USD 6.3 Billion
Report ID: SQSG20I2011 | Region: Global | Published Date: August, 2022 | Pages: 157 | Tables: 94 | Figures: 77
Global Control Valve Market was valued at USD 6.3 Billion in 2021, and it is expected to reach a value of USD 19.3 Billion by 2028, at a CAGR of 15% over the forecast period (2022–2028).
A control valve is a power-operated tool or component that is employed to alter or regulate the general flow of fluids, such as steam, water, oil, and gas. The market is anticipated to grow significantly over the next few years as a result of the rising demand for control valves in a number of industries, including water and wastewater, oil and gas, food and beverage, and others.
In the upcoming years, control valve market expansion is anticipated to be significantly influenced by the increase in investments aimed at the development of unique and sophisticated control valve products and solutions. In the next years, the market expansion is anticipated to be boosted by nations like the United States, India, and China. The production and refinery platforms' exposure to high pressure, high temperature, and unfavourable corrosion conditions has further increased demand for control valves. Offshore and onshore oil and gas operations mostly employ these platforms. Most of the crucial systems in the oil and gas industries employ these valves. It regulates fluid volume, direction, pace, and pressure in addition to flow.
Global Market Size
USD 6.3 Billion
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Global control valve market is segmented based on the Motion, Component, End-Use and region. Based on the Motion, the Global Control Valve Market is segmented as Linear and Rotary. Based on the Component, the Global Control Valve Market is segmented as Valve Body, Actuators and Others. Based on the End-User, the Global Control Valve Market is segmented as Oil & Gas, Water & Wastewater, Energy & Power, Pharmaceuticals, Food & Beverages, Chemicals, Building & Construction, Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Motion
By Motion, Rotary segment is anticipated to grow at the fastest CAGR in the global control valve market. In dirty service environments, rotary valves are less likely to clog, and inexpensive stem packing can effectively control emissions in place of expensive bellows seals. The smaller size and lighter weight of rotary valves also contribute to their increased popularity. Another advantage offered by rotary valves is the establishment of a fluid path that is practically obstruction-free when the valve is fully open.
Analysis by Component
During the projected period, the category for autuators is anticipated to develop at the highest CAGR in the global control valve market. The cost of the actuators is one of its many benefits. The simplicity of throttling without a positioner, inherent failure-mode action, low supply-pressure demand, adaptability to various circumstances, and little maintenance needs are further benefits.
Analysis by End-Use
During the projection period, the oil & gas segment is anticipated to develop at the greatest CAGR in the global control valve market. due to the surge in global energy demand and the expansion of drilling in countries of the Gulf Cooperation Council (GCC). But the COVID-19 pandemic is currently wrecking the world's economy. Due to the pandemic, oil prices have plunged to levels below zero, which has had a significant impact on the oil and gas industry. There is a huge gap between supply and demand because the largest oil-producing companies are running out of space to store the extracted oil and because oil demand has rapidly declined. Oil and gas is one of the primary markets for control valves, however the pandemic has adversely affected this business.
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North America to dominate global control valve market throughout the forecast period. Many of the main control valve producers are based in this area. Growing R&D efforts in the field of valve usage in automation and the rising demand for safety applications are other factors boosting this market's growth in North America. R&D at the industrial level is expanding the application areas for valves, particularly in the US, in several industries, including energy & power, chemicals, and others. Control valves are used to start, halt, or throttle media flow as well as to assure secure and efficient process automation in the energy and power, water and wastewater treatment, and oil and gas industries. The market for control valves has the second-strongest development potential in the APAC region. This has primarily been caused by increased investments in energy and electricity in the control valve market. The building industry has benefited from faster economic growth as well. This is especially true in China and India. Both nations have made large expenditures in control valve technology to improve their pharmaceutical, energy, power, and food and beverage industries. However, there has been a lot of investment and growth in other sectors.
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Crane Co., Alfa Laval Corporate AB, Emerson Electric Co., Flowserve Corporation, Schlumberger Ltd, Metso Corporation, KSB SE & Co. KGaA, KITZ Corporation, Samson Aktiengesellschaft, and Velan Inc. are some of the leading players in the global control valve market. To expand their reach and maintain fierce rivalry in the control valve market, the top companies present on the international control valve market have used crucial strategies including product launches. For instance, the new Alfa ThinkTop V50 and V70 valves were introduced by Alfa Laval Corporate AB. The dairy, food, beverage, and pharmaceutical industries are its best fit. It has attributes like being simple to set up and trustworthy. It can rotate 360 degrees and provides 24-hour support. It can reduce the price of cleaning agents by 90%.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global control valve market analysis, The demand for the market is projected to increase as a result of rising automation in various process sectors and rising investment in the oil & gas sector. In the upcoming years, the market is anticipated to rise as a result of growing industrialization in developing nations and rising R&D activities. Additionally, it is anticipated that the market will be driven throughout the projected period by the high power demand caused by the growing population.
|Market size value in 2021||USD 6.3 Billion|
|Market size value in 2028||USD 19.3 Billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Control Valve Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Control Valve Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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