Control Valves Market Share & Size, Global Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Control Valves Market


The global Control Valves market size is projected to reach US$ 12.53 billion by 2026, from US$ 8.59 billion in 2020, at a CAGR of 6.5% during 2021-2026.The market is driven by rising demand from end use industries such as water & wastewater treatment, oil & gas, and energy & power industry. Additionally, 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 need for energy and power from developing economies is 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 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 flow, but also 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 end use industrys profitability, safety, and efficiency for multiple production processes. Furthermore, adoption of control valves in industries is constantly rising owing to benefits they offer in terms of temperature or pressure control throughout downstream, midstream, and upstream activities.

Growing number of oil & gas exploration activities in regions such as Middle East & Africa, China, and North America is estimated to provide an upthrust to the market. The market in said regions is projected to witness healthy growth over the forecast period. Additionally, stringent regulations pertaining to environment legislations for end-use industries in Asia Pacific, North America, and Europe are playing an important role in driving the market. For instance, the U.S. Environmental Protection Agency (EPA) has mandated to limit use of traditional spring diaphragm actuators, which are used to actuate valves at wellhead, in order to reduce greenhouse gas emissions. The regulatory body suggested to replace it with electric actuators with pneumatic devices, which can help to reduce methane and volatile organic compounds (VOC) emissions.

Several control valve companies are investing in powerful, state-of-the-art control instrumentations as a result of spiraling demand for technologically advanced products from emerging end-use industries. This is poised to result in growing competitive, environmental, and economic pressures to offer high-rated products with a shorter return on investment. Owing to integration of digital intelligence, these technologically advanced control valves are one of key elements of an effective plant asset management strategy.

Moreover, growing trend of digitalization and automation in conventional plants is leading to higher demand for control valves. Therefore, control valve manufacturers are constantly engaging in R&D activities to design and develop their products according to requirements from the end use industries.

Market Segmentation, Outlook & Viewpoint: Global Control Valves Market

Component Type (Revenue, USD Million, 2014 - 2025)

  
Valve body
  
Actuators
  
Others

Size Type (Revenue, USD Million, 2014 - 2025)

  
Less than 1
  
Between 1 to 6
  
Between 6 to 25
  
Between 25 to 50
  
More than 50

Product Type (Revenue, USD Million, 2014 - 2025)

Linear

  
Gate
  
Diaphragm
  
Others

Rotary

  
Ball
  
Butterfly
  
Plug

End Use Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2025)

  
Oil & Gas
  
Chemical
  
Energy & Power
  
Water & Wastewater

  
Food & Beverage
  
Pharmaceutical
  
Others (manufacturing, electronics, marine, pulp & paper, and textiles)

Key Players, Recent Developments & Regional Insights: Global Control Valves Market

Based on product, the market has been bifurcated into linear and rotary. Linear control valves have been further divided into gate, diaphragm, and others; whereas rotary types have been further segmented into ball, butterfly, and plug. The market is dominated by linear control valves, owing to their surging demand from end-use industries such as oil & gas chemicals and energy & power in developing economies. The segment is likely to post a CAGR of 6.12% during the forecast period.

End Use Insights

The oil & gas industry accounted for the leading share in the market owing to a wide application of control valves in natural gas generation, crude oil extraction, and refining processes. Moreover, owing to increasing stringency of safety standards, around 10.0% of installed valves are replaced on a yearly basis.

Furthermore, the water & wastewater industry includes application processes such as supply of water for manufacturing purpose and treatment of wastewater generated by industries. Across the globe, there are around 90,000 municipal wastewater plants that are expected to spend approximately USD 4.50 billion on valves by 2019, which is further expected to drive the market over the forecast period.

Component Insights

The actuator segment is expected to dominate the control valves market over the forecast period. This is the most important component in control valve architecture, as it makes valve operation automatic. One of the primary factors hindering the demand for these valves is lack of common platforms such as Ethernet, Profibus, and Zigbee. The segment is anticipated to reach USD 5.27 billion by 2025, expanding at a CAGR of 6.74% during the forecast period.

However, the demand for valve body is also projected to increase at a similar growth rate over the forecast period. Moreover, stringent environmental regulations and increasing industrial automation in emerging economies are poised to spur the growth of the segment over the forecast period.

Regional Insights

Asia Pacific dominated the global market in 2017 owing to presence of emerging economies such as China and India. Companies are investing heavily in valve and actuator manufacturing, along with technologies which need to be associated to convert them into smart valves. This is due to rising demand for automated valve operations in industries such as water & wastewater, food & beverage, energy & power, and pharmaceutical. The Middle East & Africa region is expected to witness second highest CAGR of 6.75% over the forecast period.

In North America, the U.S. dominated the market owing to excessive demand for valve replacement from a large number of active projects in the region. For instance, the U.S. and Canada currently have around 1,900 projects requiring valve replacement and simultaneous upgradation in existing facilities. The region is estimated to witness a CAGR of 5.51% over the forecast period.

Control Valves Market Share Insights

Prominent industry participants include Emerson Electric Co.; Flowserve Corporation; IMI plc; Alfa Laval AB; AVK Holding A/S; Eaton; Honeywell International, Inc.; Velan; Inc., Burkert Fluid Control System; and Valvitalia SpA. Moreover, these key players are making high investments in R&D to develop innovative solutions and gain competitive edge over others.

The market is highly fragmented in nature owing to presence of a large number of small and medium scale manufacturers offering control valve products tailor made to requirements of end-use industries. In order to retain their market share in such competitive market, companies are continually undertaking strategic initiatives such as mergers and acquisitions, joint ventures, product launches, and partnerships. This is aimed at expanding their presence globally as well as regionally, and offer enhanced product portfolio to their customer base.

Key Insights Covered: Global Control Valves Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Control Valves industry.
2. Global major manufacturers" operating situation (sales, revenue, growth rate and gross margin) of Control Valves industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Control Valves industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Control Valves industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Control Valves industry.

Research Methodology: Global Control Valves Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other