NEW YORK, Aug. 20, 2019 /PRNewswire/ -- Persistence Market Research's new market research report titled, 'Control Flow Choke Market: Global Industry Analysis 2013–2017 and Market Forecast 2018–2028', investigates the control flow choke market, and provides critical insights for the forecast period 2018 to 2028.
As per the findings of the report, the global control flow choke market is estimated to witness gradual growth during the forecast period, which will be majorly sustained by the factors such as recovery of crude oil prices, growth in shale gas drilling and production activities, and notable opportunities in nuclear power generation applications. The global control flow choke market registered the revenue worth US$ 578 Mn in the year 2017, and is expected to expand at a poor value CAGR of 3.1% during the period of assessment, i.e. 2018 to 2028.
Increasing production of oil & gas and chemicals & petrochemicals, and growing power generation have given rise to a drastic growth in the demand for control flow chokes. In addition, replacement of control flow choke valves is needed in oil and production wells to control the flow of fluids being produced in the wells. These factors are expected to be responsible for the projected growth of the control flow choke market during the forecast period.
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South & East Asian Economies to Present High-potential Growth Opportunities to Control Flow Choke Market Players
The global control flow choke market is significantly consolidated, with the top 6 players accounting for around one-third of the global market share. Players in the global control flow choke market are mostly international players, having production facilities in various countries, and the rest of the players are small, medium, and large, having strong presence in their respective regions. These players are engaged in expanding their manufacturing capacities to cater to the increasing demand for control flow chokes.
The prominent regions in the global control flow choke market throughout the forecast period are expected to be South Asia and East Asia, because of the increasing oil and gas production and consumption of control flow chokes in countries such as China and India. Besides these countries, the ASEAN region is also projected to be an attractive region in the global control flow choke market.
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Plugs & Cages Top Selling, Carbon Steel Most Preferred in the Global Control Flow Choke Market
The global control flow choke market has been segmented on the basis of material type, type, shape, operation, and end-use industry, besides seven regions.
- On the basis of type, the plug & cage type control flow choke products are expected to be the most commonly sold product, accounting for a prominent share in the global control flow choke market.
- Based on material type, the carbon steel-based control flow choke segment is estimated to account for nearly two-fifth of the market size, owing to their vast application in various end-use verticals.
- Based on shape, the in-line type body based control flow choke segment is estimated to account a large market share as compared to the others. Currently, most of the end users and operators are looking for automated types of operations for control flow chokes to reduce operational costs.
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- Control flow chokes find significant application in various end-use industries such as oil & gas, chemical processing, energy & power generation, food & beverages, and general manufacturing, among others. The oil & gas segment is estimated to be a prominent end-use industry segment in the control flow choke market. Growth in remote operations in some of the end-use industries is expected to drive the adoption of advanced control flow chokes.
Control Flow Choke Market: Vendor Insights
The report highlights some of the market players that are prominent and have established themselves as leaders in the global control flow choke market. Some of the examples of the key players in this market 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.
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Key strategies adopted by a majority of these companies include investments in development of new corrosion-resistant materials at competitive prices and setting up new production units in the ASEAN and African regions, which will drive revenue growth of the global control flow choke market.
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