Control Valve Market worth $10.62 billion by 2024 with a growing CAGR of 6.02%
According to the new market research report "Control Valve Market by Valve Type (Ball, Butterfly, Gate, Globe, Check, Plug), Valve Size, Valve Components (Actuators, Valve Body, Others), Industry (Oil & Gas, Water & Wastewater Treatment, Energy & Power), and Geography - Global Forecast to 2024",the control valve market is expected to grow from USD 7.48 billion in 2018 to USD 10.62 billion by 2024, at a CAGR of 6.02% from 2018 to 2024. The key factors driving the growth of this market include the increased need for connected networks to maintain/monitor various equipment in plants and the installation of new nuclear plants, along with the upscaling of existing nuclear plants during the forecast period.
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Oil & gas industry to account for largest size of control valve market from 2018 to 2024
The oil & gas industry is expected to be the key end-use industry for control valve market owing to the increasing production of crude oil and rising demand for petroleum products from growing economies such as China, India, Brazil, and Southeast Asian countries. Activities such as increasing production in China, growing offshore exploration in India, and emerging new natural gas projects in the Philippines will boost the demand for control valves in APAC for the oil & gas industry. Recent discoveries of shale gas reserves in North America will boost the production and increase the demand for control valves for oil & gas end-use industry during the forecast period in North America. The resurgence of the oil & gas industry after the recent slump will witness an increased production in the Middle East and will boost the demand for control valves from upstream, midstream, and downstream sectors.
Control valve market for actuators to grow at highest CAGR from 2018 to 2024
The control valve market for actuators will grow at the highest CAGR during the forecast period. The oil & gas, energy & power, and chemicals industries are likely to have a high demand for pneumatically actuated control valves due to the availability of steam to power actuators. Pneumatically operated control valve actuators are the most popular type in use; however, electric and hydraulic actuators are also gaining traction. Adaptations of pneumatic piston actuators are available for direct installation on rotary-shaft control valves. Electric and electro-hydraulic actuators are more complex and expensive than pneumatic actuators.
APAC to hold largest share of control valve market from 2018 to 2024
The control valve market in Asia Pacific (APAC) accounted for the largest share of the overall market in 2017 and is expected to grow at the highest CAGR during the forecast period. Major factors driving the growth of the valve market in APAC include increasing population and rising focus of emerging economies on investing in industries such as energy & power, oil & gas, water & wastewater treatment, chemicals, and construction in which control valves are used.
Emerson (US), IMI PLC (US), Flowserve (US), and Weir Group (UK) are among a few major players in the control valve market.