In 2017, the control valves market generated $11,137.0 million and is expected to attain $16,057.5 million in 2023, advancing at a 6.3% CAGR during the forecast period (2018–2023). The market is growing due to the high energy demand ascribed to the rising population, increasing need for wireless infrastructure to monitor and control equipment, rise in infrastructure projects, and surging use by the food and beverage industry. A physical device which is utilized to control the flow of fluid by varying the size of the flow passage using a controller is called a control valve.
In terms of type, the control valves market is categorized into butterfly valve, globe valve, ball valve, cryogenic valve, and others (which include gate valve, diaphragm valve, and plug valve). Out of these, the butterfly valve dominated the market during the historical period (2013–2017), holding a share of more than 30.0% in 2017, in terms of volume. This was because the butterfly valve is small and when it is actuated pneumatically, it opens and closes quickly. The fastest CAGR is projected to be registered by ball valve during the forecast period.
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When application is taken into consideration, the control valves market is divided into oil & gas, food & beverages, pharmaceuticals, power generation, chemicals, automotive, wastewater management, and others (which include marine, mining, and agriculture). Among these, the power generation application accounted for the major share of the market during the historical period, in terms of volume. The pharmaceuticals application is expected to grow at the fastest CAGR during the forecast period. Pharmaceutical industries need a lot of safety standards, which is why valves are made with special specifications for this industry.
A primary driving factor of the control valves market is the growing demand for energy due to the rapidly increasing population, especially in countries such as Indonesia and India. This is resulting in an increased number of power plants for generating energy to meet its demand. Pneumatic actuators are utilized extensively in power plants for driving the control valves in different facilities. In addition to this, butterfly valves are used in firefighting pipelines and treatment plants. Thus, the rising requirement for energy is expected to lead to the increasing requirement for control valves.
Another factor leading to the growth of the control valves market is the increasing usage by the food & beverages industry. Due to the rising disposable income, people are increasingly purchasing processed foods, which, in turn, is leading to the rise in the number of food processing plants. These plants need control valves in different units. Globe, check, and gate valves are some of the most commonly utilized control valves in food processing plants. In addition to this, butterfly and ball valves are utilized by the dairy processing industry for preventing contamination and leakage.
The development of new valve technology is a key trend in the control valves market. Conventionally, control valves were used mechanically without any chips or processors embedded in them. However, now manufacturers have started focusing on the development of new valve technologies, which have processors embedded inside the valves. This will allow the valves to deliver real-time data on flow rates and operating conditions and help during unplanned shutdowns and predictive maintenance.
Hence, the market is witnessing growth due to the rising usage by the food & beverages industry and surging demand for energy because of increasing population.
In terms of type, the control valves market is categorized into butterfly valve, globe valve, ball valve, cryogenic valve, and others (which include gate valve, diaphragm valve, and plug valve). Out of these, the butterfly valve dominated the market during the historical period (2013–2017), holding a share of more than 30.0% in 2017, in terms of volume. This was because the butterfly valve is small and when it is actuated pneumatically, it opens and closes quickly. The fastest CAGR is projected to be registered by ball valve during the forecast period.
Request to get the sample copy of the market report: https://www.psmarketresearch.com/market-analysis/control-valves-market/report-sample
When application is taken into consideration, the control valves market is divided into oil & gas, food & beverages, pharmaceuticals, power generation, chemicals, automotive, wastewater management, and others (which include marine, mining, and agriculture). Among these, the power generation application accounted for the major share of the market during the historical period, in terms of volume. The pharmaceuticals application is expected to grow at the fastest CAGR during the forecast period. Pharmaceutical industries need a lot of safety standards, which is why valves are made with special specifications for this industry.
A primary driving factor of the control valves market is the growing demand for energy due to the rapidly increasing population, especially in countries such as Indonesia and India. This is resulting in an increased number of power plants for generating energy to meet its demand. Pneumatic actuators are utilized extensively in power plants for driving the control valves in different facilities. In addition to this, butterfly valves are used in firefighting pipelines and treatment plants. Thus, the rising requirement for energy is expected to lead to the increasing requirement for control valves.
Another factor leading to the growth of the control valves market is the increasing usage by the food & beverages industry. Due to the rising disposable income, people are increasingly purchasing processed foods, which, in turn, is leading to the rise in the number of food processing plants. These plants need control valves in different units. Globe, check, and gate valves are some of the most commonly utilized control valves in food processing plants. In addition to this, butterfly and ball valves are utilized by the dairy processing industry for preventing contamination and leakage.
The development of new valve technology is a key trend in the control valves market. Conventionally, control valves were used mechanically without any chips or processors embedded in them. However, now manufacturers have started focusing on the development of new valve technologies, which have processors embedded inside the valves. This will allow the valves to deliver real-time data on flow rates and operating conditions and help during unplanned shutdowns and predictive maintenance.
Hence, the market is witnessing growth due to the rising usage by the food & beverages industry and surging demand for energy because of increasing population.
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