Rockville , May 24, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global control valve market is expected to witness a value of US $ 23.3 Bn by 2033-end and is predicted to witness a CAGR of 6% during the forecast period.
Control valves are essential for enhancing various process sectors' efficiency, security, and profitability. To tailor their products to the needs of various industries, control valve manufacturers are always working on new research and development initiatives.
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Control valve demand is expected to rise as automation requirements in the process industry rise. Additionally, it is projected that rising investments in the oil and gas industry and pharmaceutical infrastructure will propel market expansion.
Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2032) | US$ 23.3 Billion |
| Growth Rate (2023-2032) | 6% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 146 Tables |
| No. of Figures | 108 Figures |
Key Driving Forces Accelerating the Market Growth:
- With the growing trend of industrial automation, control valves play a crucial role in regulating and controlling fluid flow in various processes. As industries automate their operations to improve efficiency and reduce human error, the demand for control valves increases.
- The increasing global energy demand, particularly in sectors such as oil and gas, power generation, and water and wastewater treatment, drives the need for control valves. These valves are used to regulate and control fluid flow in pipelines, power plants, refineries, and other energy-intensive applications.
- Process industries like chemicals, pharmaceuticals, food and beverage, and pulp and paper rely heavily on control valves to control variables such as pressure, temperature, and flow rate. As these industries expand and new manufacturing facilities are established, the demand for control valves grows.
- Government regulations related to environmental protection and safety standards drive the adoption of control valves in various industries. Control valves help in maintaining compliance with regulations by ensuring precise control and monitoring of fluid flow, minimizing emissions, and preventing accidents.
- Advancements in control valve technology, such as the integration of smart features, digital control systems, and predictive maintenance capabilities, are driving market growth. These innovations improve valve performance, efficiency, reliability, and ease of operation, making control valves more attractive to end-users.
Market Restraints:
- Control valves often require a significant upfront investment, especially for large-scale industrial applications. The cost of purchasing, installing, and integrating control valves into existing systems can be a barrier for some end-users, particularly for small and medium-sized enterprises with limited budgets.
- Control valves employ sophisticated technology and require specialized knowledge for installation, operation, and maintenance. The complexity of these systems can present a challenge for end-users who may lack the expertise or resources to handle the technical aspects, leading to increased reliance on external experts or service providers.
- The control valve market consists of various manufacturers offering a wide range of products with different specifications and standards. The absence of uniform industry standards and interoperability among different valve systems can lead to compatibility issues and limited flexibility for end-users.
Key Trends:
- The integration of IoT technology is transforming the control valve market. Control valves are equipped with sensors and communication capabilities, allowing real-time monitoring, data collection, and remote control. This integration enables predictive maintenance, improves efficiency, and enhances overall system performance.
- Smart valves, equipped with advanced features like self-diagnostics, self-calibration, and automated control algorithms, are gaining popularity. These valves can communicate with control systems and provide valuable data for analytics and optimization. Digital control systems enable centralized control and monitoring of multiple valves, enhancing operational efficiency.
- Wireless control valves eliminate the need for complex and costly wiring installations. They offer flexibility in valve placement and ease of installation, particularly in retrofit applications. Wireless valves enable remote monitoring and control, contributing to increased efficiency and reduced installation costs.
Key Companies Profiled in This Report
- Honeywell International Inc.
- General Electric Company
- Goodwin International Ltd.
- Flowserve Corp
- Dresser Inc.
- Metso Plc.
- Burkert Fluid Control Systems
- Crane Co.
- Velan Inc.
- Pentair Limited
- Samson AG
- MIL Control Limited
- Emerson Electric Co.
- Schlumberger Limited
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Competitive Landscape:
Manufacturers and end-users have shown a heightened interest in energy-efficient control valve solutions to reduce energy consumption and environmental impact. Energy-saving features such as low-power actuators, optimized flow characteristics, and intelligent control algorithms were being incorporated into control valves. Control valve manufacturers continued to integrate their products with advanced control systems. This integration enhanced the overall performance and efficiency of control valves by enabling precise control, improved process optimization, and seamless integration into plant-wide automation systems.
- Emerson Electric Co. launched the Fisher Vee-Ball rotary control valve in 2021. The Vee-Ball valve is designed for precise control and offers improved performance in various industries, including oil and gas, chemical, and power generation.
- Metso Corporation introduced the Neles NDX control valve platform. The NDX series is a comprehensive range of control valves designed for various applications, providing high control accuracy, reliability, and ease of maintenance.
Key Segments of Control Valve Industry Research Report
- By Actuation Technology :
- Manual
- Pneumatic
- Hydraulic
- Electric
- By Valve Type :
- Ball
- Butterfly
- Globe
- Plug
- Others
- By Application :
- Metal & Mining
- Pulp & Paper
- Power Generation
- Oil & Gas
- Chemicals
- Food & Beverages
- Automotive
- Pharmaceuticals
- Water & Wastewater Management
- Others
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global control valve market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.
The study divulges essential insights on the market based on Actuation Technology (Manual, Pneumatic, Hydraulic, Electric), By Valve Type (Ball, Butterfly, Globe, Plug), By Application (Metal & Mining, Pulp & Paper, Power Generation, Oil & Gas, Chemicals, Food & Beverages, Automotive, Pharmaceuticals, Water & Wastewater Management) & By Region
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