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The control valves market is estimated to grow at a CAGR of 5.25% between 2022 and 2027. The size of the market is forecast to increase by USD 2,597.26 million. The growth of the market depends on several factors, including the rising investments in fluid handling, the growth in renewable energy, and stringent environmental regulations.
This report extensively covers market segmentation by application (pneumatic, electrical, and hydraulic), product (sliding shaft and rotating shaft), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising investments in fluid handling are notably driving the market growth, although factors such as fluctuations in raw material prices may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising investments in fluid handling are notably driving the control valve market growth. Globally, investments in fluid handling technology have been on the rise in industries such as oil and gas and water and wastewater. The shale oil boom in North America has resulted in high demand for fluid handling equipment and components such as control valves. These control valves are required to control the shale oil exploration and production process as well as to maintain the smooth flow of shale oil while transporting it through pipelines. The commencement of new upstream oil and gas exploration projects is expected to drive demand for control valves in the oil and gas industry. In the US, the new shale oil projects under development will require the construction of new pipelines for transporting the shale oil.
The water and wastewater industry is another major end-user of fluid handling technology owing to the growing stringency of the regulations on clean and pre-treated water. New water and wastewater treatment projects are in progress globally, with North America, APAC, and the Middle East leading the charge for new water and wastewater projects. In North America, the industry is driven by the need to revive and revamp its water and wastewater infrastructure, while in regions such as Asia and Latin America, additional water and wastewater projects are necessary to cater to the growing demand for water. These factors during the initial years of the forecast period, will spur the demand for control valves.
The evolution of valve diagnostics is a major trend in the control valve market. Valves have extensively become an essential part of modern industrial automation that uses advanced diagnostic techniques and technologies. The final control element can directly impact the operational performance of a manufacturing facility in terms of its profitability, plant efficiency, safety, and quality. Valve diagnostics make it easier for maintenance teams and process control personnel to handle and carry out their responsibilities, such as monitoring valve performance and receiving actionable information. It also helps them identify planned maintenance requirements and determine any issues in valves accurately, resulting in improved process output with a minimum delay in operations.
The advent of microprocessor-based valve positioning systems and the integration of information related to valves with supervisory systems have enabled real-time tracking and monitoring of industrial vacuum valves. Online valve diagnostics can enhance process integrity and assist personnel in anticipating, detecting, and addressing future problems accurately. It allows the data generated from sensors and other digital valve positioners (DVPs) to be assimilated, analyzed, and presented to the end-user, thus eliminating the need to carry out complex calculations and analyses. Such evolutions are expected to drive the growth of the market in focus during the forecast period.
Fluctuations in raw material prices is a major challenge impeding the control valve market growth. Raw material prices play a key role in controlling valve prices, and a rise in raw material prices presents a major challenge for vendors as it can reduce their profit margin. Copper, stainless steel, cast iron, aluminum, brass, and bronze are some of the major raw materials used in control valves. Steel, in the form of cast steel or forged steel, is one of the most common raw materials used in control valves. High-temperature carbon steel, low-temperature carbon steel, and austenitic stainless steel are some of the steel types that are used extensively in the manufacturing of control valves. Keeping in mind the end-users need for more rugged control valves, special metal grades such as super austenitic stainless steel, duplex steel, and super duplex steel, which have strong corrosion and chemical resistance, are also used for some specific applications.
Besides requiring raw materials for the main body of the control valve, different grades and types of metals are required for other parts of a control valve, such as the bonnet, trim, disc, seats, stem, packing, and actuator. The prices of these raw materials fluctuate continuously, either on a weekly or a monthly basis or both. Due to high competition in the market, the manufacturers of control valves cannot pass on the increase in the price of raw materials to consumers and, consequently, face a decline in profit margins. These factors are estimated to hamper the growth of the focused market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Control Valves Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Goodwin PLC - The company operates under two segments including mechanical engineering, and refractory engineering with a high focus on mechanical engineering. The company under this segment?specializes in supplying precision-engineered solutions and industrial goods into critical applications. The company's key offerings include control valves.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the pneumatic segment will be significant during the forecast period. In a pneumatic system, a control valve is a device that modulates or controls the flow of fluid.
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The pneumatic segment shows a gradual increase in the market share of USD 6,047.74 million in 2017 and continued to grow until 2021. Various vendors offer pneumatic control valves which can be used in the food and beverage industry, petrochemical industry, and others. For instance, Alfa Laval Unique RV-ST regulating valve is a pneumatic single-seat control valve, which is ideal for use as a hygienic product valve in dairy, food, beverage, chemical, pharmaceutical and many other industries. This valve comes with an advanced electro-pneumatic process controller and stem bushings threaded to the actuator shaft. Thus, pneumatic control valves primarily find application in refineries and in the petrochemical industry. Chemical and petrochemical plants are vulnerable to high risks owing to the complexity of different processes and, therefore, must comply with strict regulatory and safety standards with respect to emissions. The growing regulatory norms on emissions have increased the importance of pneumatic control valves in the chemical and petrochemical industry. Moreover, pressure-reducing pneumatic control valves are used to control the pressure of the air delivered to pneumatic control systems. Therefore, such factors will drive the growth of the pneumatic control valves segment during the forecast period.
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APAC is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
China, Japan, India, and South Korea will lead the growth of the control valves market in APAC during the forecast period. The rapid growth of food and beverages and oil refining capacities in the region is driving the growth of the control valves market across it.
The increasing penetration of automobiles in China and India is augmenting the demand for fuel. This is leading to new capacity additions in crude oil refining across the region. Similarly, China is also investing heavily in the construction of natural gas pipelines to import natural gas from countries and distribute it to its megacities for residential and commercial heating applications. These trends are driving the demand for specialized equipment which uses control valves as their component. Increasing production of this equipment in the region is increasing the demand for control valves, thus propelling market growth.
Similarly, the increasing demand for processed food in APAC is driving the growth of the food processing industry. The food processing industry is expected to grow at a double-digit growth rate in this region over the forecast period due to the rising disposable household income, urbanization, and improvement in supply and distribution infrastructure. The increasing demand for industrial refrigeration systems, construction of natural gas pipelines in China, India, and South Korea, and the growth of the consumer durable industry is expected to increase the demand for control valves in APAC, thus augmenting the regional market growth.
Industrial activities in this region were severely affected in 2020 as the COVID-19 pandemic. However, as the pandemic receded, the recovery of industrial sectors picked up pace in 2021. Capital spending is expected to grow, which is expected to drive the market toward recovery during the forecast period. In APAC, the growing demand for energy is anticipated to revive the growth of the regional control valves market, as it will lead to an increase in oil and gas exploration and production activities. In APAC, the demand for control valves is driven by the demand and production of oil and gas pipelines, which will promote the growth of the regional control valves market for exploration and midstream applications during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Control Valves Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.25% |
Market growth 2023-2027 |
USD 2,597.26 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.8 |
Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
Performing market contribution |
APAC at 31% |
Key countries |
US, China, Russia, India, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alfa Laval Corporate AB, Avcon Controls Pvt. Ltd., AVK Holding AS, Baker Hughes Co., Bray International Inc., Curtiss Wright Corp., DFT Inc., Emerson Electric Co, Flowserve Corp., Goodwin PLC, Honeywell International Inc., IMI Hydronic Engineering Inc., KSB SE and Co. KGaA, Parker Hannifin Corp., SAMSON AG, Schlumberger Ltd., Trillium Flow Technologies, Valmet Corp., Valvitalia SpA, and Watts Water Technologies Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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