“The burgeoning need for oil & gas globally has resulted in increased demand for ball valve for oil & gas industry”.
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The demand for oil & gas from developing nations is witnessing a very high growth owing to modernization that is bringing trends such as economic policies, trade flow and security into a mix.
Economies such as China and India are experiencing a high demand for its oil consumption. Thus, increasing the market for ball valves in APAC.
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Since, oil is the topmost energy source in the developed economies, the consumption by other economies assures a constant bulge of the global demand for oil in both OECD nations as well as those economies which are not part of the OECD. OECD members comprises of North America, South Korea, New Zealand, Japan, Australia, Israel, Turkey and most of Europe.
However, 95% of upsurge in global energy consumption growth is coming from non-OECD countries. According to Annual Energy Outlook report by the Energy Information Administration, that energy consumption rise in these economies will escalate by 72% by 2035.
Thus, increasing the demand for development in the pipeline infrastructure as well as oil refineries resulting in propelling the market growth for ball valves. Most of the growth is anticipated to arise in industrial sectors.
Also, growth in the OECD countries is anticipated to be about 18% during that period.
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Key factors resulting in the increased need for oil are bulging population and a rise in per-capita income, particularly in Asia, South and Central America. North America’s growing oil and natural gas production is attributed to the shale procedures of hydrologic fracking and horizontal drilling.
This has enhanced the trade position of US and has decreased the need for importing petroleum. Due to increase in US and Canadian production, the supply of natural gas has also been increased.
These factors signify a healthy outlook for oil & gas demand worldwide, which in turn is anticipated to bolster the global growth of ball valve used in oil & gas industry.
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