Control Valves Gone Electric Companies Are Switching As They Offer Better Efficiency In Cost As Well As Time
Butterfly Control Valves Emerge as Leading Segment by Type
On the basis of actuation technology, the control valves market was
led by pneumatic control valves. The electric control valves segment
is also a major contributor to the growth of this market and
accounted for a share of over 20% in the global market in terms of
both revenue and volume in 2015. This segment is driven by its
increasing usage in the power generation, automotive, petrochemicals,
and chemicals industries. Several companies are switching from
pneumatic to electric control valves owing to the fact that the
latter offers better efficiency in terms of cost as well as time.
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By type, the market comprises ball valves, butterfly valves,
cryogenic valves, globe valves, and others. Butterfly control valves
led the market and find application in reverse osmosis, brine flow
control, steam systems, desalination systems, petroleum production,
and refining. The butterfly control valves segment is expected to
continue its dominance through 2024.
Control Valves Market: Snapshot
The market for control valves is primarily driven by the increase in
energy consumption, coupled with the increasing demand for the same
in process industries such as oil and gas. The demand for control
valves is expected to rise as a result of the increase in investments
in industrial infrastructure projects around the world, particularly
in developing countries such as India, China, and Indonesia. The rise
in pipeline installations across different countries is also expected
to boost the demand for control valves in the coming years.
In terms of revenue, the global control valves market was valued at
US$8.92 bn in 2015 and is expected to reach US$15.41 bn by 2024. If
these values hold true, the market is projected to expand at a 6.3%
CAGR during the forecast period. The volume of the global control
valves market is forecast to rise at a 5.9% CAGR from 2016 to 2024.
Increasing Demand for Control Valves from Industry Verticals
across APAC
In 2015, Asia Pacific held the leading share in the global control
valves market on the basis of geography, accounting for more than 40%
of the market. This market is primarily driven by factors such as
increasing investments in various industry verticals, the rapid
development of industrial infrastructure, and the growing demand in
the semiconductor and electronics manufacturing industries as well as
the processed food industry.
The control valves market in North America has been witnessing
sluggish growth due to stagnant growth rates of most industry
verticals in the region. However, the oil and gas, power generation,
and wastewater management industries in North America are anticipated
to expand in the near future due to above-average financial and
technological investments from major players in respective sectors.
This is likely to improve the prospects of the control valves market
in North America. The increasing demand for energy has led to an
expansion in the extraction of shale in the region and this is also
anticipated to boost this market.
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The growing demand for control valves from different industry
verticals such as oil and gas, chemicals, and power generation has
led to the growth of the control valves market in several RoW
countries.
Some of the leading players in the control valves market are
Flowserve Corporation (U.S.), Pentair PLC (U.K.), Emerson Electric
Co. (U.S.), General Electric (U.S.), Samson AG (Germany), Crane &
Co. (U.S.), VelanInc (Canada), Metso Corporation (Finland), and IMI
Plc (U.K.).
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