The Control valves Market 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.
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.
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.
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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.
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.