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Dublin, July 22, 2015 (GLOBE NEWSWIRE) -- Research and Markets (http://www.researchandmarkets.com/research/gcft38/global_industrial) has announced the addition of the "Global Industrial Valves Market in Oil and Gas Industry 2015-2019" report to their offering.
The global industrial valves market in oil and gas industry to grow at a CAGR of 5.30% over the period 2014-2019.
Industrial valves are devices that are used to control, direct, and regulate the flow and pressure of gases, liquids, and fluidized solids. Several types of industrial valves including globe valves, gate valves, butterfly valves, ball valves, and safety-relief valves are used in various process industries such as oil and gas, chemical, power, refining, and food and beverage.
This report covers the present scenario and the growth prospects of the global industrial valves market in oil and gas industry for 2015-2019. To calculate the market size, the report covers the revenue generated from valves sold in the oil and gas industry.
Oil and gas companies are automating production processes to reduce downtime and boost operational efficiency. One of the key market trends is the replacement of manually operated valves with fully automated isolation and control valves, which are interconnected to a monitoring and operating system. This should stimulate the demand for automated valves, actuators, and other control accessories.
According to the report, Africa holds roughly 128 billion barrels of oil reserves and 508 TCF of gas reserves. Significant new oil and gas discoveries in the region will likely increase Africa's contribution to global oil supply. For instance, six out of the 10 major discoveries in the global oil and gas industry in 2013 were made in Africa. In addition, the growing population, urbanization, and an expanding middle class are driving Africa's oil and gas industry. Exploration activities are at their peak, with more than 500 companies prospecting for oil and gas in the region. In 2013, roughly nine million barrels of crude oil were produced daily in the region, of which Algeria, Angola, and Nigeria contributed more than 75%. Thus, rising production has led to widespread exploration activities, fueling demand for industrial valves in the region.
Further, the report states that the volatility in oil and gas prices has always been a problem for companies and end-users.
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For more information visit http://www.researchandmarkets.com/research/gcft38/global_industrial
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