recent approval of CAD 40 billion LNG Canadian project has marked the first upturn in oil and gas projects in the country, after the recent low crude oil price situation.​

Competitive Landscape

The Hybrid Valve Market is a fragmented market. The market has been continually experiencing new product launches, merger and acquisitions and partnerships. Some of the recent development of the market as follows:-

- February 2020 - Emerson launched the ASCO Series 158 Gas Valve. The valve has been designed for burner-boiler applications, offering end-users a new combustion safety shutoff valve option that increases safety and reliability and enhances both flow and control.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

For sample report please visit : https://www.statzyreports.com/report/sr496784/hybrid-valve-market
Contact Us:
Poojan Dogra
Public Relations Manager
Email : [email protected]
Email : [email protected]
(IN) - +918484035727
(US) - +1415-871-0483
Website : www.statzyreports.com