Control Valve Market worth $10.82 Billion by 2020
With a gradual increase in automation in the process industry, the need for control valve is also expected to grow proportionately to be able to support this growth. Developing countries such as India and China are fueling the growth of the process industry; hence, the growing investment in these markets is boosting the overall control valve market.
The control valve market is expected to benefit from emerging market investments that are lifting the industrial infrastructure and facilities, while the developed markets are expected to continue investing in more efficient flow control devices, systems, and procedures, which offer better and more efficient process control. An increase in the energy consumption continuously is pushing the companies to adopt the automated techniques, including control valves in their process operations to eliminate wastages and balance the growing demand.
VALVES which are used to control pressure, temperature and level of liquid are called control valves. These are widely used in industries where the flow and level are required to be maintained. Control valves open or close responding to the process variable defined for its operation by means of electric and pneumatic actuators.
The major factors which are driving the control valves market includes: growing investment in the oil and gas sector. This automatically creates demand for control valves, as they find application right from the extraction of crude oil and gas till it reaches the end customers via refinery and oil terminals and depots. Emerging economies like China and India are also increasing their hydrocarbon investment which is again boosting the demand for control valves. But, despite the growing demand for control valves globally, the challenge is of setting up an efficient system of logistics and supply. Another challenge faced by the global valves manufacturing companies is to evolve with time and cope up with changing requirements of their clients by innovating control valves.
Immense opportunities exist in emerging economies like India and China which are boosting their investment in hydrocarbons in order to cater to the growing demand for fuel. The global control valves market is expected to reach a level of $10 billion by 2018, at a compound annual growth rate (CAGR) of 6.02 per cent, from 2015 to 2018 owing to strong demand of control valves used in petroleum, petrochemicals and chemicals industries.
The North America and Europe control valves markets are considered as mature market and so they are expected to grow at a low rate. Middle East being one of the major supplier and producer of oil and gas will drive the market for control valves in the next decade. Another report says that the global industrial valves and actuators market is forecasted to grow at a CAGR of 5.06 per cent over the period 2015 to 2018. And one of the major drivers in the market is increased demand from the oil and gas industry. The increased growth of the global oil and gas industry has led to a growing demand for industrial valves.
According to the Global Industrial Valve and Actuator Market 2015-2018 report, industrial valves and actuators are devices that are used to control, direct and regulate the flow of fluids such as gases, liquids and fluidised solids. These valves are widely used in the industrial production process by several process industries in order to control the flow of fluids or gases. The regulation or the control of the valve can be undertaken either physically or automatically. There are different types of valves according to the needs and demands of the production process. Valves increase the operational efficiencies of the industrial production process and also enhance safety measures in process industries.
Industrial valves are devices that regulate, control or direct the flow of any medium passing through it. Actuators are used for the automation of valves to ensure that the pressure and flow control are in line with the set parameters. Their functions include automatic control of valve position, safety, diagnosis and process control. The industrial valves and actuators market is set to grow in the ensuing years with increase in industrialisation activity across the globe. Key drivers for the market’s growth are automation in the modernisation and expansion of existing facilities, increasing demand for flow control equipment and surging requirement for resources such as water and energy. However, the increasing competition among vendors could impose a restraint for the market’s growth.
Expanding the end use application of industrial valves and actuators could provide a significant growth opportunity for the market. For example, a trend in the energy sector is seen towards the use of shale gas as an energy source this would lead to an increase in the demand for industrial valves and actuators. Liquefied natural gas, biotechnology, desalination and ethanol are some promising markets for industrial valves and actuators.
The industrial valves and actuators market can be segmented on the basis of product type, end-use and geography. The market segmentation on the basis of product type includes self acting valves, quarter turn valves, control valves, multi turn vales, and actuators (pneumatic, hydraulic or electric). End users for industrial valves and actuators are in oil and gas refineries, power generation plants, nuclear process plants, chemical and petrochemical industries, pulp and paper industries, metal and mining industries, pipelines, water and wastewater industries among others. Energy applications account for a majority of the industrial valves and actuators market followed by water and wastewater treatment industries.
Geographical segmentation includes regions such as North America, Europe, Asia Pacific and Rest of the World. Europe and North America have a large base for industrial valves and actuators market. The market is mature in the US, Japan and Western Europe as they are technologically advanced regions. Asia Pacific is expected to witness highest growth over the forecast period owing to the rising expansion and automation of industrial activity. High demand for resources from regions such as India and China is expected to drive the need for automating process control in order to provide high throughput.