Ottawa, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Ottawa, Sept 8, 2021 (GLOBE NEWSWIRE) – Precedence Research’s latest report offers exclusive insights into the global control valves market. Steered by demand from diverse industries, the global market is set to register 9.71% CAGR between 2021 and 2027.
Pace of growth will improve as more industries showcase demand for integration of intelligence solutions. Smart solutions will remain top choice as industries focus on addressing challenges posed by environment, economy, and competition.
Investment in state-of-the-art control valve technologies will therefore increase, enabling the control valve market size to top US$ 12 Bn by 2027. According to the study, the oil and gas industry will remain the chief end user through the assessment period.
Increasing emphasis on renewable energy projects and expansion of solar thermal energy plants will present ample scope for control valve sales. Against this backdrop, the U.S. has been identified as a highly lucrative pocket for the market.
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The control valves market in the U.S. is expected to top US$ 1.2 Bn in 2021 and it is expected to remain at the forefront of opportunities existing in the North America market. Backed by a strong energy infrastructure, demand for control valves will rise at a high pace in the U.S.
Shale gas revolution and focus on deriving energy on renewable sources will buoy investment in America’s energy sector. This will in turn create opportunities for sale of control valves in the country.
Oil and Gas Industry to Continue Exhibiting High Demand
The oil and gas industry will continue accounting for maximum sales of control valves through the forecast period. Rising energy demand and expansion of infrastructure in GCC countries will continue supporting sales.
Control valves are imperative for regulating and controlling the flow of gases such as natural gas, liquid petroleum, and oxygen among others within the industry. These components also are used to prevent backflow and to isolate and protect equipment.
Considering their applications, expansion of the oil and gas industry will have a positive impact on the control valves market. As per the study, sales of control valves in the oil and gas sector is expected to total US$ 2 Bn by 2027.
Precedence Research’s latest study offers exclusive insights into the control valves market. This market survey is intended at exploring opportunities existing in the market. The global control valves market study also covers information on prevailing trends affecting growth of the market.
Some of the key highlights from the report are:
- Asia Pacific is expected to remain the largest market for control valves globally, exhibiting growth at 9.74% CAGR over the assessment period.
- China, Japan, and India among others will remain the leading markets for control valves in Asia.
- North America will emerge as the second-leading market, backed surging demand from the U.S.
- The Europe control valves market is expected to total US$ 2.3 Bn by 2027.
- Among technologies available in the market, the demand for actuation technology will remain the highest, increasing at 10.18% CAGR through the assessment period.
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COVID-19 Impact on Control Valves Market
Since the onset of COVID-19, healthcare and pharmaceutical sectors have been at the forefront of combating the virus. Control valves are among key components that go into manufacturing of medical devices used in the production of vaccines and medications. In the global scheme of things, demand from pharmaceutical and healthcare sector will have positive impact on the control valves market.
Research and development activities undertaken to introduce automation also will create growth opportunities. Solenoid valves, more often sold in the pharmaceutical industry, will therefore gain from accelerating sales.
Besides these, the pharmaceuticals industry is predicted to register demand for more sophisticated fluid handling systems such as liquid soap dispensers or automatic sanitizers, which will push the demand for improved valve technologies.
Competitive Landscape
Christian Burkert, Neway Valve, Emerson, Flowserve Corporation, Neles Corporation, IMI PLC, Crane Co., Samson Controls, Cameron (Schlumberger Company), Ham-Let, SpiraxSarco, Alfa Laval, Apollo Valves, Trillium Flow Technologies, Dwyer Instruments, AVK Holdings A/S, Velan, Inc., Curtiss-Wright Corporation, Swagelok, and Avcon Control are some of the leading companies operating in the market.
Study includes competition deep-dive to carefully analyze strategies adopted by the leading market players. As per the report, market players are likely to focus increasingly on capacity expansion to remain at the top of their game.
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Some will also focus on strategic collaborations to expand their global footprint. Besides this product launches will remain highly sought-after. For instance, in April 2018 Alfa Laval Corporate AB unveiled Alfa ThinkTop V50 and V70 valves, which were best suited for application in food, beverage, and pharmaceutical industries.
Through product launches, companies also aimed at expanding their product line. This is expected to remain one of the key strategies adopted by the market players, which will positive affect overall market growth.
Market Segmentation
By Actuation Technology
- Manual Control Valve
- Pneumatic Control Valve
- Hydraulic Control Valve
- Electric Control Valve
By Type
- Ball Valve
- Butterfly Valve
- Cryogenic Valve
- Globe Valve
- Others
By Application
- Power Generation
- Oil and Gas
- Chemical Industry
- Food & Beverages
- Automotive
- Pharmaceuticals
- Wastewater Management
- Others
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East and Africa
- South America
- Brazil
- Rest of South America
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