“Control valve market to grow at a significant rate from 2019 to 2025”
The control valve market is estimated to grow from USD 8.0 billion in 2019 to USD 11.3 billion by 2025, at a CAGR of 5.9% during the forecast period. Rising demand for energy in APAC, increasing adoption of valves in oil and gas production-related firms in GCC countries, growing need for the connected network to maintain and monitor various equipment in plants, and surging focus on establishing new nuclear plants and upscaling of existing ones are the key driving factors for the control valve market.
Use of 3D printing in manufacturing valves, the introduction of IIoT & industry 4.0, need for replacement, adoption of smart valves, and focus of valve manufacturers to offer improved customer service are among the other factors fueling the growth of the control valve market. However, high fabrication cost & rise in collaboration among industry players can hinder the growth of the control valve market.
“Actuators to account for the largest market size from 2019 to 2025”
The control valve market, based on components, has been segmented into the valve body, actuators, and others (IPC connectors and positioners). Actuators are expected to account for the largest share of the control valve market during the forecast period. This can be attributed to the increasing use of actuators in the oil & gas, energy & power, metals & mining industries; actuators are installed in industrial locations that are not easily accessible by humans, and actuators can provide uninterrupted and reliable services during the operation of the valves.
“Rotary control valves to account for the largest market size during the forecast period”
Rotary control valves are expected to hold a larger share of the control valve market during the forecast period. Rotary valves are less prone to clogging in dirty service applications, and through the stem packing, emissions can be controlled effortlessly, without using costly bellows seals. Moreover, lighter weight and smaller size of rotary valves contribute to the continually increasing demand for these valves.
“APAC is expected to record the highest growth rate during the forecast period”
APAC is expected to record the highest growth rate during the forecast period. Rapid population growth and urbanization in developing economies, such as China, Japan, South Korea, and India have prompted speedy development of several industries, such as energy & power, water & wastewater treatment, construction, chemicals, pharmaceuticals, and oil & gas, which, in turn, will upsurge the demand for control valves.
The break-up of profiles of primary participants for the report has been given below.
- By Company Type: Tier 1 = 56%, Tier 2 = 23%, and Tier 3 = 21%
- By Designation: C-Level Executives = 75% and Directors = 25%
- By Region: North America = 40%, Europe = 23%, APAC = 26%, and RoW = 11%
B?rkert Fluid Control Systems (Germany), Emerson (US), Flowserve (US), IMI plc. (UK), Curtiss Wright (US), Trillium Flow Technologies (Weir Group) (US), Cameron - Schlumberger (US), Spirax Sarco (UK), Crane Co. (US), KITZ Corporation (Japan) are among the major players in the control valve market.
The control valve market, in this report, is segmented into material, component, size, type, industry, and geography. The market based on material is classified further into stainless steel, cast iron, alloy-based, cryogenic, and others. The control valve market, by component, is further segmented into actuators, valve body, and others. The control valve market, by size, is further segmented into up to 1”, >1” to 6”, >6” to 25”, <25” to 50”, and >50”. The control valve market, by type, is segmented into rotary valves and linear valves. The control valve market, by industry, is further segmented into oil & gas, water & wastewater treatment, energy & power, pharmaceuticals & healthcare, food & beverages, chemicals, building & construction, pulp & paper, metals & mining, and others.
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast for the market, by material, component, size, type, industry, and geography have been provided to give the overall view of the control valve market.
Major drivers, restraints, opportunities, and challenges pertaining to the control valve market have been provided in the research report.
The report includes a detailed competitive landscape and revenues of key players.