According to a new report published by Allied Market Research, titled, “control valve market by type, operation, and application: opportunity analysis and industry forecast, 2020–2027,” the global control valve market size accounted for $5.40 billion in 2019, and is expected to reach $7.96 billion by 2027, registering a CAGR of 7.0 % from 2020 to 2027. In 2019, Asia-Pacific dominated the global control valve market, in terms of revenue, accounting for about 40.20% share of the global control valve industry, followed by North America and Europe.
The report analyzes the global control valve market on the basis of type, operation, application, and region. The types of control valve covered in this report are linear control valve and rotary control valve. Increase in applications of control valves in oil & gas, electrical power, and mining sectors, such as exploration and production, downstream oil & gas activities, and power generation are expected to foster growth in the future. Moreover, the global control valve market is poised to witness significant growth during the forecast period, owing to growth in oil & gas and power generation sectors, increase in demand for automation in process industries, and rise in demand for control valves in pharmaceutical and food & beverage process industries. Some of the restraints associated with the control valve market are high initial investments and competition from domestic manufacturers.
In addition, implementation of automation technologies has assisted in reducing wastage of liquids passing through pipes and valves, which result in reduction of costs. Various industries adopt automation and control technologies by upgrading their pre-installed industrial valves, which, in turn, drives the market growth. Furthermore, focus on increasing production of oil & gas in North America has created a high demand for control valves in the region. Investments for extraction of oil & gas has propelled substantially, which has led to infrastructural development. This is expected to create massive demand for control valves, which would boost growth of the market.
During the COVID-19 lockdown, various manufacturers in the global control valve market has to stop their business production, owing to lockdown implemented in countries such as the U.S., China, and India. This break directly impacted sales of control valve companies. In addition, lack of man power and raw material has also led to halt in supply of control valves. However, reopening of production facilities and introduction of vaccines for coronavirus disease are anticipated to lead to re-opening of control valve companies at their full-scale capacities.
The global control valve market is segmented on the basis of type, operation, application, and region. On the basis of type, the market is divided into linear, and rotary. The linear segment had the highest revenue in 2019. On the basis of operation, it is classified into pneumatic control valve, hydraulic control valve, and electrical control valve. The pneumatic control valve segment had the highest revenue in 2019. On the basis of application, the market is divided into electrical power, oil & gas, water & wastewater, automotive, pharmaceuticals, mining, chemicals, food & beverages, and others. The water & waste-water management segment had the highest revenue in 2019.
Region wise, the global control valves market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The key players profiled in the control valve market report include Crane Co., include Crane Co., Alfa Laval Corporate AB, Emerson Electric Co., Flowserve Corporation, Schlumberger Ltd, Metso Corporation, KSB SE & Co. KGaA, KITZ Corporation, Samson Aktiengesellschaft, and Velan Inc.
Key Findings Of The Study
- The report provides an extensive analysis of the current and emerging control valve market trends and dynamics.
- By type, the linear segment registered the highest revenue in the control valve market in 2019.
- Depending on the operation, the pneumatic control valve segment dominated the control valve market, in terms of revenue in 2019 and is projected to grow at a CAGR 5.6% during the forecast period
- The key players within the control valve market are profiled in this report, and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the control valve industry.
- The report provides an extensive analysis of the control valve market trends and emerging opportunities of the market.
- The global control valve market forecast analysis from 2020 to 2027 is included in the report.