Fact.MR’s report predicts the global control valves market to be valued at US$ 17 Bn by reaching a CAGR of over 13% in the forecast period 2021-2031. Manufacturers of control valves are focusing on developing valves that would keep the work flow at production units uninterrupted.
Over the last five years, between 2016 and 2020, the global control valve market exceeded a market value of US$ 5 Bn, growing at around 5% CAGR across the historical period. The coronavirus pandemic had dual effects- initially a global contraction owing to demand-supply disequilibrium- and an increase in control valves for hygiene and disinfection purposes.
Advancements in automatic control technology has instrumented the increasing applications of mechanical control components such as control valves. Several industrial processes are being automated, and control valves are being used to control the flow of fluids. New control valves are being equipped with smart technologies and high-tech sensors that can gauge the pressure, liquid level and temperature effectively. Manufacturers are also working towards increasing the accuracy of control valves in measuring as well as controlling the flow rate directly.
Key Takeaways from the Market Study
- By type, electric control valve type expected to hold highest share for sales, expanding at over 6.6% CAGR
- Ball valves to experience heightened prospects, reflecting a 6% CAGR to reach 10,000 units by 2026
- Control valve industry expected to register CAGR around 30% throughout North America
- Control valve industry expected to register CAGR of 5.8% in the Asia Pacific region.
- U.S., Canada, China and Japan to dominate control valves market.
“Increasing demand from end user industries such as oil & gas, chemical and wastewater management is boosting the sales of control valves.” opines a Fact.MR analyst
Key manufacturers in the control valves industry are Emerson Electric Co., Schlumberger Limited, Honeywell International Inc., General Electric Company, Goodwin International Ltd., Flowserve Corp, Metso Plc, Dresser Inc., Burkert Fluid Control Systems, Crane Co., Velan Inc., Pentair Limited, Dual Products Intl. Cc, Samson AG, MIL Control Limited, IMI Plc., Curtiss-Wright, and Neway Valves.
- In March 2021, Emerson launched two way and three way solenoid valves. These valves support OEM’s to develop compact machines and equipment.
- In Feburary 2020, Schlumberger opened a manufacturing center in King Salman Energy Park (SPARK), Saudi Arabia, which supports Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) program to promote economic growth.
- The center will manufacture various technologies, including liner hangers and packers, and valve technologies such as GROVE valves and ORBIT rising stem ball valves, to help improve the efficiency of oil and gas operations in the kingdom and neighboring countries.