Control Valves Market (Actuation Technology - Manual Control Valves, Pneumatic Control Valves, Hydraulic Control Valves, and Electric Control Valves; Type - Ball Valves, Butterfly Valves, Globe Valves, and Cryogenic Valves; End-Use Industry - Power Generation, Oil & Gas, Chemicals, Food and Beverages, Automotive, Pharmaceutical, and Wastewater Management) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 06/13/2017 -- Control valves are used to control various properties, such as flow rate, temperature, and pressure of fluids or steam used in a particular industrial operation. The operation of control valves may be manual or automated, depending on the specific requirements of the particular operation. They are used in a wide variety of industries in which fluids are of crucial importance, including oil and gas, power generation, the automotive industry, wastewater management, mining, food and beverages, chemicals, and pharmaceuticals.
According to Transparency Market Research, a leading market intelligence firm, the global control valves market had a value of US$7.7 bn at the end of 2014. Exhibiting a strong 7% CAGR thereon, the market is expected to rise to a valuation of US$12.1 bn by 2021.
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Four of the largest and fastest growing end-use segments of the control valves market expected to take center stage in the coming years are:
Power generation is the largest end-use segment of the global control valves market. Control valves perform a vital task in power generation, since any fluid leak in a power generation plant can reduce the production capacity of the plant significantly. The growing demand for power from the manufacturing and industrial sectors in developing economies such as China, India, Brazil, etc. will help propel the global control valves market in the coming years.
Oil and Gas:
Increased investment in upgrading the fluid handling system used in rigs and refineries will see increased demand for control valves. Control valves are absolutely essential in the oil and gas industry, since any leaks around the highly volatile and combustible crude oil and its derivatives can have deadly consequences. The global control valves market is also gaining traction due to the rising demand for control valves in new pipeline installations.
Another benefit of installing sophisticated and modernized fluid handling systems is the avoidance of hygiene issues. While that is not the major issue in the oil and gas industry, many pharmaceuticals manufacturers have realized the importance of having an updated fluid handling mechanism in order to maintain hygiene and make the end product as safe as possible. Sophisticated fluid handling mechanisms can also speed up the manufacturing process, which has also become vital for pharmaceutical market players due to the rising demand for various types of medication.
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Food and Beverages:
Like the pharmaceuticals industry, the food and beverages industry also utilizes control valves to ensure the hygiene of the end product and speed up the manufacturing process. The rising demand for packaged food, in particular, has had a positive effect on the global control valves market.
North America to Lead Global Control Valves Market
Widespread presence of all major end-use industries of control valves has helped North America emerge as the largest regional segment of the global control valves market, with a 37% share in 2014. The increasing oil and gas exploration and extraction, particularly with the increasing share of unconventional gas extraction technologies and offshore exploration, in North America will result in steady demand from the global control valves market, ensuring the region's dominance in the market.