The global control flow choke market is
estimated to witness gradual growth in the next decade, which will be majorly
sustained by the factors such as the 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 USD 578M 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, according to a recent report by Persistent Market Research.
As per the findings of a 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 the 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 USD 578M
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.
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 a 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.