Market Synopsis
The global Control Valve Industry is expected to grow from USD 6.42 billion in 2017 to USD 9.75 billion by 2023, at a CAGR of 7.53%, during the forecast period.
The increasing need for more efficient manufacturing operations by process manufacturers along with rapid industrial developments in countries such as China and India is creating a demand for control valves. These valves are used to control the flow of fluids in manufacturing industries, thus reducing process variability; this helps to achieve production requirement and reduce the cost of the process effectively. Factors such as rising investments in electricity generation and water infrastructure are fueling the demand for control valves. Major improvements have been made in the control valve actuator technology which help in minimizing the cost and boosting the efficiency in power generation.
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Market Segmentation
The worldwide Control Valve Industry has been categorized based on type, component, valve size, and end-users.
With respect to type, the Control Valve Industry 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.
Key Players
Some of the major players in Control Valve Market Size includes Burkert Fluid Control Systems (Germany), Crane Co. (U.S.), Velan, Inc. (Canada), Pentair Limited (UK), Flowserve Corporation (U.S.), Dual Products Intl. Cc (South Africa), Metso Corporation (Finland), Samson AG (Germany), MIL Control Limited (India), and IMI Plc. (UK) among others.
Regional Analysis
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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TABLE OF CONTENTS
LIST OF TABLES
Table 1 Global Market, By Type
Table 2 Global Market, By Component
Table 3 Global Market, By End-User
Table 4 Global Market, By Regions
Table 5 North America Market, By Type
Table 6 North America Market, By Components
Table 7 North America Market, By End-User
Table 8 U.S. Market, By Type
Table 9 U.S. Market, By Component
Continued…
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