Control Valve Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The Control Valve Market is Segmented by Type (Globe, Ball, Butterfly, Angle, Diaphragm), End-user Industry (Oil and Gas, Chemical, Petrochemical and fertilizer, Energy and Power, Water and Wastewater Treatment, Metal and Mining, Food and Beverage, Pharmaceutical, Pulp, and Paper), and Geography.

Control Valve Industry Overview

Control Valve Market Summary
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 6.8 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

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Control Valve Market Analysis

The control valve market is anticipated to grow at a CAGR of 6.8% during the forecast period. Over the projection period, it is expected that increasing recent investments in pipeline and infrastructure expansion will boost demand for control valves.

  • Advancements in technology have shaped innovative solutions that can improve process plants to become increasingly efficient by streamlining their operations. As industry requirements evolve and change, control valves and valve automation solutions suppliers are expected to continue developing products and processes that address these new challenges.
  • The control valve market growth is driven by factors such as the increasing need for wireless infrastructure to monitor equipment in various plants, augmented focus on automation, and expanding number of process industry establishments.
  • Valve technology with embedded processors and networking capabilities is becoming more popular in essential industries like oil and gas and pharmaceuticals. These technologies will function with sophisticated monitoring equipment and will be coordinated through a central control station.
  • Control valves with a high number of cycles and the ability to withstand high temperatures have been developed in response to market demand. Furthermore, opportunities and new potential uses for control valves have been made possible by the growing emphasis on investing in alternative energy sources, especially renewable energy. For instance, the IEA predicts that 70% of all global energy investment will go toward renewable energy.
  • Besides, because manufacturing automation is proliferating, control valve suppliers are attempting to enhance their market positions through mergers and acquisitions. For instance, in October 2021, Armstrong International finalized the acquisition of Leslie Controls, a producer of steam regulators, industrial pumps, water heaters, and control systems. Various control valves and steam water heaters from Leslie were included in the deal.
  • The outbreak of COVID-19 has resulted in an economic crisis across the world. The pandemic has severely affected the oil and gas industry, with oil prices slashing down. Significant oil producers ran out of storage space for extracted oil, and the demand declined. According to the American Petroleum Institute’s April 2020 Monthly Statistical Report, the petroleum demand in the United States declined nearly by 27% to 14.2 million barrels per day (b/d).
  • This scenario has resulted in a massive gap between supply and demand. The oil and gas sector is one of the key industries using control valves. New oil and gas exploration projects, transportation pipeline projects, and maintenance activities are some of the major sources of demand for control valves in the global market.

Control Valve Industry Segments

  • The control valve manipulates moving fluid, such as water, steam, gas, or chemical compounds, to compensate for the load disturbance and keeps the regulated process variable as close as possible to the desired set point. Control valves are the most important part of any process control loop, as they are critical to the overall performance of the process, especially when reliability and productivity are the primary goals.
  • The Control Valve Market is Segmented by Type (Globe, Ball, Butterfly, Angle, Diaphragm), End-user Industry (Oil and Gas, Chemical, Petrochemical and fertilizer, Energy and Power, Water and Wastewater Treatment, Metal and Mining, Food and Beverage, Pharmaceutical, Pulp, and Paper), and Geography.
By Type
Globe
Ball
Butterfly
Plug
Diaphragm
Other Types of Valves
By End User
Oil and Gas
Chemical, Petrochemical, and Fertilizer
Energy and Power
Water and Wastewater Treatment
Metal and Mining
Other End User (Food and Beverage, Pharmaceutical, Pulp and Paper, etc.)
By Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Rest of the World

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Control Valve Market Trends

This section covers the major market trends shaping the Control Valve Market according to our research experts:

Control valves in Energy Sources to Drive the Market Growth

  • One of the crucial market drivers is the thrust on renewable energy projects. A rapidly growing number of solar thermal energy plants have increased the application areas of control valves. However, inefficient logistics and supply systems worldwide are expected to hinder the control valve market.
  • Advancements in sensor and valve technology have enabled manufacturers in the Energy sources industry to up their manufacturing capabilities by reducing the overall cost of equipment ownership, maximizing uptime, and lowering maintenance costs.
  • With the increased emphasis on renewable energy projects, which sparked a sharp rise in the number of solar thermal energy plants, several regions have also seen raised application areas for control valves. A workforce is also driving the demand for renewable energy projects with a high level of competence and a force with plenty of financing options.
  • Moreover, energy companies are looking for oil and gas production opportunities in the region, owing to the growing regional demand. For instance, in November 2021, the Bureau of Ocean Energy Management (BOEM) held an oil and gas lease sale for the Gulf of Mexico. This lease sale attracted over USD 191 million in bids for 308 blocks. In the lease sale, a total of 33 companies submitted 317 proposals.
  • The implementation of new technologies by manufacturers across industries has aided the control valve industry in creating new accessories that, in conjunction with aseptic valves, offer high levels of control and complete and accurate status of a valve.
Control Valve Market: Installed Energy Capacity in India, as of February 2022, By Source (in megawatts)

