The global control valves market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5% during 2021-2026, according to the latest report by IMARC Group.
A control valve refers to a device that regulates the flow of a liquid or gas through internal passages. It consists of three key components – the valve, actuator and controlled – that aid in controlling various conditions, such as flow, temperature, pressure and liquid level, in a system. It forms an indispensable component of the control loop wherein it modulates the flowing fluid to compensate for the load disturbance. Consequently, it is widely being integrated with numerous accessories, such as handwheels, position indicators, limit switches and electro-pneumatic transducers across numerous verticals, including chemical, power, pharmaceuticals, oil and gas, and water and wastewater treatment industries.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Global Control Valves Market:
The global market is primarily driven by a significant increase in the number of oil and gas exploration activities. The shifting preference toward automation and the growing requirement for the construction of new pipelines in the oil and gas sector is catalyzing the uptake of control valves. Along with this, there has been an increasing demand for uninterrupted power supply across the globe, especially in developing countries that witness continuous outages. This has led to the development of new power generation plants that rely on a connected network for monitoring the overall functioning of the plants. The rising demand for the establishment of new renewable energy projects and constant improvements in the existing infrastructures is providing a thrust to the market growth. Product innovations and continuous research and development (R&D) by various key players have led to the introduction of control valves that are integrated with smart and digital valve positioners and equipped with advanced capabilities, including diagnostics and alarm status. The advent of 3D printed valves is also expected to gain prominence in the market. This, in confluence with the growing investments in fluid handling technology by numerous industries, such as the nuclear and pharmaceutical sectors, is propelling the market growth.
- On the basis of the type, the market has been bifurcated into rotary valves (ball, butterfly and plug valves) and linear valves (gate, diaphragm and other valves).
- Based on the size, the market has been divided into up to 1″, >1″ to 7″, >7″ to 25″, >25″ to 50″ and >50″.
- On the basis of technology, the market has been classified into electric, hydraulic, manual and pneumatic.
- Based on the component, the market has been categorized into actuators, valve body and others.
- On the basis of the material, the market has been segmented into stainless steel, cast iron, alloy based and others.
- Based on the end use industry, the market has been divided into oil and gas, water and wastewater treatment, energy and power, pharmaceutical and healthcare, chemicals, building and construction, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the industry has also been examined with some of the key players being Burkert Fluid Control Systems, Curtiss-Wright Corporation, Emerson, Flowserve Corporation, Honeywell International, IMI PLC., Kitz Corporation, Samson AG, Spirax Sarco, Valvitalia SpA, Velan Inc., etc.
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