Control valves play an important role in increasing efficiency, safety, and profitability of these process industries.
Portland, OR -- (SBWIRE) -- 10/26/2017 -- Control Valves Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $13,674 Million by 2022, registering a CAGR of 7.6% during the period 2016-2022. Pneumatic control valves market occupied a dominant share of about 80% in 2015 and is expected to maintain its lead throughout the forecast period. (control valve market size) By application, electric powered control valve segment accounted for about 22% of the market share in 2015. North America is the largest regional market for control valves globally at present.
Control valves play an important role in increasing efficiency, safety, and profitability of these process industries. Furthermore, the manufacturers of control valves are constantly engaging in research and development activities to design their products in accordance with the changing requirements in various industries (valve industry trends). The main drivers for the growth of control valves market are gradual increase in the need for automation in the process industry, the rising number of industrial infrastructure projects in developing countries, and the ever increasing investment across all the process industries especially oil & gas industry. Additionally, the demand for control valves is expected to be high in the pharmaceutical industry. High energy demand integrated with growing population is one of the major factors driving the market growth. Inefficient logistics and supply system across the world is one of the challenges for control valves market in the period 2014-2022.
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The Asia-Pacific and LAMEA are expected to offer lucrative growth opportunities in control valves market during the forecast period. Booming oil & gas and power generation sectors, increasing need for automation in the process industries, and rising number of industrial infrastructure projects in Asia Pacific are the key drivers for the growth of control valve in the region (valves industry overview), with major revenue contribution from China, India, and Japan. Latin America and Middle East in LAMEA are projected to grow with CAGRs of 8.27% and 8.12%, respectively.
The key companies profiled in this report are Emerson Electric Co. (U.S.), Flowserve Corporation (U.S.), Metso Corporation (Finland), Pentair Plc (UK), General Electric Company (U.S.), Samson AG (Germany), MIL Control Limited (India), Crane Fluid Inc (U.S.), IMI Plc (UK), Velan Inc. (Canada), Crane Co. (U.S.) and Flowserve corporation (U.S.).
Key findings of the study:
Pneumatic control valve is projected to be the fastest growing segment, at a CAGR of 7.40%, in the global control valves market.
Electric power and oil & gas, automotive segment together contributed about 40% of the overall market share in 2016.
The North America is projected to occupy the highest market share, registering a CAGR of 6.13% from 2016 to 2022.
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