Control Valves Market Assessment, Opportunities, Insight, Trends, Key Players

Posted by marketresearch123 on April 16th, 2021

The global Control Valves market was valued at USD 5,879.5 million in 2019 and is expected to reach USD 12,592.5 million by 2027, growing at a CAGR of 10.56% from 2020 to 2027.

Control valves are valves used to control conditions such as flow, temperature, pressure, and liquid level by fully or partially opening or closing in response to signals received from controllers that compare a “set point” to a “process variable” whose value is provided by sensors that monitor changes in such conditions. Control valves play an important role in increasing the efficiency, safety, and profitability of these process industries.

Market Dynamics

A gradual increase in the adoption of industrial automation, the growing number of industrial infrastructure projects in emerging economies, and ever-increasing investment across all end-user industries mainly the oil & gas industry are factors driving the growth of the overall target market. In addition, pharmaceutical industries are expected to have a high demand for control valves.

Furthermore, strict regulations regarding environmental pollution is being enforced in the designing of control valves. These regulations are projected to become tougher in the near future. This, in turn, will impact the sales and design of the control valves. The sales of these environmentally sustainable control valves will boost significantly in the future across various industries. However, inefficient logistics and supply systems across the globe might hamper the growth of the global market to a certain extent. On the flip side, a growing population integrated with high energy demand is one of the major factors influencing the growth of the control valve market.

Pneumatic Control Valve is expected to witness the highest growth over the forecast period

Based on type, business is categorized into a pneumatic control valve, hydraulic control valve, and electrical control valve. Among all, the global pneumatic control valve market is expected to witness the highest growth over the forecast period. Growth in demand for pneumatic control valves from the oil and gas industry is the major factor impacting a positive impression on the development of the pneumatic control valve.

Oil & Gas Industry estimated the highest share of the control valve market in 2019

In terms of end-user, the worldwide industry is categorized into electrical power, oil & gas, automotive, pharmaceutical, mining, chemical, food & beverages, and others.

 The oil & gas industry estimated the highest share of the control valve market in 2019. Factors such as rising energy demand and increasing drilling activities across the globe are fueling the growth of this segment.North America Control Valves accounts for the highest revenue share

Regionally, the overall industry is divided into North America, Middle East & Africa, Asia Pacific, Latin America, and Europe. North America control valve market accounts for the highest revenue share of US$ 1.9 billion in 2017 and is estimated to reach US$ 5.0 billion by 2027.

This is mainly attributed due to the high demand for valve replacement from a large number of active projects in the region. Currently, U.S and Canada have around 1,900 projects requiring valve replacement and simultaneous up-gradation in existing facilities.

Asia Pacific is projected to register lucrative growth opportunities

This is mainly attributed due to the presence of developing counties such as India and China. Rising demand for automated valve operations in several end-user industries such as food & beverage, pharmaceutical, energy & power, and water & wastewater are also promoting the growth of the market in this region. In addition, key players are heavily investing in valve and actuator manufacturing along with technological advancements in this region.

Drivers: Rapidly growing oil & gas and water & wastewater treatment industry across the globe to drive the global market growth

The rapidly growing end-use industries such as energy & power, oil & gas, and water & wastewater industries coupled with the rising demand for control valves is the major factor expected to boost the growth of the global control valves market during the forecast period. 

For instance, in 2017, according the Organization for Economic Co-operation and Development (OECD), about 99.97% of the population in Chile has access to wastewater treatment plants. Furthermore, in 2019, as per the World Nuclear Industry Status Report, approximately 415 nuclear reactors were operating across the globe, which included control valves.

Challenges: Changing government policies and lack of standardized certifications to impede the market growth

The manufacturers of control valves need to adhere to certain norms & regulations. There are different certifications & policies for valves in different regions, which create diversity in demand owing to the wide-ranging applicability of control valves in various end-use industries, such as oil & gas, pharmaceuticals, food & beverages, and many others.

This is expected to be major threat for the global market growth in the coming years. For instance, the American Petroleum Institute (API) Standard 598 or API STD 598 includes valve inspection and testing.

This standard covers inspection, additional examination & pressure test requirements for metal-to-metal seated and resilient-seated gate, plug, globe, ball, check & butterfly valves.

Recent Developments:

In March 2020, Total Valve Systems launched a new control valve management system that integrates a range of services designed to maximize efficiency, return on investment and reliability. The new product relies mostly on electrical, hydraulic, or pneumatic actuators to ensure a valve attains a specified degree of opening. The new management system combines valve sizing software, live monitoring, valve diagnostics, maintenance services, system analytics, and reliability reports.

In February 2020, a CIRCOR International brand RTK®, and an international leader in the design and manufacture of control valves and actuators, introduces the REflex Quick Change Seat Control Valve with REact 30 DC-PoP smart actuator, all of them are a flexible all-in-one solution for noise reduction and high-pressure drop applications. The respective REflex QCS Control Valve assembles and disassembles in four quick steps without the need for special tools, and accelerating maintenance by up to eighty-five percent for efficiency and cost-savings

Market Key Players

Various key players are listed in this report such as Emerson Electric, General Electric, Samson AG, MIL Control Ltd, Metso Corporation, Pentair Plc, Velan Inc., Crane Co., Flowserve Corporation, and IMI Plc.

Market Taxonomy

By Type

·         Pneumatic Control Valve

·         Hydraulic control valve

·         Electrical Control Valve

By Application

·         Electrical Power Oil & Gas

·         Automotive Pharmaceutical

·         Mining Chemical Food & Beverages

·         Others

By Region

  •          North America
  •          Latin America
  •          Europe Asia Pacific
  •          Middle East & Africa

Browse Full Research Report @ https://qualiketresearch.com/reports-details/Control-Valves-Market

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