The Hybrid Valve Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hybrid Valve Global Market Report 2024, The hybrid valve market size is expected to see strong growth in the next few years. It will grow to $1.95 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to the rising usage of hybrid valves in the oil and gas industry, increasing oil production, increasing need for wireless and remote infrastructure, rising need for power production, and the growing number of petrochemical refineries and chemical plants. Major trends in the forecast period include technology advancements, digital technologies, integration of mechanical and electronic components, adoption of IoT-enabled valves, and adoption of wireless technologies.
The increasing oil production is expected to propel the growth of the hybrid valve market going forward. Oil production refers to the process of extracting crude oil from underground reservoirs or oil fields. This involves drilling wells into the earth and using various techniques to bring the oil to the surface. The increasing oil production can be attributed to several factors, including advancements in drilling technology, higher oil prices incentivizing exploration and extraction, and geopolitical factors influencing production decisions by oil-producing nations. Hybrid valves improve oil production by enhancing flow control and reliability in oil wells, reducing downtime, and optimizing reservoir management through integrated technology and adaptive functionality. For instance, in June 2024, according to the Energy Information Administration, a US-based government agency, U.S. crude oil production is projected to increase by 2% from 13.2 million barrels per day in 2024 to 13.7 million barrels per day in 2025. Therefore, increasing oil production is driving the growth of the hybrid valve market.
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The hybrid valve market covered in this report is segmented –
1) By Type: Steel, Tungsten Carbide, Alloy, Titanium, Duplex Nickel
2) By Valve size: 1 To 6, 25 To 50, 50 And Larger, 6 To 25, Up To 1
3) By End-User Industry: Oil And Gas, Wastewater Management, Chemicals, Food And Beverage, Other End-User Industries
Major companies operating in the hybrid valves market are focusing on developing innovative products, such as valves for hydrogen fueling stations, to reduce the number of potential leakage points. New valves for hydrogen fueling stations are specifically designed to address the unique challenges and requirements of handling hydrogen gas. For instance, in July 2022, Emerson Electric Co., a US-based manufacturer of control systems, introduced the Tescom Anderson Greenwood Instrumentation H2 Valve Series for hydrogen applications. These valves are constructed from advanced materials that resist hydrogen embrittlement and corrosion, ensuring long-term durability and reliable performance. They incorporate cutting-edge sealing technologies to effectively prevent leaks, addressing hydrogen’s high diffusivity and small molecular size. The design emphasizes maintenance safety, with features that facilitate easy inspection and servicing, reducing the risk of accidents during maintenance procedures.
The hybrid valve market report table of contents includes:
1. Executive Summary
2. Hybrid Valve Market Characteristics
3. Hybrid Valve Market Trends And Strategies
4. Hybrid Valve Market – Macro Economic Scenario
5. Global Hybrid Valve Market Size and Growth
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32. Global Hybrid Valve Market Competitive Benchmarking
33. Global Hybrid Valve Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Hybrid Valve Market
35. Hybrid Valve Market Future Outlook and Potential Analysis
36. Appendix
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