In terms of revenue, the global control valves market was valued at US$8.92 bn in 2015 and is expected to reach US$15.41 bn by 2024. If these values hold true, the market is projected to expand at a 6.3% CAGR during the forecast period. The volume of the global control valves market is forecast to rise at a 5.9% CAGR from 2016 to 2024.
Albany, NY -- (SBWIRE) -- 12/01/2016 -- Control valves are types of valves which are used to control conditions such as temperature, flow, liquid level and pressure by fully or partially closing or opening in response to the signals received from the controllers. Control valves are used in various industries such as oil and gas, wastewater management, automotive, pharmaceuticals, mining, chemicals, and food and beverages, among others. In terms of product type, the control valves market has been segmented into manual control valves, pneumatic control valves, hydraulic control valves and electric control valves. The market for control valves is primarily driven by the increase in energy consumption, coupled with increasing demand from process industries such as oil and gas.
The market for control valves is primarily driven by oil and gas industry due to their application throughout upstream, midstream and downstream activities. While demand for oil and gas products is increasing at significant rates, supply for the same industry is dwindling due to the global decrease in oil and gas reserves. Moreover, increasing application of control valves in the food and beverage industry is one of the major driving factors for the growth of the control valves market. In the food and beverages industry, control valves are used in verticals such as the dairy industry, oils and fats industry, and animal feed industry.
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As per recent trends, it has been observed that there has been increasing demand for control valves from industries such as pharmaceuticals, power generation, and food and beverages. There has been increasing emphasis on designing and manufacturing control valves that do not need periodic maintenance. Due to recent developments in the area of electric control valves, demand for the same has increased drastically in the recent past. Electric control valves are more efficient and enable a greater level of control as compared to the other types of valves. Furthermore, it has also been observed that low cost control valves being produced by the Asian companies are penetrating existing control valves markets for established big players such as Metso, Flowserve and Velan among others. As the regulations regarding environment pollution are expected to become stringent, the demand for control valves that have low environmental impact is expected to be high in the near future.
Control Valves Market: Segmentation
The report segments the market on the basis of geography into North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW), estimated in terms of revenue (USD billion). The report also segments the market based on actuation technology into manual control valves, pneumatic control valves, hydraulic control valves and electric control valves. Based on type, the control valves market is further segmented into ball valve, butterfly valve, cryogenic valve, globe valve and others. Moreover the global control valves market has been further segmented by end user industry, which includes: power generation, chemical, oil and gas, food & beverage, pharmaceuticals, automotive, wastewater management and others. All these segments have also been estimated in terms of revenue (USD billion) and volume (Million Units).
Control Valves Market: Scope of the Study
For a better understanding of the control valves market, we have given detailed Porter's five forces analysis. Furthermore, the study also comprises a market attractiveness analysis, where the end user industries are benchmarked based on their market size, growth rate and general attractiveness.
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The report provides company market share analysis of various industry participants. In addition, the key players in the control valves market have also been profiled. The company profiles highlight the company overview, financial overview, business strategies, and recent developments in the field of control valves. Some of the leading players in the control valves market are Flowserve Corporation (U.S.), Pentair PLC (U.K.),Emerson Electric Co. (U.S.), General Electric (U.S.), Samson AG (Germany), and Crane & Co. (U.S.), VelanInc (Canada), Metso Corporation (Finland), and IMI Plc (U.K.) among others.
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