Market Trends of United States Valves Industry
This section covers the major market trends shaping the US Valves Market according to our research experts:
Growing Adoption of Automation in Processing
- The growing demand for automation in processing industries has led to increased efficiency, reduced errors and risk, and proper compliance. Furthermore, it helps in the management of various areas of the production process and operations.
- The increased competitiveness among the key vendors and manufacturers is projected to bring rapid growth prospects in industrial automation for the different processes where different kinds of valves are used. The government-favored industry-friendly policies will also help the factory automation market growth that is expected to add demand for valves.
- In February 2022, United States Steel and Carnegie Foundry jointly announced a strategic investment and partnership. The two Pittsburgh-based companies will work to accelerate and scale industrial automation driven by advanced robotics and artificial intelligence. Carnegie Foundry will use this investment to commercialize and scale its industrial automation portfolio of robotics and AI technologies in advanced manufacturing.
- The oil and gas industry's reliance on automation growing day by day, and it is expected to continue at a significant rate. Due to the Covid-19 pandemic worker shortage occurs and that affected the company's operations and operational efficiency. Hence, the companies in the oil & gas sector are adopting process automation.
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Oil & Gas Industry to Hold Significant Share
- The market oil & gas industry is recovering post-Covid-19 pandemic, as crude oil prices are continuously rising owing to factors such as reduction in the cost of drilling, new and production technologies, and increasing oil prices.
- According to EIA forecasts, the Henry Hub price will increase from USD 2.00 per million British thermal units (MMBtu) in 2020 to USD 3.01/MMBtu in 2021 and USD 3.27/MMBtu in 2022, which will likely increase Appalachia's natural gas production in the country.
- The demand for finished petroleum products such as diesel fuel, fuel oil, gasoline, kerosene, liquefied natural gas, and liquefied petroleum gas are likely to encourage more investments in infrastructure for oil and gas.
- Several oil industry players are starting new production facilities in the country. For instance, in December 2021, ConocoPhillips started production at its GMT-2 oil project in the National Petroleum Reserve-Alaska. The project is expected to produce 30,000 b/d at its peak. The development costs for the project were USD 1.4 million.
- Such an increase in the number of activities and oil and gas production facility expansion in the United States is expected to provide many opportunities for the valves market in the country during the forecast period.
