Increasing energy demand coupled with growing oil & gas E&P are the major factors driving the global Control Valves Market over the forecast period. Control valves are used to control temperature, pressure and liquid flow in various process industries. Massive automation technology acceptance is expected to uplift the global control valve market over the forecast period. Government initiatives coupled with investment, predictive factor visibility, growing oil & gas sector, widening application in upstream oil & gas industry and high efficiency needs are expected to further complement the global control valve market growth. High initial investments and inflexible competition among local players are expected to be major hindrances for market participants.
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Global control valve market is segmented on the basis of component, motion and application. Major control valve components include actuators, I/P converter, valve body and positioners. On the basis of motion operability, control valves are segmented into linear motion control valve and rotary motion control valve. Linear motion control valve sub segment includes diaphragm valve, gate valve and globe valve whereas rotary motion control valve include ball valve, butterfly valve and plug valve. Control valves find application in pulp & paper, oil & gas, pharmaceuticals, energy & power, metals & mining, chemicals, food & beverages and water management. Oil & gas is a major control valves application followed by food & beverages and pharmaceuticals.
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North America is a major regional market and is characterized by increasing control valve application in shale gas extraction along U.S. Gulf Coast. Presence of major control valve companies and technological advancements in oil & gas E&P processes are expected to further aid the regional market growth. Asia Pacific is expected to be driven by increasing hydrocarbon projects in India and China. Increasing pipeline installation activities in the region coupled with growing shale gas market in China are expected to further drive Asia Pacific market growth over the forecast period. Europe control valve market is expected to register sluggish growth owing to economic crisis which has affected major end-use markets particularly in Western Europe.
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Major players operating in the global control valve market include Velan, Crane Co., Emerson Process Management, General Electric Company, Metso Oyj, Burkert Fluid Control Systems, Samson AG, Cameron International Corporation, Dual Products Intl. Co., IMI Plc., Velan Inc., Pentair Limited and Flowserve Corporation.
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