The control valve market is expected to grow at a compound annual growth rate of 5.01% over the forecast period to reach a market size of US$11.641 billion in 2026 from US$8.267 billion in 2019.
A control valve regulates the rate of fluid flow as the position of the valve plug or disk is changed by an actuator. Control valves are used to maintain a process variable as close as possible to the desired set point. Controller setpoints typically flow rate, pressure, and temperature. Product parameters, such as density, concentration, liquid level, and others can also be controlled with control valves. A control valve installation consists of a valve body, actuator, positioner, and accessories. The body includes a bonnet assembly and trim parts. Its design withstands fluid static pressure and differential pressure, allows fluid flow, provides pipe-connecting ends, and supports seating surfaces and a valve closure member. Actuators are pneumatic, hydraulic, or electrically powered devices that provide the force to open and close the valve. Positioners monitor and control true actuator movement to maintain the desired set-point. Accessories include electro-pneumatic transducers, pressure regulators, handwheels, position indicators, and limit switches.
The control valve market is segmented on the basis of valve type, material, size, and geography.
The COVID-19 pandemic has made people more concerned about sanitation and clean water. Water & wastewater treatment is among the essential services, and hence, the plants are operational for all residential services. Additionally, the aging infrastructure in the water & wastewater treatment industry is the primary concern in several countries. For instance, the US has a wide network of old pipelines that are used for transporting water and wastewater. Valves used in old infrastructure are also on the verge of replacement as they have surpassed their operational life. Hence, it is important to replace such valves for improved performance and better worker safety. Thus, the rising concern of people for better sanitation and an increasing number of fresh investments in water supply and sanitation projects create significant opportunities for the providers of valves having applications in the water & wastewater treatment industry.
The market is driven by rising demand from end-use industries such as water & wastewater treatment, oil & gas, and the energy & power industry. Additionally, the 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 are 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 the 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 the benefits they offer in terms of temperature or pressure control throughout downstream, midstream, and upstream activities.
Lack of uniform government regulations and effective policies in the control valve market may act as a restraint to its market growth during the forecast period. Valve manufacturers need to adhere to certain norms and regulations. Different regions have different certifications and policies with respect to valves. This factor creates diversity in demand due to the wide applicability of valves in various industries, such as oil & gas, food & beverages, pharmaceuticals, energy & power, water & wastewater treatment, building & construction, chemicals, and pulp & paper. However, such diversity is hindering the growth of the valves market as industry players have to amend the same product according to the regional policies, which makes it difficult for the valve manufacturers to achieve an ideal cost of installation. To resolve this issue, they have to invest their resources in setting up manufacturing facilities across the world, thus requiring additional capital.
Impact of COVID – 19
The COVID-19 pandemic has forced many companies in the global control valve market to halt their business operations to comply with new government regulations for curbing the spread of COVID-19. This halt in operations directly impacts the revenue flow of the global control valve market. In addition, there is a halt in providing raw materials to manufacturers of control valve products. However, demand for control valves for industries such as oil & gas and chemical projects is expected to increase during the forecast period. Hence, a halt in manufacturing activities and lockdowns for several months have affected the global control valve market, with slow recovery is anticipated during 2021. This is further projected to the re-opening of the control valve industry at their full-scale capacities, which in turn, would aid the market to recover by the start of 2022.
Prominent/major key market players in the control valve market include Emerson, Velan Inc, Alfa Laval, and Samson AG. among others. The players in the control valve market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the control valve market.
Frequently Asked Questions (FAQs)
Q1. What is the size of global control valve market?
A1. Control Valve Market was valued at US$8.267 billion in the year 2019.
Q2. What will be the control valve market size by 2026?
A2. The control valve market is expected to reach a market size of US$11.641 billion by 2026.
Q3. What are the growth prospects for the control valve market?
A3. The global control valve market is expected to grow at a CAGR of 5.01% over the forecast period.
Q4. What factors are anticipated to drive the control valve market growth?
A4. The control valve market is driven by rising demand from end-use industries such as water & wastewater treatment, oil & gas, and the energy & power industry.
Q5. How is the global control valve market segmented?
A5. The control valve market has been segmented by valve type, material, size, industry vertical, and geography.