The global control valves market is expected to substantially expand over the forecast period due to the rising demand from end-use industries, such as healthcare, oil and gas, and energy and power. At the same time, the adoption of industrial automation is on the rise, leading to an increased usage of smart control valves. On a global scale, the growing number of power generation plants, coupled with the strong demand for seamless power supply in developing countries, is poised to positively influence the control valves sector.
The demand for control valves is also anticipated to surge owing to the harsh conditions found in high-pressure, high-temperature, and adverse corrosion environments in the oil and gas industry. These factors, coupled with robust automation, are expected to yield fruitful outcomes across the control valves industry.
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Renewable Energy Projects to Significantly Soar Demand for Control Valves
The use of control valves has soared in solar thermal power plants amid a growing focus on renewable energy generation. Manufacturers in the energy industry are improving their manufacturing capabilities by leveraging advanced sensor and valve technologies, reducing the total cost of equipment ownership, maximising uptime, and lowering maintenance costs. Control valves are widely used in multiple production processes to increase profitability, safety, and efficiency. Moreover, control valves are being favourably adopted as they are highly adept at regulating temperature or pressure throughout the downstream, midstream, and upstream production processes. Given the benefits of control valves in renewable energy projects, prominent industry leaders are predicted to enhance their investments and strengthen RD efforts in the control valves market.
Healthcare Industry Emerges as Major Demand Pool for Modern Control Valves
Today, healthcare companies are at the forefront of fighting infections and virus strains. The production of crucial medical devices necessary for treating infected patients has increased. Key market players have capitalised on this opportunity by using sophisticated control valves as they are essential in manufacturing advanced medical devices. Pharma companies are also developing modern fluid handling systems, creating new demand for control valves. Notably, based on type, rotary valves are set to command a higher demand in the control valves market as they offer the advantage of creating an almost unobstructed pathway for fluids when fully open. Furthermore, the use of steam packing, a smaller size, and lighter weight is projected to make rotary valves the most sought-after valve type in the control valves sector.
North America Reigns Supreme in Global Control Valves Market
North America’s control valves market will hold the largest revenue share during the forecast period due to rapid industrial automation in the US and Canada. In these regions, the demand for control valves is rising in heavy industries, including oil and gas, electricity, and pharmaceuticals. The construction of desalination plants to cater to the population's rising need for clean drinking water is further augmenting the demand for control valves. In the coming years, North America’s wastewater management sector is expected to steer the demand for control valves, positively contributing toward market expansion.
Key Market Players
Schlumberger Company (US), US Emerson, Finland Neles Corporation, UK IMI PLC, Christian Burkert (Germany), US Flowserve Corporation, US Cameron, US Samson Controls, Japan Kitz Corporation, Israel Ham-Let, UK Trillium Flow Technologies, Sweden Alfa Laval, and US Apollo Valves are some of the major players in the control valves market.
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