Control valves refer to valves used in process industries to regulate process variables, such as flow, pressure, temperature, and fluid level in process industries including water management, chemicals, oil & gas, power generation, pharmaceuticals, automotive, mining, and food & beverages. These valves play a vital role in mounting efficiency, safety, and profitability of these process industries. Moreover, manufacturers of control valves are continually engaged in research & development (R&D) activities to design their products in accordance with the changing requirements in various industries.
According to study, “Global Control Valves Market: Market Segments: By Actuation Technology (Manual Control Valve, Pneumatic Control Valve, Hydraulic Control Valve, Electric Control Valve); By Type (Ball Valve, Butterfly Valve, Cryogenic Valve, Globe Valve);Application (Power Generation, Oil and Gas, Chemicals, Food and Beverages, Automotive, Pharmaceuticals, Wastewater Management);and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030” the key companies operating in the global control valves market are Flowserve Corporation (US), Cameron (Schlumberger Company) (US), Christian Burkert (Germany), Emerson (US), IMI PLC (UK), Samson Controls (US), Kitz Corporation (Japan), Neles Corporation (Finland), Crane Co. (US), Neway Valve (China), Ham-Let (Israel), Apollo Valves (US), Spirax Sarco (UK), Trillium Flow Technologies (UK), Alfa Laval (Sweden), Curtiss-Wright Corporation (US), Velan, Inc. (Canada), Swagelok (US), Dwyer Instruments (US), AVK Holdings A/S (Denmark), and Avcon Control (India).
Based on material, control valves market is segmented as cast iron, alloy-based material, stainless steel, cryogenic and others. Based on component, market is segmented as valve body, actuators and others. Based on type, market is segmented as linear valves (diaphragm valves, globe valves and other valves) and rotary valves (butterfly valves, ball valves and plug valves). Based on size, market is segmented as upto 1”, >1”-6”, >6”-25”, >25”-50” and >50”. In addition, based on industry, market is segmented as food & beverages, energy & power, water & wastewater treatment, oil & gas, pharmaceuticals, chemicals, metal & mining, building & construction, paper & pulp and others.
The control valves market is driven by rise in demand for energy, followed by increase in focus on establishing new nuclear power plants & upscaling of existing ones, increase in demand for valves from healthcare & pharmaceuticals industries due to COVID-19 pandemic and rise in need for connected networks to maintain & monitor industrial equipment. However, unplanned downtime due to malfunctioning or failure of valves and lack of standardized certifications and government policies may impact the market. Moreover, rise in need for replacement of outdated valves and adoption of smart valves, increase in use of 3D printing technology in manufacturing valves and growth in focus of industry players on offering improved customer services are key opportunities for market.
Based on geography, the North-American region dominates the global control valves market owing to increase in R&D activities and rise in demand for safety applications in the region. The European and Asian-Pacific regions are estimated to witness higher growth rate due to growth in industrialization in emerging economies over the forecast period. It is expected that future of the global market will be optimistic on account of growth in adoption of smart valves & automation in industries during the forecast period. it is also expected that the global control valves market will be reached at US $18.2 billion by 2030 from US $8.2 billion in 2018 at a CAGR of 3.67% during the forecast period 2019-2030.
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Ankur Gupta, Head Marketing & Communications