The 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.
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.
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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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