According to a new market research report published by Credence Research “Control Valves Market (Product Type – Manual, Pneumatic, Hydraulic and Electric; End Use Industry – Oil & Gas, Power Generation, Food & Beverages, Pharmaceuticals, Wastewater Management, Chemicals, Automotive and Others) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025”, the global control valves market is estimated to hit US$ 14.5 Bn by 2025.
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Control valves have been widely used across various industries since a long time. With the passage of time, the requirements from the various industries has also changed. As technology advanced, the performance requirements of the control valves also became more and more stringent to support increasing operational efficiencies. As a result of expansion of the variety of operating conditions, performance expectations on the part of control valves are higher than ever before. For example, the operating conditions and environments in the oil and gas industry are extreme and unique. It can vary greatly from pipeline valves exposed to the extreme temperatures found in a desert to deep sea valves operating 10,000 feet below the sea surface. This acts as an opportunity for the control valve manufacturers as they can offer an array of products in order to suit the varied requirements.
Factors such as the increasing number of industrial infrastructural projects in developing countries coupled with a growing trend towards the automation of the process industries is acting as a growth factor for the control valves market. Moreover, the application of control valves in the pharmaceutical industry has also increased in the last few years. Pharmaceuticals companies are investing more and more in sophisticated fluid handling system in order to address hygiene concerns and also to fast track the overall process. Control valves find extensive application in these fluid handling systems thus impacting the growth of the control valves market. Wastewater management is another area of application for the control valves which has grown rapidly in the recent past due to increasing demand for safe and efficient waste disposal and waste collection facilities.
The overall control valves market is categorized on the basis of product type and industry vertical. Based on the product types, the market is classified into manual, pneumatic, hydraulic and electric. The market is categorized, based on industry vertical, into oil and gas, power generation, food and beverages, pharmaceuticals, wastewater management, chemicals, automotive and others. As of 2016, the market is led by the pneumatic valves segment, accounting for more than forty percent of the total market revenue generated worldwide.
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- Control valves requiring less periodic maintenance are growing in popularity
- There is an increasing trend towards automation and digitalization in the conventional process industries
- Strategic partnerships and joint ventures on the part of the suppliers have increased in order to cater to product development
- Growing trend of third-party valve maintenance services