|Status : Published||Published On : Jun, 2023||Report Code : VRCH2006||Industry : Chemicals & Materials||Available Format :||Page : 250|
Control valves play a significant role in increasing the profitability, efficiency, and safety of process industries. The providers of control valves are persistently upgrading and evolving their technology and research and development events in order to meet the ever-changing demands of the manufacturers of several different industries. Moreover, increasing demand for automation and investment avenues among the process industries such as the oil & gas industry along with a huge number of projects for industrial development in several developing economies are the major factors driving the growth of the global control valve market.
Furthermore, it has been observed that the demand for control valves is greater in the pharmaceutical industry, and the expanding population along with high energy demand are expected to bolster the growth of the control valves market in the near future. The control valve market was valued at USD 11.4 billion by 2030, registering a CAGR of 6.9% during the forecast period (2023 – 2030).
The control valves are extensively used for regulating process variables such as temperature, flow, fluid level, and pressure in the process industries such as chemicals, oil & gas, power generation, food & beverages, mining, water management, and pharmaceuticals segment.
Insight by Actuation Technology
On the basis of actuation technology, the global control valve market is segmented into manual control valves, hydraulic control valves, electric control valves, and pneumatic control valves. Among all these, pneumatic control valves held the largest share in the market in 2017 in terms of value.
Insight by Type
On the basis of type, the global control valves market is segmented into ball valves, butterfly valves, globe valves, cryogenic valves, gate valves, diaphragm valves, and others. Among these segments, it has been expected that by 2024, butterfly valve is expected to generate the largest revenue in the global control valves market owing to its expansive demand from process industries from several developing economies such as China, Brazil, and India.
Insight by Application
On the basis of application, the global control valves market is segmented into water and wastewater, pharmaceuticals, oil & gas, chemicals, food & beverages, automotive, energy and power, building and construction, and others. Among all these applications, power generation was the largest application area in the market in terms of value.
Growing investments in fluid handling technology in pharmaceutical and oil & gas industries are expected to drive the growth of the global control valve market. It has been observed that the companies operating in the pharmaceutical segment are looking for fluid-handling systems that enable them to improve hygiene and speed up their activities in an efficient manner. Moreover, the oil & gas industry is excessively increasing investment avenues in pipeline installations along with shale gas fields in order to effectively handle the flow of fluid, thereby contributing towards the growth of the global control valves market at a rapid pace.
With ever increasing population the demand for energy is also being affected in a positive way and is growing at a substantial proportion. Furthermore, countries in emerging economies such as India and China are rampantly observing demand for power generation, accelerating the demand for the global control valves market. Moreover, increasing awareness regarding the saving and producing of energy along with excessive consumption of energy from the middle-class population in countries such as China, Brazil, India, and Russia are further strengthening the growth of the global control valves market.
Furthermore, increasing demand for efficient and safe waste disposal facilities and waste collection is another factor that is pertaining to driving the growth of the global control valve market. It has been observed that in India the health and safety guideline along with waste management projects such as redevelopment and closure projects in southern India are getting updated as a result of which the control valves market is growing at an exponential rate.
The introduction of several stringent regulations regarding environmental pollution is being executed in the development of control valves. Due to the introduction of several stringent environmental laws the global control valves market is expected to be impacted in a negative manner at a significant pace in the near future such as the sales and design of control valves. Moreover, these factors are expected to further hamper the growth of the global control valve market.
Globally industry players of the global control valve market are leveraging market growth through the development of several innovative control valves and their components that include smart actuators and control valve positioners. The development of innovative components along with research and development activities will enable the key players of the industry to design exclusive expansion strategies and new opportunities for growth.
Geographically, Asia Pacific has been generating the largest revenue in 2021 and is further projected to generate the largest revenue by 2030 in the global control valves market.
Some of the key players in the global control valves market include Burkert Fluid Control System, Curtiss-Wright Corporation, Emerson, Flowserve Corporation, Crane Co., Alfa Laval, Velan Inc., Samson AG, Pentair PLC., and Kitz Corporation.