(MENAFN- Straits Research) Control valves in process sectors such as oil & gas, water management, chemicals, power generation, automotive, mining, pharmaceuticals, and food & beverages regulate process variables such as flow, temperature, pressure, and fluid level. They boost various process sectors' efficiency, safety, and profitability. In recent years, advancements in valve automation and control technologies have contributed significantly to the expansion of the control valve market. Remote handling is possible with automatic valves, which is helpful in hazardous and remote locations such as oil and gas, chemical, and power plants. Furthermore, standard valves can be quickly modified utilizing automatic actuator systems or automatic control systems, propelling the control valves industry forward.
Market Dynamics
Growth in Oil, Gas, and Power Industries Spur the Demand for Control Valves
The oil & gas industry is the largest consumer of control valves and includes the use of control valves in midstream, downstream, and upstream process applications. Control valves are utilized in the oil & gas industry for drilling and workover operations, increasing demand for control valves and is anticipated to boost the control valves market growth.
ICF International Inc. published a report in June 2018 called North America Midstream Infrastructure through 2035. It says oil & gas infrastructure investments will be between USD 685 billion and USD 895 billion from 2018 to 2035. In addition, assets would be maximum for natural gas extraction, processing, and transit, which requires highly efficient control valves for oil & gas flow, driving the global control valves market.
Increased Investments in Hydrocarbons by Emerging Economies Create New Market Opportunities
Emerging economies such as India, China, and Egypt are investing heavily in hydrocarbon projects to increase oil & gas exploration, which will likely create attractive chances for the control valve market to grow. The rise in demand for oil and other fuels, as well as renewable resources, is expected to drive expansion in the control valve market. Egypt's government committed approximately USD 2.5 billion to develop a new oil refinery plant to process hydrocarbons. These instances are expected to create profitable prospects for the control valve market to grow.
Regional Insights
Asia-Pacific is the highest revenue contributor and is estimated to grow at a CAGR of 8.1% during the forecast period. Asia-Pacific is home to most developing countries, including India, Vietnam, and Indonesia, which create significant potential for the control valve market. China has made significant contributions to industrial valve manufacture by establishing prominent players such as Xinhai Valve Co Ltd, BOTELI Valve Group, XHVAL, and Sanhua Valve-Zhejiang Sanhua Co., Ltd.
Rising infrastructure development in emerging markets such as India and China is also expected to fuel the expansion of the control valve market. Furthermore, the biopharmaceutical business in Asia is quickly expanding due to substantial government investments in life sciences, biotechnology, medicines, and the healthcare industry. Such industrial growth prospects help boost demand for control valves, driving the control valve market significantly.
The control valve market in North America is projected to reach USD 2,450 million by 2030, growing at a CAGR of 6%. Due to solid industrial infrastructure in developed nations like the United States and Canada, the North American market for control valves is mainly saturated. However, the region's increasing manufacturing, food and beverage, and chemical industries significantly demand industrial valves. Furthermore, the rise in research and development activities in North America pertaining to the use of valves in automation and an increase in demand for safety applications are likely to boost market expansion.
Europe is the third-largest region. The rise in focus of European countries on renewable power generation is expected to boost the demand for control valves in the region. Moreover, expanding production of oil & gas from subsea sources has increased the demand for control valves, which is anticipated to boost the control valves market's growth. All such factors encourage the development of the control valve market in Europe.
Key Highlights
The global control valve market was valued at USD 6,040 million in 2021. It is expected to reach USD 11,290 million by 2030, growing at a CAGR of 7.2% during the forecast period (2022–2030).
By type,
the global control valve market is divided into Linear and Rotary. The Linear segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.3% during the forecast period.
By operation,
the global control valve market is divided into Pneumatic, Hydraulic, and Electrical Control. The Pneumatic Control valve segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.8% during the forecast period.
By application,
the global control valve market is divided into Electrical Power, Water & Wastewater, Automotive, Oil & Gas, Pharmaceuticals, Mining, Chemicals, Food & Beverages, and Others. The Oil & Gas segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.4% during the forecast period.
By region,
the global control valve market analysis is conducted across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific commands the highest market share.
Competitive Analysis
The prominent players in the global control valve market are Metso Corporation, Crane Co., Emerson Electric Co., Flowserve Corporation, Schlumberger Ltd, Alfa Laval Corporate AB, KSB SE & Co. KGaA, KITZ Corporation, Samson Aktiengesellschaft, and Velan Inc.
Market News
In June 2022,
Emerson, a global leader in technology and software solutions, unveiled a sustainability strategy to gain net-zero greenhouse gas (GHG) emissions in Scope 1, Scope 2, and Scope 3 by 2045. The corporation's 2021 ESG report revealed its objective of reaching net-zero and its environmental, social, and governance developments.
In June 2022,
Emerson signed a multi-year strategic framework agreement with BayoTech, a hydrogen solutions innovation, to speed the distribution of hydrogen worldwide. Emerson will provide advanced automation technology, software, and supplies to BayoTech, allowing it to create hundreds of hydrogen units to produce cleaner, lower-cost hydrogen.
Global Control Valve Market: Segmentation
By Type
Linear
Rotary
By Operation
Pneumatic Control Valve
Hydraulic Control Valve
Electrical Control Valve
By Application
Electrical Power
Oil & Gas
Water & Wastewater Management
Automotive
Pharmaceuticals
Mining
Chemicals
Food & Beverages
Others
By Regions
North America
Europe
Asia-Pacific
LAMEA
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