A choke valve is a type of control valve that is predominantly used in oil and gas production wells to control the flow of fluids that are produced in the wells. Choke valves are also used to kill the pressure from the reservoir and regulate the pressure in the flow lines. They are mostly used in naturally aspirated engines to supply a rich fuel mixture while starting the engine. Choke valves are particularly designed to handle any erosive service.
Choke valves are extensively used in the oil & gas industry. These valves play a major role in increasing the safety, profitability, and efficiency of end-use industries for several production processes. Moreover, adoption of choke valves in the oil and gas industry is growing significantly. This is due to advantages offered by the valves in terms of temperature or pressure regulation throughout upstream, midstream, and downstream activities. A rise in investments in fluid handling is one of the key factors that is expected to fuel the growth of the choke valves market during the forecast timeline. There is a rise in investments in fluid handling technology in the oil and gas and water and wastewater management sectors. This has boosted demand for choke valves from the sectors in recent years. Increase in the number of oil & gas exploration activities in various regions such as Middle East & Africa and the need for valve replacement are likely to create attractive opportunities for the overall expansion of the market. However, malfunctioning of valves and their high prices are expected to hinder the growth of the choke valves market.
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The global choke valves market can be segmented based on type, shape, regulating properties, application, and geography. In terms of type, the market can be classified into fixed choke and adjustable choke. The adjustable choke segment can be further divided into needle and seat type, multiple orifice valves, and cage valves. Based on shape, the choke valves market can be categorized into in-line type body, Y-type body, and angle body. In terms of regulating properties, the market can be classified into non-regulating choke valves and regulating choke valves. The function of non-regulating choke valves is to act as on-off valves and kill reservoir pressure to a desired operating value in the flow line. The opening in the choke valves is sized to kill the pressure when valves are fully open. Regulating choke valves are automatic valves whose opening can be controlled via pneumatic or electric signals to regulate the flow in lines. In terms of application, the choke valves market can be bifurcated into oil and gas production wells and reservoirs upholstery.
In terms of geography, the market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The market is anticipated to offer lucrative opportunities to major players catering to the oil and gas industry in North American. New oil & gas projects in the U.S. are boosting the construction of new pipelines for transporting shale oil due to a rise in demand for shale oil and gas. This, in turn, is anticipated to boost the choke valves market in the coming years.
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The choke valves market is moderately fragmented with the presence of several established local and regional manufacturers. Market players are increasingly focusing on developing innovative choke valves to gain an edge over competitors. Key players operating in the choke valves market include Jereh Oilfield Equipment, Master Flo Valves Inc., Schlumberger Limited, S.P.M. Flow Control Inc., Mokveld Valves B.V., The Emerson Electric Co., IMI Critical Engineering, QUAM s.a.s. di Galli Gianluca & C.w, National Oilwell Varco, GE Oil & Gas, and Cyclonic Valves Company.