The market for control valves is primarily driven by factors such as increasing investment in the oil and gas industry and increasing number of pipeline installations to ensure efficient fluid handling across different industry verticals.
Albany, NY -- (SBWIRE) -- 10/20/2016 -- The global market for control valves has been covered under the scope of this report. Control valves can be defined as a device which modulates the flow at various degrees in accordance with signals received from an external control device. It is also referred to as "the final control element" and performs functions that directly affect the process.
The global control valves market is primarily driven by factors such as increasing investment in the oil and gas sector and growing demand for efficient fluid handling systems across different industries. Moreover, the demand for control valves is also expected to remain high from the chemical industry as a result of the rise in investments for pipeline installations across various chemical plants. In addition, due to the hygiene and time efficiency factor, pharmaceutical companies are investing on sophisticated fluid handling systems, which in turn results in increased demand for control valves. Considering these positive factors, the demand for control valves is set to rise during the forecast period from 2015 - 2021.
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Based on type, the global market can be segmented into three segments, namely pneumatic, hydraulic and electric. Pneumatic control valves garnered the maximum revenue in 2014. The extensive usage of pneumatic control valves across various sectors including the chemicals, oil and gas and petrochemicals among others is fuelling the growth of the market.
The control valves market by applications is divided into nine segments, namely: power generation, oil and gas, wastewater management, automotive, pharmaceuticals, mining, chemicals, food and beverages and others. The power generation industry was the largest contributor in the control valves market in 2014 and is expected to retain its position throughout the forecast period. The control valves usage in the power sector is mainly driven by investments in the industrial infrastructure projects in emerging economies such as China, India and Brazil. Countries like India and China are restructuring transmission and distribution network in power generation sector to ensure seamless electricity distribution to utility as well as other industries.
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Control valves market has been bifurcated geographically into four regions: North America, Europe, Asia Pacific and Rest of the World. North America occupied the largest share of the market in 2014 accounting for more than 37%. The demand for control valves is expected to remain high in the region as a result of the expansion in the oil and gas extraction. Asia Pacific acquired the second largest share in the market globally and accounted for more than 23% in 2014.
Some of the major players in the market are: Emerson Electric Co. (U.S.), Flowserve Corporation (U.S.), Metso Corporation (Finland), MIL Control Limited (India), Pentair Plc (UK), General Electric Company (U.S.), Samson AG (Germany), Crane Fluid Inc (U.S.), IMI Plc (UK) and Velan Inc. (Canada) among others.
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