According to the new market research report “Control Valve Market with COVID-19 Impact Analysis, By Material, Component (Actuators, Valve Body), Size, Type (Rotary and Linear), Industry (Oil & Gas, Water & Wastewater Treatment, Energy & Power, Chemicals), and Region – Global Forecast to 2025”, published by MarketsandMarkets™, size was valued at USD 5.5 billion in 2020 and is projected to reach USD 10.6 billion by 2025. It is expected to grow at a CAGR of 14.2% during the forecast period. Increasing demand for valves from healthcare and pharmaceuticals industries due to outbreak of COVID-19 pandemic, rising demand for energy in APAC, growing need for connected networks to maintain and monitor industrial equipment, and surging focus on establishing new nuclear power plants and upscaling of existing ones are the key driving factors for the Control Valve Market.
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Stainless steel material to account for the largest share of the Control Valve Market
Stainless steel control valves accounted for the largest market share in 2019. The rising demand for high-quality control valves in food & beverages, chemicals, pharmaceuticals, and metals & mining industries to mitigate the threat of contamination drives the demand for stainless steel control valves at present, and a similar trend is likely to be observed during the forecast period. Additionally, the rising concern for sanitation will further boost the market for stainless steel valves in water & wastewater treatment plants, as longer-lasting stainless steel valves can withstand harsh temperatures, chemicals, and pressures, along with hard water conditions, owing to their resistance to corrosion.
Energy & Power industry to witness a higher CAGR during the forecast period.
The rising demand for energy and power across the world encourages companies operating in the energy & power industry to adopt solutions that can help them enhance production output with minimum errors and reduced downtime. Also, it is crucial to utilize the available resources efficiently, as most of them are non-renewable. Control valves are key components in power generation plants. Emerging countries are focusing on investing more in the energy & power industry, which is expected to increase the scope for the growth of the Control Valve Market.
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North America to witness a higher CAGR during the forecast period.
Increasing R&D activities in the region pertaining to the use of valves in automation and the rising demand for safety applications are the 2 crucial factors driving the growth of this market in North America. R&D at industry levels is broadening the application areas of valves in different industries, such as energy & power and chemicals, especially in the US. Control valves are used in oil & gas, energy & power, and water & wastewater treatment industries to control media flow through a system, as well as to start, stop, or throttle the flow and ensure safe and efficient process automation.
A few of the key players in the Control Valve Market are Christian Burkert (Germany), Emerson (US), Flowserve Corporation (US), Cameron (Schlumberger Company) (US), IMI PLC (UK), Neles Corporation (Finland), Crane Co. (US), Samson Controls (US), Kitz Corporation (Japan), Neway Valve (China), Ham-Let (Israel), Trillium Flow Technologies (UK), Alfa Laval (Sweden), Apollo Valves (US), Spirax Sarco (UK), Curtiss-Wright Corporation (US), Dwyer Instruments (US), AVK Holdings A/S (Denmark), Velan, Inc. (Canada), Swagelok (US), and Avcon Control (India)
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