The global control valves market size was USD 5,400.0 billion in 2020 and is expected to reach USD 7,966.4 million by 2027. It is expected to expand at a CAGR of 7.0 % over the forecast period. The market is driven by rising demand from end use industries such as water & wastewater treatment, oil & gas, and energy & power industry. Additionally, increasing adoption of industrial automation is boosting the use of smart control valves, which is further expected to boost the market growth over the forecast period.
Growing power generation plants across the world and increasing the need for energy and power from developing economies is driving the demand for control valves. These valves are also used in nuclear power plants especially in processes such as chemical treatment, feed water, cooling water, and steam turbine control system.
Moreover, high-pressure, high-temperature and adverse corrosion conditions experienced with production and refineries platforms have also led to a rise in demand for control valves. These platforms are mainly used in offshore and onshore oil & gas activities. These valves are used in most of the essential mechanisms in the oil & gas industries. It not only controls the flow, but also volume, direction, rate, and pressure of fluids.
Control valves are extensively used in process industries such as food & beverages, oil & gas, water & wastewater, petrochemical, energy & power, and pharmaceutical to reach growing automation needs. They play a vital role in increasing the end-use industry’s profitability, safety, and efficiency for multiple production processes. Furthermore, the adoption of control valves in industries is constantly rising owing to benefits they offer in terms of temperature or pressure control throughout downstream, midstream, and upstream activities.
A growing number of oil & gas exploration activities in regions such as Middle East & Africa, China, and North America is estimated to provide an upthrust to the market. The market is said regions are projected to witness healthy growth over the forecast period. Additionally, stringent regulations pertaining to environment legislations for end-use industries in Asia Pacific, North America, and Europe are playing an important role in driving the market. For instance, the U.S. Environmental Protection Agency (EPA) has mandated to limit use of traditional spring diaphragm actuators, which are used to actuate valves at the wellhead, in order to reduce greenhouse gas emissions. The regulatory body suggested to replace it with electric actuators with pneumatic devices, which can help to reduce methane and volatile organic compounds
Several control valve companies are investing in powerful, state-of-the-art control instrumentation as a result of spiralling demand for technologically advanced products from emerging end-use industries. This is poised to result in growing competitive, environmental, and economic pressures to offer high-rated products with a shorter return on investment. Owing to the integration of digital intelligence, these technologically advanced control valves are one of the key elements of an effective plant asset management strategy.
Moreover, the growing trend of digitalization and automation in conventional plants is leading to higher demand for control valves. Therefore, control valve manufacturers are constantly engaging in R&D activities to design and develop their products according to requirements from the end-use industries.
The Prominent Players in the Global Control Valve Market are Emerson Electric Co, Flowserve Corporation, IMI Plc, Alfa Laval, Crane Co., Eaton, Curtiss-Wright Corporation, General Electric, First Reserve, Velan Inc, Schlumberger Limited, Samson, Burkert Fluid Control Systems and Neles Corporation.
In North America, the U.S. dominated the market owing to excessive demand for valve replacement from a large number of active projects in the region. For instance, the U.S. and Canada currently have around 1,900 projects requiring valve replacement and simultaneous up-gradation in existing facilities. The region is estimated to witness a healthy CAGR over the forecast period.
Growing power generation plants across the world and increasing the need for energy and power from developing economies is driving the demand for control valves. These valves are also used in nuclear power plants especially in processes such as chemical treatment, feed water, cooling water, and steam turbine control system.
Moreover, high-pressure, high-temperature and adverse corrosion conditions experienced with production and refineries platforms have also led to a rise in demand for control valves. These platforms are mainly used in offshore and onshore oil & gas activities. These valves are used in most of the essential mechanisms in the oil & gas industries. It not only controls the flow, but also volume, direction, rate, and pressure of fluids.
Control valves are extensively used in process industries such as food & beverages, oil & gas, water & wastewater, petrochemical, energy & power, and pharmaceutical to reach growing automation needs. They play a vital role in increasing the end-use industry’s profitability, safety, and efficiency for multiple production processes. Furthermore, the adoption of control valves in industries is constantly rising owing to benefits they offer in terms of temperature or pressure control throughout downstream, midstream, and upstream activities.
A growing number of oil & gas exploration activities in regions such as Middle East & Africa, China, and North America is estimated to provide an upthrust to the market. The market is said regions are projected to witness healthy growth over the forecast period. Additionally, stringent regulations pertaining to environment legislations for end-use industries in Asia Pacific, North America, and Europe are playing an important role in driving the market. For instance, the U.S. Environmental Protection Agency (EPA) has mandated to limit use of traditional spring diaphragm actuators, which are used to actuate valves at the wellhead, in order to reduce greenhouse gas emissions. The regulatory body suggested to replace it with electric actuators with pneumatic devices, which can help to reduce methane and volatile organic compounds
Several control valve companies are investing in powerful, state-of-the-art control instrumentation as a result of spiralling demand for technologically advanced products from emerging end-use industries. This is poised to result in growing competitive, environmental, and economic pressures to offer high-rated products with a shorter return on investment. Owing to the integration of digital intelligence, these technologically advanced control valves are one of the key elements of an effective plant asset management strategy.
Moreover, the growing trend of digitalization and automation in conventional plants is leading to higher demand for control valves. Therefore, control valve manufacturers are constantly engaging in R&D activities to design and develop their products according to requirements from the end-use industries.
The Prominent Players in the Global Control Valve Market are Emerson Electric Co, Flowserve Corporation, IMI Plc, Alfa Laval, Crane Co., Eaton, Curtiss-Wright Corporation, General Electric, First Reserve, Velan Inc, Schlumberger Limited, Samson, Burkert Fluid Control Systems and Neles Corporation.
In North America, the U.S. dominated the market owing to excessive demand for valve replacement from a large number of active projects in the region. For instance, the U.S. and Canada currently have around 1,900 projects requiring valve replacement and simultaneous up-gradation in existing facilities. The region is estimated to witness a healthy CAGR over the forecast period.
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