The global control valve market is projected to touch USD 9.75 billion at a 7.53% CAGR over the forecast period (2018-2023), reveals the latest Market Research Future (MRFR) report. A control valve comprises of a valve, an actuator, and a controller that helps to modulate flow at different degrees between full capacity and minimal flow in response to signals from the external control device. These valves are frequently used in different areas to control the flow, direction, volume, liquid level, or pressure. Control valves work by opening or closing either partially or fully, after receiving signals from the controllers.
Various factors are pushing the growth of the Control Valve Market. These factors, in accordance to the Market Research Future (MRFR) report, include growing need for connected networks to monitor/maintain various equipment in plants, commissioning of numerous new nuclear plants, and upscaling of existing nuclear plants. Additional factors pushing the market growth include increasing adoption of industrial automation, growing demand from various end-use industries namely energy & power, oil & gas, and water & wastewater treatment and, increasing investments in water infrastructure and electricity generation.
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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).
The worldwide control valve market has been categorized based on type, component, valve size, and end-users.
With respect to type, the market includes butterfly valve, ball valve, plug valve, gate valve, diaphragm valve, and piston valve. The plug valves segment could exhibit the highest CAGR during the appraisal period, thanks to the rising demand for such valves in chemical companies in Europe and Asia Pacific. These valves are used for controlling the flow of corrosive acidic and alkaline liquids, corrosive gases and slurry.
Depending on the component, the market caters to actuators, valve body, and others. The actuators segment has the highest chance of achieving the highest CAGR in the coming years, on account of the soaring demand for pneumatic actuators.
The valve-sizes covered in the report include less than 1”, 1” to 6”, 6” to 25”, 25” to 50”, greater than 50”.
In terms of end-use vertical, the market is considered for energy & power, oil & gas, pharmaceuticals, food & beverages, water & wastewater treatment, construction, chemicals, and others. The oil & gas segment could lead the control valve market in the years ahead as these are extensively used for controlling the flow rate, temperature and pressure of several oils & gases.
The control valve market growth is estimated to be at a significant rate from 2018 to 2023. The geographical distribution of the market includes North America, Europe, Asia Pacific (APAC), and the rest of the world (RoW).
APAC has the highest possibility of gaining the top spot in the global control valves market in the following years. Market growth in the region is in response to considerable investments for infrastructure development in oil and gas as well as energy and power industries. China and India stand as the most lucrative markets for control valve in the region. On top of that, rapid improvement in process manufacturing in these countries also boost the market growth.
North America is yet another significant market for control valve, given the rising exploration of shale gas reserves along with increasing activities in the oil & gas industry. The rapid adoption of advanced technologies within the industry also benefits the regional market to a great extent. The United States (U.S.) is the most lucrative market in the region, due to robust demand for valve replacement in a vast number of active projects. For instance, at present, Canada and the U.S. collectively have almost 1,900 projects, which require valve replacement as well as up-gradation in existing facilities.
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