PUBLISHER: SkyQuest | PRODUCT CODE: 1286050
PUBLISHER: SkyQuest | PRODUCT CODE: 1286050
Global Control Valve Market size was valued at USD 6040 million in 2021 and is poised to grow from USD 6474.88 million in 2022 to USD 12105.56 million by 2030, growing at a CAGR of 7.2% in the forecast period (2023-2030).
An electrically powered device or component known as a control valve is used to change or regulate the general flow of fluids like steam, water, oil, and gas. As a result of the increased demand for control valves across a number of industries, including water and wastewater, oil and gas, food and beverage, and others, the market is predicted to expand significantly over the coming years.
The increase in expenditures aimed at the creation of distinctive and advanced control valve products and solutions is predicted to have a substantial impact on the expansion of the control valve market in the future years. Market growth is predicted to be accelerated by countries like the United States, India, and China in the next years. Control valve demand has been further boosted by the production and refinery platforms' exposure to high pressure, high temperature, and adverse corrosion conditions. These platforms are primarily used by offshore and onshore oil and gas companies. These valves are used in the majority of important systems in the oil and gas sectors. In addition to controlling flow, it also controls fluid volume, direction, velocity, and pressure.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Control Valve Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global control valve market is segmented based on the Motion, Component, End-Use and region. Based on the Motion, the Global Control Valve Market is segmented as Linear and Rotary. Based on the Component, the Global Control Valve Market is segmented as Valve Body, Actuators and Others. Based on the End-User, the Global Control Valve Market is segmented as Oil & Gas, Water & Wastewater, Energy & Power, Pharmaceuticals, Food & Beverages, Chemicals, Building & Construction, Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Due to COVID-19's quick spread, the pharmaceutical and healthcare industries are taking the lead in the pandemic fight. The production of essential medical tools required to treat COVID-19 patients is rising. Numerous large industrial companies have grasped the opportunity to aid in the fight against the virus since control valves play a vital role in the manufacturing of many pieces of medical equipment. For automatic components utilised in the pharmaceutical business, such as solenoid valves, companies in the control valve market are investing more money in R&D. The demand for valves is also being driven by the pharmaceutical industries' development of intricate fluid handling systems like liquid soap dispensers and automatic hand sanitizer dispensers. As a result of increased healthcare device production and increased R&D spending in the pharmaceutical industry, the market for control valves is growing.
Valve manufacturers are subject to a number of regulations and laws. Different areas have different certifications and rules when it comes to valves. This feature results in diversity in demand due to the wide range of industries that employ valves, including oil and gas, food and beverage, pharmaceuticals, energy and electricity, water and wastewater treatment, building and construction, chemicals, and pulp and paper. However, this diversity is preventing the market for valves from expanding since it is difficult for the valve producers to achieve an optimal cost of installation because industry participants must change the same product in line with regional regulations. They need to invest their resources in starting production facilities all over the world to address this problem, which will cost more money.
Thanks to advancements in sensor and valve technology, manufacturers in the pharmaceutical business have been able to increase their production capabilities by reducing the overall cost of equipment ownership, raising equipment uptime, and cutting maintenance costs.
In control valves, the actuator's capacity to rotate the actuator head 360 degrees enhances air-port alignment and enables flexible installation. In industrial processes, it also maximises the usage of actuators in small valve arrays, reducing overall installation costs for both new and ongoing projects.
The control valve industry has created new accessories that, when used with aseptic valves, enable high levels of control, completeness, and accuracy of a valve's state thanks to pharmaceutical companies' use of new technology.