Global Control Flow Choke Market – Key Research Findings
The global control flow choke market was valued at around US$ 578.8 Mn in 2017, and is estimated to grow at a 3.1% CAGR over 2018–2028.
In terms of unit sales, South Asia and East Asia are expected to register relatively high value and moderate volume growth in the control flow choke market throughout the forecast period.
The factor responsible for the growth of the control flow choke market is the robust growth of industries such as oil & gas, chemical processing, energy & power generation, food & beverages, and general machinery, among others.
The aforementioned industries in countries such as the U.S., China, India, and other Asian countries is the key driving factor for the growth of the control flow choke market.
Moreover, low production cost and labor cost in developing economies are encouraging various end users and industrial operators to expand their manufacturing facilities in these regions, which, in turn, is expected to drive the demand for control flow chokes.
Growth in digitalization and the increasing need for remote applications have enhanced the demand for smart control flow chokes that help in improving durability and minimizing product loss.
China, India, Mexico, Argentina, and the ASEAN region are picking up in the control flow choke market, owing to the robust outlook of various industries in these regions.
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- Schlumberger Limited
- The Weir Group PLC,
- National Oilwell Varco, Inc.
- TechnipFMC Plc.
- IMI Plc.
- Nova Inc.
- Emerson Electric Co.
- BHGE (BAKER HUGHES, a GE Company)
- KOSO Kent Introl
- Master Flo Valve Inc.
- Velan Inc.
- Taylor Valve Technology
- Lancaster Flow Automation, LLC
- Cyclonic Valve Company, Inc.
- N-Line Valves
Key Driving Factors of the Control Flow Choke Market
- Hydraulic Fracturing and Increasing Production of Shale Gas
- Shale gas is majorly produced in countries such as the U.S., China, Canada, and Argentina. These nations commercially produce either shale gas or crude oil from tight oil. Currently, shale gas and tight oil production is driven by the U.S., where control flow chokes are installed.
- Growth in the momentum of hydraulic fracturing has driven the market for control flow chokes in oil and gas production applications from 2011-12, and the sales of control flow chokes were the highest between 2011 and 2014. From 2015-16, oil and gas operators have suspended new oil and gas drilling operations due to low crude oil prices, which hampered the sales of control flow chokes. Currently, the rise in crude oil prices is giving opportunities for new investments in drilling and production processes, and is driving the installation of new control flow chokes.
- For an instance, in the U.S., hydraulically-fractured horizontal wells cover nearly 69% of the wells that were drilled for oil and gas in 2016-17. This has given an opportunity for the suppliers and manufacturers of control flow chokes in oil and gas upstream operations.
- The aforementioned factors are expected to boost the demand for control flow chokes during the forecast period.
- Recovery of Oil and Gas Industry
- During recent times, the slowdown in the oil & gas industry had subsequently resulted in a drop in drilling and exploration activities, owing to which, the demand for control flow chokes had also taken a hit. Apart from this, excessive production of steel and a significant drop in its demand had also severely impacted the control flow choke valve manufacturing industry. For example, drilling activities across the globe reduced by more than 30% in 2016 as compared to 2015, especially in the U.S., where more than 45% decline was registered. This has negatively impacted the sales of control flow chokes.
- Recently, it has been observed that, the oil & gas industry is channelizing its efforts to facilitate recovery from the aforementioned slowdown in the adoption of control flow chokes. For instance, the agreement between OPEC and some non-OPEC countries in 2017-18 to cut down production and accelerate the balance between supply and demand, alongside reducing excessive inventory levels, has reinforced oil prices, and is driving the sales of control flow chokes.
- The aforementioned strategy to cope up with the economic slowdown of the oil & gas industry is expected to increase the demand for control flow chokes across the globe during the forecast period.
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Control Flow Choke Market: Structure Analysis
Top companies operating in the control flow choke market include are Schlumberger Limited, General Electric, Emerson Electric Co., National Oilwell Varco, Inc., The Weir Group Plc., TechnipFMC Plc., IMI Plc., Nova Inc., Master Flo Valve Inc., Velan Inc., and Taylor Valve Technology, among others.
Their strategies are to invest in new corrosion-resistant materials at competitive pricing, and set up new production units in the ASEAN and African regions, which will drive the revenue growth for the global control flow choke market. The control flow choke market report is designed to provide relevant information regarding these players, and also about the key strategies that they have adopted.
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Control Flow Choke Market: Segmentation
|By Material Type||
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