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The global oil pressure control solenoid valve industry is anticipated to grow at a moderate pace in the forecast period owing to factors like the rising applications of the product in end-use industries. Improvements in the design structures of the valves have led to this shift. Increased automation in almost every sector is also acting as a catalyst for the market growth. A rise in favourable government regulations is further expected to fuel the market growth.
With the onset of COVID-19, the global oil and gas industry started to taper off, reaching all-time low production values. On July 15, 2021, the Huawei Oil & Gas Summit 2021 – exploring ‘Data to Barrel’ – was successfully hosted online. The summit gathered together global customers, industry partners, and thought leaders — including representatives from the Abu Dhabi National Oil Company (ADNOC), Schlumberger SIS, and the former Chief Information Officer (CIO) of French giant TOTAL (OTCMKTS: TTFNF) — to share their experiences of helping oil and gas companies increase profits while cutting costs, creating added value through digital transformation. Working with partners, Huawei planned and built a computing AI platform for an industry customer to implement AI training and big data analytics. This has, in turn, led to an increase in both oil and gas reserves and in production, aiding the oil pressure control solenoid valve industry.
Market Analysis by Design, Material Type, End Use, and Region:
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The major players in the global oil pressure control solenoid valve market are Mitsubishi Electric Corporation, Rotex Automation, Siemens Aktiengesellschaft, SMC Corporation of America, Parker Hannifin Corp., and Burkert Contromatic Pvt. Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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