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Market DynamicsThe global control valves market stood at USD 6.42 billion in 2017 and could attain the valuation of USD 9.75 billion by 2023, suggests Market Research Future (MRFR). The market is touted to achieve a CAGR of 7.53% during the forecast period (2018-2023).
Market Drivers and Top Restraints
The Control Valve Market benefits from the soaring demand from end-use industries like oil & gas, energy & power, and water & wastewater treatment industry. Rising adoption of industrial automation also boosts the demand for control valves. Increasing number of power generation plants all over the world paired with mounting need for energy and power in developing nations helps stimulate market growth. Control valves are extensively used in nuclear power plants, mostly in processes like feed water, chemical treatment, steam turbine control system and cooling water.
Hike in the number of oil & gas exploration activities in China, the Middle East & Africa and North America could give a substantial boost to the global market. Further, strict regulations pertaining to environment legislations for end-use industries play a stellar role in market growth. Citing a reference, the U.S. Environmental Protection Agency (EPA) has made it mandatory to bring down the use of traditional spring diaphragm actuators in a bid to curb greenhouse gas emissions. these actuators will now be replaced with electric actuators in pneumatic devices, which could decrease methane and volatile organic compounds (VOC) emissions.
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Numerous control valve companies are making considerable investments in state-of-the-art control instrumentations, given the mounting demand for technologically advanced products in emerging end-use industries. This is bound to give rise to environmental, economic and competitive pressure on vendors, who will strive to offer high-quality products with a lesser return on investment. On account of integration of digital intelligence, such technologically advanced control valves are turning out to be an effective plant asset management strategy.
Key Players
The prominent players in the control valve market Emerson Electric Co. (US), Flowserve Corporation (US), Metso Corporation (Finland), General Electric Company (US), Samson AG (Germany), OCV Fluid Solutions (US), IMI Plc (UK), Velan Inc. (Canada), Crane Co. (US), The Weir Group PLC (UK), MIL Control Limited (India), Apollo Valves (US), Armstrong International Inc. (US), AVK Group (Denmark), and Leslie Controls, Inc. (US).
Market Segmentation
The Market Research Future report offers a wide segmental analysis of the control valve market on the basis of type, component, end users, and valve size.
Based on type, the control valve market is segmented into the diaphragm valve, piston valve, plug valve, gate valve, butterfly valve, and ball valve. Of these, the plug valves segment will have the largest share in the market over the forecast period. It is predicted to grow at the highest CAGR due to increasing demand for control valves from chemical companies in Europe and the Asia Pacific to control the flow of corrosive gases, the flow of slurry, and flow of corrosive acidic liquids, and alkaline liquids.
Based on the component, the control valve market is segmented into actuators, valve body, and others. Of these, the actuators segment will dominate the market over the forecast period. It is predicted to grow at the highest CAGR due to the burgeoning demand for pneumatic actuators.
Based on end users, the control valve market is segmented into pharmaceuticals, construction, chemicals, food & beverages, water & wastewater treatment, energy & power, oil & gas, and others. Of these, the oil & gas segment will lead the market over the forecast period as control valves are widely used to control the pressure, the temperature, and the flow rate of various oils & gases.
Based on valve size, the control valve market is segmented into less than 1”, 1”-6”, 6”-25”, 25”-50” and greater than 50”. Of these, the 6”-25” valve size segment will have the maximum share in the market over the forecast period.
Regional Analysis
Based on the region, the control valve market report covers growth opportunities and the latest trends across the Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). Of these, Asia Pacific will have the largest share in the market over the forecast period. This is owing to high investments made for infrastructure development in oil and gas and energy and power industries in India and China and rapid growth in process manufacturing in Asian economies.
The control valve market in North America will have a significant share over the forecast period. This is owing to increasing activities in oil and gas industries, exploration of shale gas reserves, and rapid adoption of the latest technologies in the region.
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Industry News:
May 2019- Witt, leading gas-related equipment manufacturer will showcase smart valves at the Thermprocess Expo in Dusseldorf, from 25th-29th June 2019. It will highlight how visible and safe the performance of a gas supply system can be through smart valve innovations.
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Organization: Market Research Future
Website: https://www.marketresearchfuture.com/reports/control-valve-market-1940
Release ID: 88965110
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