The rising production and exploration activities are likely to accelerate the growth in the U.S. Christmas tree valves market during the assessment period. As per FMI, the North America market is set to account for 45.2% of the share in 2022
NEWARK, Del, Sept. 07, 2022 (GLOBE NEWSWIRE) -- The global Christmas tree valves market is projected to reach a valuation of US$ 3.5 Bn in 2027, with sales growing at an average CAGR of 3.8% over the forecast period 2022 to 2027. Valued at an estimated US$ 2.8 Bn in 2021, the Christmas tree valve market is propelled by the advancing oil exploration activities taking place all over the world. The popularity of remote monitoring and rapid adoption of automation solutions aid the market expansion of Christmas tree valves over the projected period.
Christmas tree valves are a structure of chokes, gauges, spools, and valves that makes them look like Christmas tree. Thus, the structure gets the name. The Christmas tree valves are mainly used in evolved gas and oil wells where the pressure for the natural flow of fuel is sufficient. With the rise in the number of exploration operations and heightened investments in the crude oil sector, the demand for Christmas tree valves is also expected to soar.
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The demand for these valves will continue to rise due to multiple benefits associated with the use of the valve such as managing gas injection on non-producing or producing wells and preventing obstructions; providing process control over temperature, pressure, and flow rate. Further, the use of Christmas tree valves lessens the need for on-site employees to control and monitor various operations.
The Christmas tree valves are able to perform a wide range of functions like relieving pressure, providing electrical interfaces for control systems, monitoring safety equipment, injecting chemicals, and others. This ability of the valves is likely to drive market growth. Elevated demand for crude oil from all over the world as well as the introduction of many technology advancements to the field has induced many oil and gas businesses to adopt Christmas tree valves. All these factors are expected to foster an environment of growth for the Christmas tree valves market over the forecast period.
“Advantages of using a Christmas tree valve coupled with the increasing amount of crude oil explorations are expected to bolster the market growth of Christmas tree valves over the forecast period,” says an FMI analyst.
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Technological advancements generates attractive market opportunities over the forecast period.
In 2022, the Christmas tree valves market in North America is expected to account for 45.2% of the overall market share.
Offshore oil and gas production to drive the market in the United Kingdom.
China is predicted to hold 24.2% of the global market share in 2022.
Automatic Christmas tree valves will register high demand over the assessment period.
By application, the onshore segment will account for the largest revenue share.
Schlumberger Limited, TechnipFMC Plc, Aker Solutions, Dril-Quip, Inc., General Electric (Baker Hughes), Worldwide Oilfield Machine, Stream-Flo Industries Ltd, National Oilwell Varco, Kingsa Industries, and The Weir Group PLC among others, are some of the major players in the Christmas tree valves market that are profiled in the full version of the report.
Major market players are focusing on engaging in partnerships and collaborations with sales and distributor enterprises to develop new manufacturing units, particularly in emerging economies. Increasing investments in research and development as well as finding new contracts from established organizations are a few other tactics employed by these businesses.
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More Insights into the Christmas Tree Valves Market Report
In its latest report, FMI offers an unbiased analysis of the global Christmas tree valves market, providing historical data from 2013 to 2020 and forecast statistics for 2021 to 2027. To understand the global market potential, growth, and range, the market is segmented based on application (onshore, offshore), type (manual, automatic), and region.
According to the latest FMI reports, based on region, the Christmas tree valves market in North America is anticipated to dominate the market over the forecast period. The region is expected to acquire about 45.2% of the overall market share in 2022. The primarily driver of this growth is the thriving Christmas tree valves market in the U.S. With the second largest tight oil reserves and constant incorporation of technological advancements in hydraulic fracturing, the target market is likely to undergo a healthy boost during this period of observation.
The Christmas tree valves market in the U.K. will acquire around 22.8% market share in 2022. The market in this country is predicted to experience healthy growth over the forecast period. This growth is attributed to the increasing adoption of enhanced technologies for the recovery of reserves from deep water, heavy crude oil, and high pressure, high temperature (HPHT) fields.
Based on segmentation, on the basis of product, the automatic segment is likely to register a surge in demand whereas the onshore segment, in terms of application, will account for the largest revenue share over the forecast period.
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Christmas Tree Valves Market By Category
1. Global Christmas Tree Valves Market - Executive Summary
2. Global Christmas Tree Valves Market Overview
2.1.1. Global Christmas Tree Valves Market Taxonomy
2.1.2. Global Christmas Tree Valves Market Definition
2.3. Global Christmas Tree Valves Market Size (US$ Mn & Volume) and Forecast, 2013-2027
2.3.1. Global Christmas Tree Valves Market Y-o-Y Growth
2.4. Global Christmas Tree Valves Market Dynamics
2.8. Key Participants Market Presence (Intensity Map) By Region
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