Control Valves Market Overview
The global control valves market was valued at $11,137.0 million in 2017 and is projected to reach $16,057.5 million by 2023, witnessing a CAGR of 6.3% during the forecast period. The market growth is driven by factors such as rise in infrastructure projects and increased use of the valves by the food and beverages industry.
Control valve is a physical device which is used to control the flow of the fluid by varying the size of the flow passage with the help of a controller. The valve is opened or closed by electrical, hydraulic, or pneumatic actuator.
GLOBAL CONTROL VALVES MARKET, BY ACTUATION TECHNOLOGY, 000' UNITS (2013-2023)
Based on actuation technology, the control valves market is categorized into manual control valve, pneumatic control valve, hydraulic control valve, and electric control valve. Along all types, the volume sales of pneumatic control valve accounted for the largest share of more than 35.0% in the global market in 2017. This is attributed to the fact that pneumatic valves are simple to operate. Also, the valves provide precise linear motion and can be used in a wide range of temperatures. Hence, these characteristics lead to increase the demand for pneumatic valves in the coming years.
On the basis of type, the control valves market is categorized into ball valve, butterfly valve, cryogenic valve, globe valve, and others. The “others” category includes diaphragm valve, plug valve, and gate valve. Butterfly valve accounted for more than 30.0% volume share in the market in 2017. The largest share of butterfly valve is attributed to the fact that the valve is small and when actuated pneumatically, it opens and closes very quickly.
Based on application, the control valves market is classified into power generation, oil and gas, chemicals, food and beverages, automotive, pharmaceuticals, wastewater management, and others. The “others” category includes mining, agriculture, and marine. In terms of volume, pharmaceuticals category was the fastest growing application in the market during the historical period. Since the pharmaceutical industries require a lot of safety standards, the controlling valves for this industry are made with special specifications.
APAC was the largest market for control valves, contributing more than 45.0% revenue to the market in 2017. The largest share of the region is attributed to the high economic growth rate, developing infrastructure, growing demand for energy, and the shift in production facilities of controlling valves from the developed economies to this region. It has been seen that China has recently discovered new oil reserves, which will lead to the setup of new oil and gas production facilities. The new production facilities will use the valves for controlling the flow of the fluids in the pipeline. These factors will drive the growth of the control valves market.
Control Valves Market Dynamics
There has been development of new valve technologies in which processors are being embedded. Traditionally, the controlling valves were mechanically used without any processors or chips being embedded in it. However, the manufacturers are now developing new technologies in which there are processors being embedded inside the valves. These new technologies allow the valves to deliver the real time data for flow rates and operating conditions. Also, this helps in the predictive maintenance and unplanned shutdowns. The manufactures are adopting the new technologies for the controlling valves, thus resulting in the technological shift of the control valves market.
With the rise in disposable income, people have increased buying processed foods, which is attributing to a rise in the number of food processing plants. The plants require the controlling valves in different units. The most commonly used valves are the gate, globe, and check valves. According to secondary research, the global food and beverages market estimated around $5,650 billion in 2017 and it is growing at a stable rate. Thus, the increased use for these valves by the food and beverages industry is expected to drive the control valves market.
Growing economy is fuelling the investments in infrastructure projects. For instance, it is seen that there is an increasing number of residential and wastewater projects in countries such as China, India, Thailand, and Brazil. This is attributed to the fact that people are slowly moving towards the urban areas due to the rise in income level. As per the secondary research, in China, the investment for infrastructure grew by around 50% in 2017 as compared to 2016. This in turn is leading to the use of the valves in the construction projects, thus fuelling control valves market.
Globally, it is seen that the supply system is still at a developing stage. Most of the companies are not able to supply the required product within the stipulated time. This is attributed to the fact that the logistics and supply systems of the companies are not yet fully automated. This results in the delay of the development plans and projects, and power plant unit’s installation in which controlling valves were to be installed. Hence, inefficient logistics and supply system is one of the major factors restraining the control valves market growth.
Control Valves Market Competitive Landscape
Some of the major players operating in the global control valves market are AVK Holding A/S, Bürkert Fluid Control Systems, Emerson Electric Co., Flowserve Corporation, General Electric Company, Goodwin International Limited, Honeywell International Inc., KITZ Corporation, Rotork Plc, Velan Inc., Schlumberger N.V. (Schlumberger Limited), Swagelok Company, Armstrong International Inc., Metso Corporation, IMI plc, and Samson AG.