The market growth is driven by high energy demand due to growing population and increasing need of wireless infrastructure for equipment maintenance.
Global control valves market is projected to reach $16,057.5 million by 2023. Based on actuation technology, the control valves market is categorized into manual control valve, pneumatic control valve, hydraulic control valve, and electric control valve.
In terms of volume, pneumatic control valve is expected to be the fastest growing category in the market, advancing at a CAGR of 6.3% during the forecast period.
On the basis of type, the control valves market is classified into ball valve, butterfly valve, cryogenic valve, globe valve, and others.
The “others” category includes diaphragm valve, plug valve, and gate valve. Along all types, the volume sales of butterfly valve accounted for the largest share in the market in 2017, contributing more than 32.3%.
Low maintenance cost is driving the demand for butterfly valves globally.
In terms of application, the control valves market is categorized into classified into power generation, oil and gas, chemicals, food and beverages, automotive, pharmaceuticals, wastewater management, and others. The “others” category includes mining, agriculture, and marine industry.
Power generation category accounted for more than 15.0% volume share in the market in 2017.
The largest share of this category is attributed to the rising energy demand which leads the setup of new power generation plants. The plants require controlling valves for maintaining the flow of the raw material required for the generation of power, in the firefighting lines, and in other units.
Such wide scale applications are boosting the demand for valves in power generation industry.
The APAC control valves market is expected to grow at a CAGR of 6.9% and 7.5% in terms of volume and value, respectively, during 2018–2023. The high demand for such valves is driven by its growing penetration in the different industries.
Partnerships and client wins are some of the major developments which will further boost the market.
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Some of the major players operating in the global control valves market are AVK Holding A/S, Bürkert Fluid Control Systems, Emerson Electric Co., Flowserve Corporation, General Electric Company, Goodwin International Limited, Honeywell International Inc., KITZ Corporation, Rotork Plc, Velan Inc., Schlumberger N.V. (Schlumberger Limited), Swagelok Company, Armstrong International Inc., Metso Corporation, IMI plc, and Samson AG.
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