An approximately US$5.6 Bn control valves market (2021) will most likely observe a strong growth outlook over the period of next few years, indicates our ongoing research.
Unprecedented Expanse of Automation Bolsters Control Valves Market Growth
As a result of the increasing demand from end-use industries like water treatment, oil and gas, and energy and power, global control valves market is expected to grow over the forecast period. Furthermore, increased adoption of industrial automation is boosting the use of smart control valves, which is expected to predominantly boost the growth of control valves market. As a result of the growing number of power generation plants worldwide and the increasing demand for energy and power from developing countries, control valves are in high demand. Nuclear power plants also use these valves for chemical treatment, feed water, cooling water, and steam turbine control systems. There has also been an increase in demand for control valves due to the high-pressure, high-temperature and adverse corrosion conditions found on oil and gas platforms, both onshore and offshore. It controls the flow, volume, direction, rate, and pressure of fluids in most essential oil and gas industries. There is an increasing need for automation in processes such as food and beverages, oil and gas, water and wastewater, petrochemicals, energy and power, and pharmaceuticals. Control valves are widely used in these industries. Multiple production processes contribute greatly to the end-use industry's profitability, safety, and efficiency. Furthermore, control valve industries are constantly being adopted due to their ability to control temperature or pressure throughout downstream, midstream, and upstream production processes.
Control Valves Market: COVID-19 Impact
Many control valve companies have temporarily stopped operation due to the COVID-19 pandemic. In an effort to control and contain the pandemic, governments around the world are passing stricter regulations regarding business operations. In response to the pandemic, governments worldwide are passing stricter regulations regarding business operations. These companies have also had difficulty procuring raw materials due to the newer and stricter government regulations and rules. To manufacture a wide variety of control valves at an affordable and cost-effective price, it is extremely challenging for these companies to procure sufficient raw materials. Pharma and healthcare companies are highly demanded control valves, seeking solutions to contain COVID-19, thus the long-term outlook for control valves market is strong.
Growing Adoption for Energy-related Applications Fuels Control Valves Market Expansion
In addition to the focus on renewable energy projects, the growing number of solar thermal power plants has increased the application areas of control valves. By reducing the total cost of equipment ownership, maximizing uptime, and lowering maintenance costs, manufacturers in the energy sources industry have improved their manufacturing capabilities due to sensor and valve technology advances. A sharp rise in solar thermal energy plants has been sparked by the increased emphasis on renewable energy projects, and control valve applications have also increased in several regions. A high level of competence and a force with ample financing options also drive the demand for renewable energy projects.
Rising Demand from Healthcare Industry Drives Control Valves Market Growth
Healthcare and pharmaceutical companies are at the forefront of fighting COVID-19 as it spreads rapidly. The production of crucial medical devices necessary to treat patients with the viral outbreak is rising. A number of key industry players have seized this opportunity to contribute to the fight against the pandemic by manufacturing control valves, which play an essential role in manufacturing various medical devices. It is becoming increasingly common for pharmaceutical companies to invest in research and development of automatic components, such as silicon valves, which supply the pharmaceutical industry. Pharmaceutical companies are also developing sophisticated fluid handling systems like automatic sanitizer and liquid soap dispensers, creating demand for valves.
Lack of Standardization Continues to Hamper Control Valves Market Growth
As far as valves are concerned, different locations have different certifications and policies. Due to the various application of valves, including oil and gas, food and beverages, pharmaceuticals, energy and electricity, water and wastewater treatment, construction and building, chemicals, and pulp and paper, demand is diverse. Due to such diversity, industry participants are unable to obtain an optimal cost of installation for their products, which has a negative impact on the growth of the control valves market. They must invest their resources in setting up manufacturing facilities around the world, which will require additional capital. To resolve this issue, they will need to invest their resources in setting up production facilities worldwide, which will require additional funds.
