Surface safety valve (SSV) is a pneumatically or hydraulically actuated fail-safe gate valve for producing or testing oil and gas wells with high flow rates, high pressures, or the presence of H2S. The SSV is used to quickly shut down the well upstream in the event of overpressure, failure, a leak in downstream equipment, or any other well emergency requiring an immediate shut down. Moreover, SSV is remotely operated by an emergency shutdown device, which can be triggered automatically by high- or low-pressure pilot actuators. If an emergency occurs, this feature reduces the possibility of personnel injuries.
Hydraulic safety valve and pneumatic safety valve are two types of surface safety valve. The surface safety valve assembly consists of a hydraulic or pneumatic actuator which operates a reverse-acting gate valve. The actuator design makes it an integral part of the valve assembly by adapting directly to the valve bonnet. Surface safety valves are designed to close automatically when control pressure is released. Operating pressure applied to the piston forces the stem and gate downward to the open position. When operating pressure is vented an actuator spring will close the valve. At present, hydraulic safety valves occupy most of the market share. In 2019, its market value has reached $193.03 million.
Surface safety valve is mainly applied in oil and gas and other fields. It is a safety system to ensure the safe exploitation and transportation of oil and gas, often for safety protection in case of oil and gas leakage, fire and other situations. The surface safety valves are mostly used in the oil field, occupying 83.12% of the market share. Advanced production technologies and pipeline processes in oil and gas applications have created demand not only for new operating methods, but also for new equipment and valves, which will further drive the further development of the surface safety valve market.
Surface Safety Valves Market Status and Prospect Analysis in the MENA Region
With the development of infrastructure, increasing investments in industries such as construction, oil & gas, and drastic urbanization, the surface safety valve industry is dominating the market in Kuwait and Saudi Arabia. Saudi Arabia is the largest revenue market for the industry with a market share of 25.11% in 2015 and 24.85% in 2020, a decline of 0.26%. In 2020, Kuwait has the second largest market share of 17.22%. The market in Saudi Arabia and Kuwait is expected to grow with economic development, increasing downstream demand, and technological innovation.
Oil has been playing a central role in the development of Saudi Arabia, with the largest oil reserves and production in the world, resulting in an extremely high demand for surface safety valves. Its market value has reached $57.52 million in 2019 and is expected to reach $71.01 million by 2027.
Kuwait economy is also heavily dependent on its oil and gas industry. As one of the countries with the largest oil and gas reserves, with an estimated total reserves of 101.5 billion barrels, it ranks in the top 10 of the largest oil producers in the world, which means it enjoys the lowest production costs in the world. The country oil export revenues account for more than half of GDP and 95% of government revenues. This huge investment portfolio includes both upstream infrastructure development to increase Kuwait crude oil output capacity and downstream projects to increase Kuwait share of the global oil and petrochemicals market. Its market value is expected to reach $53.04 million by 2027 and its market share will rise to 18.29%.
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Increasing industrial development and availability of raw materials in Kuwait and Saudi Arabia are expected to bring substantial growth opportunities for the surface safety valve market in Kuwait and Saudi Arabia
While the Surface Safety Valve Industry in the MENA Region was Affected by the Outbreak, it also Brings some Growth Opportunities
The MENA surface safety valve market generated a total revenue of $187.06 million in 2015 and increased to $218.67 million in 2020. The market can be expected to reach a value of $289.94 million by 2027. It is expected to grow at a CAGR of 4.11% from 2020 to 2027.
As a result of the epidemic, production raw materials and equipment procurement and transportation supply are difficult to be available, upstream companies will affect the work progress of downstream companies. Many activities related to oil exploration, transportation, etc. cannot be carried out due to the restrictions of the epidemic. The delay in production and delivery work may lead to varying degrees of impact on equipment and product manufacturing companies in the surface safety valve industry, as well as the loss of many customers and a sharp drop in demand. Although the epidemic will have some adverse impact on the development of the industry, the impact will be relatively limited and short-lived.
The growth of the surface safety valve market is mainly driven by the downstream demand market. In recent years, with the growing economies in the Middle East and North Africa and rising population, the market demand is also expected to increase, which is playing a positive role in the expansion of the market. Higher product quality and more affordable product prices will be one of the future growth opportunities for this market. At the same time, the development of some new regions may lead to the competition becoming more intense, promoting further expansion of the market and bringing more growth opportunities.
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