The Control Valve Market garnered a revenue at $9 billion in 2016 and is projected to reach $16 billion by 2024, having a CAGR of 7.7 % during the forecast period of 2017 to 2024.In 2016, the pneumatic control valve market generated the highest revenue share in the global control valve market.
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A device which is capable of controlling flow at changing degrees between minimal flow and full capacity in response to a signal which is generated from an external control device. In any control loop, a control valve is referred to a final control element, as it completes the physical work and directly affects the whole process.
Valve usually has an actuators mounted on it which helps the control of flow by the movement of valve plug.
Oil & petroleum industry has an extensive use of control valves for the modulation of different liquids, having different viscosities.
A constant growth in investments done in favor of oil and gas industry owing to hiked power demands is driving the control valve market growth globally. Moreover, drastically growing demand of food and beverage industry as a result of increasing population is also a major driving force for the market growth.
Automation has become a necessity in every process industry nowadays. Increasing number of new industrial and infrastructural projects in developing countries can act as a driving force for the growth of control valve market.
However, hiking demands of unconventional power, inefficient logistics and supply system and intense competition are supposed to resist the market growth in the near future. Control valve manufacturers are constantly engaged in the R&D activities in order to design their product in compliance with the current requirements of varied industries across the globe, opening future growth opportunities for the market.
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The global control valve market is segmented on the basis of valve type, application and geography. By type, the market is segmented as Pneumatic control valves, Hydraulic control valves and Electric control valves.
On the basis of application, the market is segmented as power generation, oil & gas, waste water management, automotive, pharmaceuticals, mining, chemicals, food and beverages and others. Geographically, the market is segmented as North America, Europe, Asia-Pacific and Rest of World.
Out of major geographies, North America is expected to dominate the regional market over the forecast period.
Major market players are Metso Corporation, Samson AG, Electric CO, MIL Control Limited, Flowserve Corporation, Pentair PC, Velan Inc.,Crain Fluid Inc., General electric company, IMI Plc. (UK)
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GLOBAL CONTROL VALVE MARKET SEGMENTATION
- Pneumatic control valves
- Hydraulic control valves
- Electric control valves
- Power generation
- Oil & gas
- Waste water management
- Food and Beverages
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Middle East
KEY MARKET PLAYERS
- Metso Corporation
- Samson AG
- Electric Co.
- MIL Control Limited
- Flowserve Corporation
- Velan Inc.
- Crane Fluid Inc.
- General electric company
- Pentair Plc
- Samson AG
- IMI Plc. (UK)
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