Market Research Report
Control Valve Market with COVID-19 Impact Analysis, By Material, Component (Actuators, Valve Body), Size, Type (Rotary and Linear), Industry (Oil & Gas, Water & Wastewater Treatment, Energy & Power, Chemicals), and Region - Global Forecast to 2025
|Published by||MarketsandMarkets||Product code||962471|
|Published||Content info||245 Pages
Delivery time: 1-2 business days
|Control Valve Market with COVID-19 Impact Analysis, By Material, Component (Actuators, Valve Body), Size, Type (Rotary and Linear), Industry (Oil & Gas, Water & Wastewater Treatment, Energy & Power, Chemicals), and Region - Global Forecast to 2025|
|Published: September 25, 2020||Content info: 245 Pages||
The global control valve market size was valued at USD 5.5 billion in 2020 and is projected to reach USD 10.6 billion by 2025. It is expected to grow at a CAGR of 14.2% during the forecast period. Increasing demand for valves from healthcare and pharmaceuticals industries due to outbreak of COVID-19 pandemic, rising demand for energy in APAC, growing need for connected networks to maintain and monitor industrial equipment, and surging focus on establishing new nuclear power plants and upscaling of existing ones are the key driving factors for the control valve market. However, lack of standardized certifications and government policies hampering the growth of the market.
Valves sized 6"-25" accounted for the largest share of the overall control valves market in 2019, and a similar trend is likely to be observed during the forecast period. This growth can be attributed to the rising adoption of these valves in various critical and severe service applications in multiple industries, such as oil & gas, energy & power, water & wastewater treatment, chemicals, food & beverages, and pulp & paper. Several factors need to be considered while selecting the valve size for an application. If the valve size is too small, it will not allow the required flow at the required pressure. Hence, it is essential to select a valve that is 60% and 80% open at the maximum required flow rate, wherever possible, and not less than 20% open at the minimum required flow rate. This helps valve users because it gives a good balance between using as much of the valve's control range as possible, and offers good flow resolution while providing adequate safety.
The oil & gas industry accounted for the largest share of the control valve market in 2019 owing to the rising energy demand and increasing drilling activities in the Gulf Cooperation Council (GCC) countries. However, at present, the world is facing an economic crisis due to the COVID-19 pandemic. However, at present, the world is facing a financial crisis due to the COVID-19 pandemic. This pandemic has severely affected the oil & gas industry, with oil prices declined to below zero levels. The major oil-producing companies are running out of space to store the extracted oil, while the demand for oil has declined drastically, which has created a huge demand-supply gap. Oil & gas is among the key end-user industries of control valves. Valves provide process control support by appropriately controlling and positioning the actuators. They have become the key components in the offshore and onshore oil & gas industry, wherein high pressure and adverse corrosive conditions are experienced on production platforms and refineries.
The control valve market in APAC was driven by China, as the country witnessed a significantly high demand for control valves for applications in several industries, such as oil & gas, energy & power, and chemicals, in 2019. In India, industries such as energy & power and water & wastewater treatment have a high demand for control valves. However, the market in APAC has witnessed a sharp decline in the first quarter of 2020 due to the collapse of oil prices on the back of both surplus production and supply, as well as a decrease in demand caused by the COVID-19 pandemic. The uncertainty related to oil demand continues to have a significant impact on investments and operating plans of oil & gas industry.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the control valve marketplace.
The control valve market comprises major players such as Christian Burkert (Germany), Emerson (US), Flowserve Corporation (US), Cameron (Schlumberger Company) (US), IMI PLC (UK), Neles Corporation (Finland), Crane Co. (US), Samson Controls (US), Kitz Corporation (Japan), Neway Valve (China), Ham-Let (Israel), Trillium Flow Technologies (UK), Alfa Laval (Sweden), Apollo Valves (US), Spirax Sarco (UK), Curtiss-Wright Corporation (US), Dwyer Instruments (US), AVK Holdings A/S (Denmark), Velan, Inc. (Canada), Swagelok (US), and Avcon Control (India).
The study includes an in-depth competitive analysis of these key players in the control valve market, with their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the control valve market based on component, material, type, size, industry, and geography. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the control valve market. It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and developments carried out by the key players to grow in the market.
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall control valve market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View)**
* Business Overview, Products Offered, Recent Developments, SWOT Analysis, and MnM View might not be captured in case of unlisted companies.