The global control valve market was valued US$ 5.5 Bn in 2020 is expected to reach US$ 13.93 Bn by 2027, with a growing CAGR of 14.20% during the forecast period (2021-2027)
Valves are mechanical equipment that controls the flow and pressure within a system or process. Control valves are utilized to synchronize process variables, such as temperature, flow, pressure, and fluid level in process industries such as oil & gas, water management, chemicals, power generation, automotive, mining, pharmaceuticals, food & beverages, and others.
Moreover, manufacturers of control valves are investing in research and development activities to design their products that comply with changing requirements of end users. Surge in adoption of automated technology in the process industry is anticipated to accelerate growth for the control valve market. Additionally, growing spending in oil & gas industry as well as pharmaceutical infrastructure is predicted to fuel the growth of control valve market.
For instance, India invested $118 billion for oil & gas exploration and is setting up natural gas infrastructure to meet needs of oil & gas. Furthermore, demand for control valves in food & beverages industry is also expected to boost the demand for control valves in near future. As per International Brand Equity Foundation (IBEF), the food & beverages processing industry has emerged as a high-profit and high-growth sector, owing to its immense growth potential. Similarly, according to the report published by USDA Foreign Agriculture Service, in 2019, Brazil’s food processing industry was worth $179 billion during 2018. Thereby, this will create a significant opportunity for control valve market over the forecast period.
In addition to this, increasing industrial infrastructure projects in emerging economies such as India, Japan and Others are expected to boost the growth of the control valve market. For instance, in September 2020, the Spanish government offered $226.2 million for renewable energy projects. However, competition from domestic manufactures might be hindering the growth of the control valve market. Furthermore, developing countries such as India and China are focused on investing in hydrocarbons, which is projected to provide attractive opportunities for market players in the control valve market.
The Global Control Valve Industry Segmentation:
By End User
The unique insights provided by this report also include the following:
Based on type, the rotary valves segment accounted the largest market share during the forecast period.
Rotary valve segment is anticipated to hold the largest market share in 2020. Rotary valves are less susceptible to clogging in end use industry, and through the stem packing, emissions will be controlled effortlessly, without using costly bellows seals. Moreover, lighter weight and smaller size of rotary valves and formation of a virtually obstruction-free path for the fluid when the valve is wide open are few of the prime features of rotary valves which will increase their demand in near future.
Based on the end users, the oil & gas industry segment is anticipated to hold the largest market share.
By end users, the oil & gas industry accounted for the largest share in the global control valve market in 2020. The growth in this segment is attributable to high investment in the oil & gas sector across gulf countries, Asia Pacific, and North America. For instance, according to Indian Brand Equity Foundation (IBEF), India's natural gas production increased by 22.7% of Y-o-Y growth in 2021, as Reliance Industries Ltd. and its partner, BP plc, increased production in the KG-D6 block on the east coast.
Moreover, due to growing stringency of safety standards, around 10.0% of installed valves are expected to be replaced on a yearly basis. Water & wastewater treatment is a fastest growing segment owing to its demand for industrial as well as residential applications. Water & wastewater industry includes application processes, such as supply of water for manufacturing process and simultaneously it is used for the treatment of wastewater generated by industry.
Based on regions, the market for control valve in North Americaestimatedto grow at the highest CAGR during the forecast period, followed by Europe and Asia-Pacific.
North America is anticipated to dominate the control valve market by registering the highest CAGR throughout the analysis period. The growth in the region is attributed to the presence of prominent players in the region. Moreover, growing R&D activities pertaining to the use of valves in automation and the increasing the demand for safety applications are the influencing factors that positively impact the market growth.
For instance, in February 2020, Schlumberger Limited which is engaged in manufacturing pressure control, rig equipment, valves, and measurement products opened King Salman Energy Park producing centre at Saudi Arabia. The new production unit will manufacture various technologies including liner hangers and packers as well as valve technologies, such as Orbit rising stem ball valves, and Grove valves to increase the efficiency of oil and gas operations. This business expansion helped the company to generate more revenue.
The report also provides in-depth analysis of control valve market dynamics such as drivers, restraints and opportunities
COVID-19 Impact on the Control Valve Market Analysis
With the rising COVID-19, many businesses are at the forefront to combat this pandemic. The pandemic has hindered the commercial supply chain and also disrupted the merchandise segment. The Government across the globe has imposed strict lockdown to curb the spread of disease. The COVID-19 directly impacted the revenue flow of the worldwide valve market. However, demand for control valves increases for the industry like oil & gas, chemical, and others. Therefore, the control valve market is anticipated to re-open at its full-scale capabilities, which successively, would support the market to recover by the beginning of 2022.
The report also provides in-depth analysis of key trends in control valve market:
The report also provides in-depth analysis of recent news developments and investments:
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID – 19 Opportunity Mapping
Regional Market Analysis