Control valves refer to valves used in process industries to regulate process variables, such as flow, pressure, temperature, and fluid level in process industries including water management, chemicals, oil & gas, power generation, pharmaceuticals, automotive, mining, and food & beverages. These valves play a vital role in mounting efficiency, safety, and profitability of these process industries. Moreover, manufacturers of control valves are continually engaged in research & development (R&D) activities to design their products in accordance with the changing requirements in various industries.
According to study, “Global
Control Valves Market: Market Segments: By Actuation Technology (Manual
Control Valve, Pneumatic Control Valve, Hydraulic Control Valve, Electric
Control Valve); By Type (Ball Valve, Butterfly Valve, Cryogenic Valve, Globe
Valve);Application (Power Generation, Oil and Gas, Chemicals, Food and
Beverages, Automotive, Pharmaceuticals, Wastewater Management);and Region –
Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to
2030” the key companies operating in the global control valves market are
Flowserve Corporation (US), Cameron (Schlumberger Company) (US), Christian
Burkert (Germany), Emerson (US), IMI PLC (UK), Samson Controls (US), Kitz
Corporation (Japan), Neles Corporation (Finland), Crane Co. (US), Neway Valve
(China), Ham-Let (Israel), Apollo Valves (US), Spirax Sarco (UK), Trillium Flow
Technologies (UK), Alfa Laval (Sweden), Curtiss-Wright Corporation (US), Velan,
Inc. (Canada), Swagelok (US), Dwyer Instruments (US), AVK Holdings A/S
(Denmark), and Avcon Control (India).
Based on material, control valves market is segmented as cast iron, alloy-based material, stainless steel, cryogenic and others. Based on component, market is segmented as valve body, actuators and others. Based on type, market is segmented as linear valves (diaphragm valves, globe valves and other valves) and rotary valves (butterfly valves, ball valves and plug valves). Based on size, market is segmented as upto 1”, >1”-6”, >6”-25”, >25”-50” and >50”. In addition, based on industry, market is segmented as food & beverages, energy & power, water & wastewater treatment, oil & gas, pharmaceuticals, chemicals, metal & mining, building & construction, paper & pulp and others.
The control valves market is driven
by rise in demand for energy, followed by increase in focus on establishing new
nuclear power plants & upscaling of existing ones, increase in demand for
valves from healthcare & pharmaceuticals industries due to COVID-19
pandemic and rise in need for connected networks to maintain & monitor
industrial equipment. However, unplanned downtime due to malfunctioning or
failure of valves and lack of standardized certifications and government
policies may impact the market. Moreover, rise in need for replacement of
outdated valves and adoption of smart valves, increase in use of 3D printing
technology in manufacturing valves and growth in focus of industry players on
offering improved customer services are key opportunities for market.
Based on geography, the
North-American region dominates the global control valves market owing to
increase in R&D activities and rise in demand for safety applications in
the region. The European and Asian-Pacific regions are estimated to witness
higher growth rate due to growth in industrialization in emerging economies
over the forecast period. It is expected that future of the global market will
be optimistic on account of growth in adoption of smart valves & automation
in industries during the forecast period. it is also expected that the global
control valves market will be reached at US $18.2 billion by 2030 from US $8.2
billion in 2018 at a CAGR of 3.67% during the forecast period 2019-2030.
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