Albany, NY -- (SBWIRE) -- 01/04/2018 -- Honeywell International Inc. Emerson Electric Co., KITZ Corporation, Bürkert Fluid Control Systems, Schlumberger Limited, Flowserve Corporation, AVK Holding A/S, Rotork Plc., General Electric Company, and Goodwin International Ltd. are to name a few prominent participants in the global control valves market.
Presence of numerous well-diversified regional and international manufacturers makes the global control valves market highly fragmented and competitive. In order to survive in such a cutthroat environment, most big international players are seen resorting to mergers and acquisitions of smaller local players to expand inorganically. This not just helps players to increase their geographical footprint but also to diversify their product portfolios. They are also working on product extensions through technological innovations to bolster their positions.
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As per a report by Transparency Market Research, the global control valves market will likely rise at a CAGR of 6.4% during the period between 2017 and 2025. At this rate, the market which was worth US$6.01 bn in 2016 will likely become worth US$ US$10.46 bn by 2024.
Depending upon the type of actuation technology, the global market for control valves can be divided into manual control valve, pneumatic control valve, hydraulic control valve, and electric control valve. Of them, the segment of pneumatic control valve accounted for maximum share in revenue in the market in 2016.
Geographically, the key segments of the global market for control valves are North America, South America, Europe, Asia Pacific, and the Middle East and Africa. North America, among them, holds a leading share in the market at present. In the near future too, the region will likely retain its leading share by rising at a 5.1% CAGR from 2017 to 2025. Exhaustive activities in the exploration of shale gas, which require control valves to regulate the pressure or temperature throughout upstream, midstream, and downstream activities, is mainly serving to propel the market in the region.
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Majorly fuelling the global control valves market is the high growth in the pipelines sector. The focus on industrial development is estimated to positively impact the market by boosting uptake of industrial valves. "As a thumb rule, valves are often placed at a pipeline distance of less than 10% of the total length of the pipeline for efficient and easy control of gas in the oil and gas and other related industries. Hence, rise in adoption of pipeline is directly proportional to the rise in adoption of valves," explains the lead analyst of the report.
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Another prominent growth driver for the global control valves market is the thrust on the renewable energy projects. Rapidly increasing number of solar thermal energy plants have increased the application areas of valves. All these have driven up demand for globe valves, ball valves, butterfly valves and others in the application areas of renewable energy plants.