Rotary Valves Bestseller Category in Control Valves Market
The steam packing in rotary valves allows emission to be controlled effortlessly without expensive bellows seals, and they are less prone to clogging dirty service applications. Additionally, the lighter weight and smaller size of rotary valves contribute to the constant demand for these valves. Rotating valves also offer the benefit of forming a virtually obstruction-free pathway for fluids when fully opened.
With Increased Natural Gas Generation, Oil and Gas Industry Maintains Primacy in Control Valves Market
In the forecast period, the oil & gas segment held the largest market share, and it is anticipated that it will continue to rule the market during the forecast period. Because control valves are widely used in natural gas generation, crude oil extraction, and refining processes, and safety standards are becoming more stringent, around 10% of installed valves are replaced yearly. Aside from providing water for manufacturing and treating wastewater generated by industries, the water & wastewater industry also includes processes for application. In the coming years, approximately 90,000 municipal wastewater plants are expected to spend about USD 4.50 billion on valves, which is expected to drive the market further.
Demand Surge Across Industries to Account for North America’s Continued Dominance in Control Valves Market
Over the forecast period, it is anticipated that the North American control valves market will account for the largest revenue share. With rapid industrial automation, the US and Canada will need control valves more due to extensive industry demand in different sectors, including oil and gas, electricity, food and packaging, and chemicals. Oil & gas demand is expected to increase in these nations due to rapid industrialization and the growing transportation sector. Desalination plants are also being built to provide potable water to an ever-increasing population, increasing the demand for control valves. Waste and wastewater management is also expected to drive future demand, with a considerable share expected to come from waste and wastewater management. A significant part of the increase in demand from the region can be attributed to the United States since it has an increasing demand from almost all end-user segments, particularly oil and gas, refining, and power generation.
The Asia Pacific control valves market is projected to experience stable revenue growth throughout the forecast period because companies are investing heavily in valve and actuator manufacturing due to emerging economies such as China, and India, which require technologies to be integrated for smart valves to become a reality. Various industries require automated valve operations, including energy and power, pharmaceuticals, water and wastewater, and food and beverage. Over the next ten years, the Indian Government will invest around US$42 Bn in revamping and reforming the power distribution sector. According to the India Brand Equity Foundation (IBEF), control valve producers in India have impressive growth prospects ahead of them.
The Middle East & Africa, China, and North America will likely provide an upthrust to the control valves market as more oil and gas exploration activities occur there. During the forecast period, the control valves market in the said regions is expected to grow steadily. Furthermore, strict environmental regulations contribute toward the growth of control valves market in Asia, North America, and Europe. For instance, EPA has mandated that traditional spring diaphragm actuators, used to actuate valves at wellheads, be limited to reduce greenhouse gas emissions. The regulatory body said it could reduce methane emissions and volatile organic compounds (VOCs) by replacing them with electric actuators connected to pneumatic devices.
Global Control Valves Market: Competitive Landscape
As of February 2019, Rockwell Automation and Schlumberger have established Sensia, a new joint venture. Rockwell Automation is the world's largest industrial automation and information company. Flowserve announced in May 2022 that it had improved the Valtek FlowTop control valve design to meet global standards for general and moderately severe service applications. By providing: One standardized, versatile control valve, Precision control, A variety of trim and packing options, and simplified maintenance, the new FlowTop General Service valve complements the proven FlowTop GS and Valtek GS control valves to meet a wide range of requirements.
A few of the players in the control valves market include Christian Burkert (Germany), Emerson (US), Flowserve Corporation (US), Cameron (Schlumberger Company) (US), IMI PLC (UK), Neles Corporation (Finland), Crane Co. (US), Samson Controls (US), Kitz Corporation (Japan), Neway Valve (China), Ham-Let (Israel), Trillium Flow Technologies (UK), Alfa Laval (Sweden), Apollo Valves (US), Spirax Sarco (UK), Curtiss-Wright Corporation (US), Dwyer Instruments (US), AVK Holdings A/S (Denmark), Velan, Inc. (Canada), Swagelok (US), and Avcon Control (India).
Regional Classification of the Global Control Valves Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Control Valves Market
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