(MENAFN- PR Newswire) NEW YORK, Sept. 6, 2023 /PRNewswire/ --
The
manifolds market size is expected to grow by USD 564.08 million from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will be progressing at a CAGR of
3.52% during the forecast period. Growth in demand for oil and natural gas is notably driving the manifolds market. However, factors such as threats from counterfeit products may impede market growth. The market is segmented by market segmentation by application (oil and gas industry, industrial automation, HVAC system, automotive, and others), type (hydraulic, pneumatic, HVAC, automotive, and fluid distribution), and geography (APAC, Europe, North America, Middle East and Africa, and South America).
Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The FREE sample report is available in PDF format Continue Reading
![Technavio has announced its latest market research report titled Global Manifolds Market 2023-2027]( "Technavio has announced its latest market research report titled Global Manifolds Market 2023-2027")
Technavio has announced its latest market research report titled Global Manifolds Market 2023-2027
Growth in demand for oil and natural gas is notably driving the market growth.
The escalating demand for oil and gas has necessitated the exploration and extraction of new reservoirs, resulting in the drilling of fresh wells. This phenomenon is particularly evident in non-major oil-producing countries. Additionally, offshore oil and gas reservoirs, characterized by their size and extended lifespan, have drawn companies towards offshore exploration and production (E&P) endeavors. The ever-increasing global appetite for oil and natural gas is set to amplify the growth of the E&P sector. Despite the relatively high costs associated with offshore extraction, the substantial reserves of offshore wells outweigh those found onshore. This prompts upstream companies to harness oil and gas from these abundant reserves. Consequently, the surge in demand for oil and gas is poised to escalate drilling activities in offshore locations, consequently driving the demand for collectors. These factors fuel the expansion of the market throughout the forecast period.
Key Segment Analysis
The
oil and gas industry segmen t is estimated to witness significant growth during the forecast period. The oil and gas industry is undergoing an evolution supported by technological advancements driving increased production capacity and big data integration for real-time data tracking to make informed decisions about the oil and gas industry. Such advances support increased oil and gas production, and growing investment in offshore
E&P operations is driving the growth of the oil and gas industry. The common manifold has a hollow structure and is equipped with valves, fittings (te, elbows, and plugs), pipes, tubes, and pressure machines. The hollow shape of the manifold allows fluid to pass freely through its many ports and onto the production line. To know additional highlights and key points on varimarket segments and their impact in coming years, View FREE PDF Sample Report .
Geographical Market Analysis
APAC is estimated to contribute 31% to the growth of the global market during the forecast period.
Company Insights
The manifolds market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including ABB Ltd., Berendsen Fluid Power Pty Ltd., Dril Quip Inc., Eaton Corp. Plc, Eurofluid Hydraulic S.r.l., Forum Energy Technologies Inc., General Electric Co., Hyspecs Hydraulics NZ, M and W Hydraulics, Moog Inc., NOV Inc., Oilpath Hydraulics Pty Ltd., RBV Energy Ltd., Parker Hannifin Corp., Renishaw Plc, Robert Bosch GmbH, Schlumberger Ltd., TechnipFMC plc, Weatherford International Plc, and Worldwide Oilfield Machine Inc.
Challenges
Threat from counterfeit products restricts market growth.
Counterfeit products fall within the grey market, where the product itself is genuine, but its distribution and sale occur outside the purview of authorized distributors. In the case of hydraulic manifolds, counterfeits, and fraudulent versions often lack quality, rendering them prone to failure or malfunction under elevated pressures. This poses a significant risk to the safety and effectiveness of installations where these components are employed.
Moreover, producers of these counterfeit manifold products offer them at lower costs, adding to the challenge. The issue lies in the deceptive resemblance of these valves to the genuine ones, complete with logos, identification numbers, patents, serial codes, and nameplates. Consequently, the proliferation of counterfeit products presents a substantial threat to the market players. As a result, these factors are anticipated to hinder the market's growth during the forecast period.
View the FREE PDF Sample Report
to find additional highlights on the growth strategies adopted by companies and their product offerings.
Related Reports:
The automotive exhaust system market size is estimated to grow at a
CAGR of 7.42%
between 2022 and 2027. The
market size is forecast to increase by
USD 23.51 billion.
The automotive exhaust manifold market share is expected to increase by USD
566.79 million from 2021 to 2026,
and the market's growth momentum will accelerate at a CAGR of 5.17%.
| Manifolds Market Scope |
| Report Coverage | Details |
| Base year | 2022 |
| Historic period | 2017-2021 |
| Forecast period | 2023-2027 |
| Growth momentum & CAGR | Accelerate at a CAGR of 3.52% |
| Market growth 2023-2027 | USD 564.08 million |
| Market structure | Fragmented |
| YoY growth 2022-2023 (%) | 3.05 |
| Regional analysis | APAC, Europe, North America, Middle East and Africa, and South America |
| Performing market contribution | APAC at 31% |
| Key countries | US, China, India, Germany, and UK |
| Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
| Key companies profiled | ABB Ltd., Berendsen Fluid Power Pty Ltd., Dril Quip Inc., Eaton Corp. Plc, Eurofluid Hydraulic S.r.l., Forum Energy Technologies Inc., General Electric Co., Hyspecs Hydraulics NZ, M and W Hydraulics, Moog Inc., NOV Inc., Oilpath Hydraulics Pty Ltd., RBV Energy Ltd., Parker Hannifin Corp., Renishaw Plc, Robert Bosch GmbH, Schlumberger Ltd., TechnipFMC plc, Weatherford International Plc, and Worldwide Oilfield Machine Inc. |
| Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
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| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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