North America to Hold Significant Market Share

  • North America is one of the world's most significant markets t for control valves. In both the United States and Canada, there is immense demand from various industries, including oil and gas, electricity, food and packaging, and chemicals. With rapid industrial automation, the region is expected to spearhead the need for control valves.
  • Rapid industrialization and the growing transportation sector in these nations are expected to increase the demand for oil and gas. The need to provide potable water to the ever-increasing population also leads to the setting up of desalination plants, further resulting in the demand for control valves. Waste and wastewater management is also a considerable segment expected to drive future demand.
  • The United States plays a critical role in increasing the demand from the region when compared to Canada. The country has an increasing demand from almost all the end-user segments, especially from the oil and gas, refining, and power generation segments.
  • Major industries in the country, such as oil and gas, renewable energy, and water and wastewater treatment, are moving toward valve technology with embedded processors and networking capability to work alongside sophisticated monitoring technology coordinated through a central control station.
  • Oil production in the United States continues to expand rapidly. For instance, ExxonMobil, one of the leading oil producers in the country, announced its plans to increase the production activity in the Permian Basin of West Texas by producing more than 1 million barrels per day (bpd) of oil equivalent by as early as 2024. This is equivalent to an increase of nearly 80% compared to the present production capacity. Similarly, Chevron is expected to increase its net oil-equivalent production to reach 600,000 bpd by 2020 and 900,000 bpd by 2023.
  • The region has also witnessed increased application areas of control valves with the increased thrust on renewable energy projects, which led to the rapid increase in the number of solar thermal energy plants. The region features wind, solar, geothermal, hydro, and biomass resources. Ample financing opportunities and a highly skilled workforce are the other factors driving the demand for renewable energy projects.
Control Valve Market - Growth Rate By Region (2022-2027)

Control Valve Market Competitor Analysis

The control valve market is moderately competitive and consists of several significant players. With the growing demand for control valves, many new companies are increasing their market presence, tapping customers across emerging economies.

  • May 2022 - Flowserve announced that it had improved the design of the Valtek FlowTop control valve to meet the global requirements for general service and moderately severe service applications. The new FlowTop General Service valve builds on the proven FlowTop GS and Valtek GS control valves to meet a broad range of requirements by providing: One standardized, versatile control valve, Precision control, A variety of trim and packing options, and Simplified maintenance.

Control Valve Market Top Players

  1. Emerson Electric Co.

  2. Flowserve Corporation

  3. Baker Hughes Company

  4. Metso Corporation

  5. CIRCOR International Inc.

*Disclaimer: Major Players sorted in no particular order

Control Valve Market Concentration

Control Valve Market Recent Developments

  • June 2022 - Schubert & Salzer Control Systems announced to offer of the latest generation of their 8049 digital positioners for pneumatic control valves with IO-Link. Through IO-Link, the data from the field level can be monitored continuously. Even the tiniest irregularities can therefore be noticed at an early stage.

Control Valve Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Bargaining Power of Suppliers

      2. 4.2.2 Bargaining Power of Consumers

      3. 4.2.3 Threat of New Entrants

      4. 4.2.4 Threat of Substitutes

      5. 4.2.5 Intensity of Competitive Rivalry

    3. 4.3 Assessment of COVID-19 Impact on the Industry

  5. 5. MARKET DYNAMICS

    1. 5.1 Industry Supply Chain Analysis

    2. 5.2 Market Drivers

      1. 5.2.1 Growing emphasis on Power and Water & Wastewater in Emerging Markets

      2. 5.2.2 Focus of End Users on Environmental Issues and Refurbishment of Aging Infrastructure to Stay Competitive

    3. 5.3 Market Challenges

      1. 5.3.1 Focus of End Users on Environmental Issues and Refurbishment of Aging Infrastructure to Stay Competitive

      2. 5.3.2 Dynamic Change in Oil Prices is Expected to Influence the Overall Spending on the Projects

    4. 5.4 Market Opportunities

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Type

      1. 6.1.1 Globe

      2. 6.1.2 Ball

      3. 6.1.3 Butterfly

      4. 6.1.4 Plug

      5. 6.1.5 Diaphragm

      6. 6.1.6 Other Types of Valves

    2. 6.2 By End User

      1. 6.2.1 Oil and Gas

      2. 6.2.2 Chemical, Petrochemical, and Fertilizer

      3. 6.2.3 Energy and Power

      4. 6.2.4 Water and Wastewater Treatment

      5. 6.2.5 Metal and Mining

      6. 6.2.6 Other End User (Food and Beverage, Pharmaceutical, Pulp and Paper, etc.)

    3. 6.3 By Geography

      1. 6.3.1 North America

        1. 6.3.1.1 United States

        2. 6.3.1.2 Canada

      2. 6.3.2 Europe

        1. 6.3.2.1 United Kingdom

        2. 6.3.2.2 Germany

        3. 6.3.2.3 France

        4. 6.3.2.4 Italy

        5. 6.3.2.5 Rest of Europe

      3. 6.3.3 Asia-Pacific

        1. 6.3.3.1 China

        2. 6.3.3.2 Japan

        3. 6.3.3.3 India

        4. 6.3.3.4 South Korea

        5. 6.3.3.5 Rest of Asia-Pacific

      4. 6.3.4 Rest of the World

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles

      1. 7.1.1 Emerson Electric Co.

      2. 7.1.2 Flowserve Corporation

      3. 7.1.3 Baker Hughes Company

      4. 7.1.4 Metso Corporation

      5. 7.1.5 CIRCOR International Inc.

      6. 7.1.6 IMI PLC

      7. 7.1.7 Christian Burkert GmbH & Co. KG

      8. 7.1.8 GEA Group Aktiengesellschaft

      9. 7.1.9 Neway Valve (Suzhou) Co. Ltd

    2. *List Not Exhaustive
  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE TRENDS

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Control Valve Market Research FAQs

The Control Valve Market is studied from 2018 - 2028.

The Control Valve Market is growing at a CAGR of 6.8% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

Emerson Electric Co., Flowserve Corporation, Baker Hughes Company, Metso Corporation, CIRCOR International Inc. are the major companies operating in Control Valve Market.

Control Valve Industry Reports

In-depth industry statistics and market share insights of the Control Valve sector for 2020, 2021, and 2022. The Control Valve research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Control Valve report PDF.

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