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Control Valves, also known as "final control element" in automatic control terminology are one of the most widely used components in modern manufacturing facilities around the globe. These are mechanical devices that are capable of manipulating flowing fluids such as gas, steam, water, chemical compounds flow in a system by varying the size of the flow passages as directed by a signal from an external controller to regulate and keep the process variables such as pressure, flow, level, temperature at required levels. The key components of a valve are its body, bonnet, disk, seat, trim, stem, and plug.
Highly used in process industries like oil & gas, petrochemical, food & beverages and others, control valves play a crucial role in increasing efficiency, safety and profitability of these industries. The manufacturers of control valves are consistently engaging in R&D activities to manufacture their products in accordance with the changing requirements across various industry verticals.
The global control valve market is expected to grow at a thriving CAGR in the forthcoming years.
The growth of control valve market is attributed towards major relying factors including the increasing investment for pipeline and infrastructural development on the global scale, growing demand for valves from healthcare and pharmaceuticals industries due to the outbreak of COVID-19 pandemic, rising adoption of industrial automation, growing need for connected networks to maintain and monitor industrial equipment’s, the rising number of industrial infrastructure projects in developing countries, and the ever increasing investment across all the process industries especially oil & gas industry etc.
Moreover, high-pressure, high-temperature and adverse corrosion conditions experienced with production and refineries platforms have propelled demand for control valves. These platforms are mainly used in offshore and onshore oil & gas activities and in most of the essential mechanisms in the oil & gas industries. Also, these valves are used in nuclear power plants especially in processes such as chemical treatment, feed water, cooling water, and steam turbine control system, which contribute in driving the market further.
Furthermore, massive investments in powerful, control instrumentation as a result of scaling demand for technologically advanced products from emerging end-use industries and the growing trend of digitalization and automation in conventional plants is set to result in growing competitive, environmental, and economic pressure to offer high-rated products with a shorter return on investment. Subsequently, major industries, such as oil and gas, and pharmaceuticals, are constantly engaging in R&D activities to design and develop their products such as technologies with embedded processors and networking capability to work alongside sophisticated monitoring technology coordinated through a central control station which allows the valves to deliver real-time data on flow rates and operating conditions and helps in predictive maintenance and mitigating unplanned shutdowns.
More importantly, stringent regulations pertaining to environment legislations for end-use industries in several regions and the implementation of valves in water & wastewater treatment plants to handle sanitation-related issues with rapid spread of COVID-19 are also likely to be major factors that will drive this market lately.
However, lack of standardized certifications and government policies, high production cost, inefficient logistics and supply system across the world, impact of COVID-19 pandemic on key industries such as oil & gas and energy & power, intense competition and rising demand of unconventional power globally are a few factors that are restraining the growth of this market currently.
CONTROL VALVE MARKET SEGMENTATION:
By Component Type:
By Size Type:
By Actuation Technology:
By End-Use Industry:
The Asia-Pacific region is the largest and the fastest growing regional market followed by Middle East & Africa region for control valves and is also expected to maintain its dominance and position over the coming years. This can be well attributed to the expanding middle-class population in the Asia-Pacific region, the growing demand for oil and gas, electricity, and chemicals industries, the rising demand for automated valve operations in industries such as water & wastewater, food & beverage, energy & power, and pharmaceutical, regulatory initiatives and heavily increasing investments in valve and actuator manufacturing, along with developing technologies by players in the region, the discovery of new fossil fuel reserves in the region and the rising energy demand and supply of clean potable water due to the growing population, increased urbanization etc. Major contributors in the region include India and China.
The North American region holds a significant share and is anticipated for robust growth in the years to follow. The growth in the region can be accounted as a result of various relevant factors including the excessive demand for valve replacement from a large number of active projects in the region, presence of many leading players in the control valve market in the region, increasing R&D activities in the region pertaining to the use of valves in automation and the rising demand for safety applications etc. The U.S dominates the market in this region.
FEW KEY PLAYERS IN CONTROL VALVE MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global Control Valve market by the following segments:
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Key Questions Answered in the Global Control Valve Industry Report
The report offers a comprehensive insight on the Control Valve Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.