Global Control Valves Market Research Report, Growth, Share, Analysis and Forecast to 2024

The control valve market was valued at USD 11.4 billion in 2017 and is expected to contribute revenue of USD 17.5 billion by 2024, registering a CAGR 6.4% during the forecast period (2018 – 2024). They are extensively being used for regulating process variables such as temperature, flow, fluid level and pressure in the process industries such as chemicals, oil & gas, power generation, food & beverages, mining, water management and pharmaceuticals segment.

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Control valves plays significant role for increasing profitability, efficiency and safety of process industries. The providers of control valves are persistently upgrading and evolving their technology and research and development events in order to meet the ever changing demands of the manufacturers of several different industries. Moreover, increasing demand for automation and increasing investment avenues among the process industries such as oil & gas industry along with huge number of projects for industrial development in several developing economies are the major factors driving the growth of global control valves market.

With ever increasing population the demand for energy is also being affecting in a positive way and is growing at a substantial proportion. Furthermore, countries in emerging economies such as India and China are rampantly observing demand for power generation which in turn is accelerating the demand for global control valves market. Moreover, increasing awareness regarding the saving and producing of energy along with excessive consumption of energy from middle class population in countries such as China, Brazil, India and Russia are further strengthening the growth of global control valves market.

Furthermore, increasing demand for efficient and safe waste disposal facilities and waste collection is another factor that is pertaining to drive the growth of global control valves market. It has been observed that in India the health and safety guideline along with waste management projects such as redevelopment and closure projects in southern India are getting updated as a result of which the control valves market is growing at an exponential rate.

However, introduction of several stringent regulations regarding environmental pollution are being executed in the development of control valves. Due to introduction of several stringent environment laws the global control valves market is expected to be impacted in a negative manner at a significant pace in the near future such as the sales and design of control valves. Moreover, these factors are expected to further hamper the growth of global control valves market.

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On the basis of type, the global control valves market is segmented ball valve, butterfly valve, globe valve, cryogenic valve, and others. Among these segments, it has been expected that by 2024, butterfly valve is expected to generate largest revenue in the global control valves market owing to its expansive demand from process industries from several developing economies such as China, Brazil and India.

On the basis of application, the global control valves market is segmented into wastewater management, pharmaceuticals, oil & gas, chemicals, food & beverages, automotive, power generation, and others. Among all these applications, power generation was the largest application area in the market in terms of value.

Geographically, Asia-Pacific has been generating largest revenue of $5.2 billion in 2017 and is further projected to generate $8.8 billion by 2024 in the global control valves market.

Some of the key players in the global control valves market include KITZ Corporation, Honeywell International Inc., General Electric Company, AVK Holding A/S, Goodwin International Ltd., Emerson Electric Co., Flowserve Corporation, Schlumberger Limited, Rotork Plc., and Bürkert Fluid Control Systems.

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