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Follow on Google News | Control Valves Market Share, Leading Players, Growth and Future AnalysisThe control valves market would grow, in valuation, from $11,137.0 million to more than $16,057.5 million from 2017 to 2023.
By: P&S Intelligence P&S Intelligence cites the expansion of industries, especially the oil and gas sector, to predict a steady 6.3% growth for the control valves market during 2018–2023. At this rate, the sale of such simple machines will be worth $16,057.5 million in 2023, compared to $11,137.0 million in 2017. Since the oil and gas sector deals with fluids and gases all day long, it requires a vast number of valves. Be it oil wells, pipelines that take the commodity to and from the refinery, or those massive ultra-large crude carrier (ULCC)-grade merchant vessels that ferry oil around the world, almost all upstream, midstream, and downstream oil and gas processes depend on control valves. The demand for electricity and automotive fuels is growing on account of the booming population. Since oil and gas, along with coal, still occupy a substantial share in the global energy mix, 67%, combined, in 2017, as per the International Energy Agency (IEA), exploration and production (E&P) activities continue to surge, though at a slower pace than 10–15 years ago. Till the world transitions completely to a hydrocarbon- Hence, with growth in industries, the demand for control valves will keep rising. End
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