Control valves are automated valves that are used across various industries to regulate the flow of fluids. The size, flow, course, pressure can be directed from a signal controller. The benefits of these valves is that they help in controlling the flow rate directly thereby further smoothly controlling the other vital processes quantities such as level of liquid flow and temperature among others. These valves are widely used in the oil and gas industry.
The control valve market is poised to witness a decent growth throughout the forecast period. The major factors bolstering the market growth include the rising adoption of automation solutions across the various end-use industries that operate with liquids or gases. The constantly growing population has led to the continuous increase in the demand for energy and power and constant investments in the oil and gas sector is also playing a significant role in shaping up the control valves market growth throughout the forecast period. Furthermore, the inclination of numerous end-users towards the employment of connected networks for monitoring and maintaining the various equipment of the plant is also positively impacting the demand for these valves. Furthermore, the rising focus of the governments of both developed and developing companies towards the establishment of nuclear plants is further widening up the opportunities for vendors and manufactures to invest in the market and tap the growing potential of the market.
Furthermore, the constantly growing processing industry around the globe and the increasing number of infrastructural activities in the developing economies has led to an upsurge in the demand for control valves due to the growth in the number of industries across these economies. Also, the participation of the key market players in the form of R&D for the development of new and advanced products is also playing a significant role in driving the market growth in the near future. For instance, recently in June 2020, Johnson Controls, a multinational conglomerate based out of Ireland, that manufactures Fire, HVAC, and Security equipment announced the launch of two new TYCO® pressure control valves for fire protection systems in two models.
The control valve market has been segmented into valve type, material, size, industry vertical, and geography. On the basis of type, the market has been segmented on the basis of linear valves and rotary valves. By material, the segmentation of the market has been done on the basis of steel, iron, and others. On the basis of size, the market has been classified into less than 2”, 2” to 8”, and above 8”. On the basis of industry vertical, the market has been distributed into oil and gas, water and wastewater, food and beverages, energy and power, and others. Geographically, the global market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Oil and Gas to Hold a Significant Market Share
By the industry vertical, the oil and gas sector is projected to hold a considerable share in the global market. The constant increase in the demand for oil and gas. There is a high demand for valves in the oil and gas industry as this industry players are increasing their efforts towards the reduction of the production costs. Thus, there is a significant increase in the adoption of specialized equipment and technology across the oil and gas plants, which in turn is positively impacting the growth of this segment throughout the forecast period.
Crude Oil production, World, 2010 to 2017, in Ktoe
The above chart represents global oil production around the globe which states that oil production globally increased to 3,893,589 ktoe by the year 2017 from 3,614,767 ktoe in the year 2010. Thus, the growth in the number of oil and gas exploration activities is also one of the prime factors driving the control valve market growth throughout the forecast period. Furthermore, the water and wastewater segment is anticipated to grow substantially throughout the forecast period. the challenging water issues are further leading to investments in sustainable water technologies and developing breakthrough technology in wastewater treatment and distribution, by water treatment and technology companies, further show the growth potential of this segment. Also, investments in new wastewater treatment facilities is projected to amplify the demand for control valves in the coming five years. For instance, recently in January 2020, a partnership agreement was being signed between the OCP Group and Radees and the Oum Er Rbia Hydraulic Basin Agency in Morocco on the construction of the wastewater treatment plant in Safi. The total cost of the project is expected to cost around EUR44.7 million. The constantly growing food and beverage industry is also supplementing the market growth during the forecast period. The major factor bolstering the growth of this segment includes the growing global population, which in turn is driving the demand for processed food.
APAC to Witness a Healthy Growth
Regionally, the North American region is anticipated to hold a substantial share in the market throughout the forecast period. The major factor supplementing the share of this segment is the early adoption of technology coupled with the presence of well-established industries in countries like the United States and Canada. Also, the key players of the market in the region is also supporting the control valves market growth in the region during the next five years.
However, the Asia Pacific region is expected to show healthy opportunities for the market players to invest in the region. The presence constantly growing urban population in the major developing economies of the region such as India, China, and Vietnam among others has led to a rapid increase in the consumption of electricity across these countries. The rapid industrialization in these countries is also playing a significant role in augmenting market growth throughout the forecast period. This can be backed up by the fact, the electricity consumption in India reached 1,269 TWh by the year 2017 from 793 TWh in 2010. Similarly, in China, it reached 6,349 TWh by 2017 from 3,980 TWh in 2010.
Electricity Consumption - India, China (in twh)