The global control valves market is projected to reach USD 11.85 billion by 2025. Rising adoption of industrial automation in various industries such as oil and gas, water and wastewater, chemicals, and others is expected to fuel the market growth. In addition, the rising demand for control valves from the food and beverage and pharmaceutical industries is projected to further drive the market growth during the forecast period, 2018 to 2025.
The control valve is gaining traction among end use industries, as it helps to control pressure and temperature throughout the upstream, midstream, and downstream activities. Hence, increasing oil and gas exploration processes are fueling the demand for control valves.
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Impact of COVID-19
The COVID-19 outbreak has impacted the growth of control valve market negatively. As control valves are majorly used in pharmaceutical, oil and gas industry, and energy & power industries. These end-users are non-operational due to strict regulations by governments across the globe including restrictions on foreign trade, lockdowns, and supply chain disruptions as precautionary measures for people’s safety.
On the other hand, the demand for control valves is increasing in the pharmaceutical industry, as control valves play a vital role to manage the flow rate and operation as per the operator commands. Currently, the demand for generic drugs is increasing to fight against COVID–19. Though this pandemic has disrupted supply chains pf every sector including pharma, the demand for the control valve is expected to increase during the COVID-19 outbreak. Thus, industry players are striving to develop technologically advanced control valves as per the end users’ requirements.
The control valves enable wide range of advantages in the latest sophisticated fluid management systems. In the pharma industry. The demand for control valve in fluid handling management has increased to produce safe and hygienic products These valves are also used in the food and beverage industry to maintain the speed of the manufacturing process and maintain the hygiene of packaged food. Control valves play an indispensable role in the food and beverage industry, as these valves reduce the risk of cross-contamination, leakage, and helps to boost food safety.
In 2017, Asia Pacific accounted for the largest market share of the global control valve market due to rising in the application of control valves in water & wastewater industries. Further, there is a growing demand for the component from the power and energy sector in the regions resulting in a large market share. Several industries in this region are investing in automation, which is expected to propel the demand for control valves. Moreover, the expansion of shale gas and oil sands in North America, increasing exploration activities in the oil and gas industry in Middle East & Africa is expected to accelerate the demand for this market over the forecast period.
Further key findings from the report suggest:
• On the basis of components, the actuators held the largest market share, in 2017 and expected to retain its position over the forecast period, from 2018 to 2025. This growth is attributed to significant cost of actuator as compare to valve body.
• 1” to 6” size of control valve dominated the global market, in 2017 due to increasing demand from various end use industries such as chemical, pharmaceuticals, food & beverage and others.
• Asia Pacific held the largest share, in 2017 in terms of revenue.
Global Control Valve Market: Key Players
AVK Holding A/S; IMI plc; Schlumberger Limited, Emerson Electric Co., and Flowserve Corporation.
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