Control valves plays significant role for increasing 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 increasing investment avenues among the process industries such as oil & gas industry along with huge number of projects for industrial development in several developing economies are the major factors driving the growth of global control valves market.
Furthermore, it has been observed that the demand for control valves is greater in pharmaceutical industry and expanding population along with high energy demand are expected to bolster the growth of control valves market in the near future. The control valve market was valued at USD 11.4 billion by 2024, registering a CAGR 6.9% during the forecast period (2018 – 2024).
The control valves are extensively being 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 valves market is segmented into manual control valve, hydraulic control valve, electric control valve, pneumatic control valve. Among all these, pneumatic control valve 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 ball valve, butterfly valve, globe valve, cryogenic valve, gate valve, diaphragm valve, and others. Among these segments, it has been expected that by 2024, butterfly valve is expected to generate 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 is expected to drive the growth of global control valve market. It has been observed that the companies operating in pharmaceutical segment are looking for fluid handling systems that enable them in improving hygiene and speeding up their activities in an efficient manner. Moreover, the oil & gas industry are excessively increasing investment avenues in pipeline installations along with shale gas field in order effectively handle flow of fluid, thereby contributing towards the growth of the global control valves market at the rapid pace.
With ever increasing population the demand for energy is also being affecting 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 which in turn is accelerating the demand for global control valves market. Moreover, increasing awareness regarding the saving and producing of energy along with excessive consumption of energy from middle class population in countries such as China, Brazil, India and Russia are further strengthening the growth of global control valves market.
Furthermore, increasing demand for efficient and safe waste disposal facilities and waste collection is another factor that is pertaining to drive the growth of global control valves 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.
Introduction of several stringent regulations regarding environmental pollution are being executed in the development of control valves. Due to introduction of several stringent environment 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 global control valves market.
Globally industry players of global control valves market are leveraging market growth through development of several innovative control valves and its components that includes 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 largest revenue in 2017 and is further projected to generate largest revenue by 2024 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.