Control Valve Market Size

Statistics for the 2023 & 2024 Control Valve market size, created by Mordor Intelligence™ Industry Reports. Control Valve size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Control Valve Industry

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Control Valve Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 7.43 Billion
Market Size (2029) USD 13.08 Billion
CAGR (2024 - 2029) 12.00 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Control Valve Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Control Valve Market Analysis

The Control Valve Market size is estimated at USD 7.43 billion in 2024, and is expected to reach USD 13.08 billion by 2029, growing at a CAGR of 12% during the forecast period (2024-2029).

Over the forecast period, increasing investments in pipeline and infrastructure expansion and the increasing adoption of automation across several industries are expected to boost the demand for control valves.

  • A control valve is a device utilized to regulate fluid flow by adjusting the size of the flow passage in response to a signal from a controller. This facilitates the precise flow rate management and subsequent regulation of process variables such as pressure, temperature, and liquid level, which are crucial in industries such as oil and gas, water management, power generation, food and beverages, and automotive. Typically, two control valves, linear and rotary, are employed in various industries, offering superior efficiency and safety.
  • A control valve can be operated through electrical, pneumatic, or hydraulic means. It receives a signal from a controller, such as a Programmable Logic Controller (PLC), to initiate movement and consequently alter the flow. Whether a PLC or a Distributed Control System (DCS), the controller compares the current flow rate with the desired setpoint value. Subsequently, the controller generates an output to adjust the valve and achieve the desired flow rate.
  • Technological advancements have played a key role in shaping innovative solutions that enhance the efficiency of process plants by streamlining their operations. As industry requirements continue to evolve, suppliers of control valves and valve automation solutions are expected to develop products and processes that address these new challenges. The control valves market is anticipated to grow in the coming years, driven by increasing automation in various process industries, rising investment in the oil and gas sector, and high-power requirements.
  • The growth of the control valve market is being propelled by several factors, including the escalating requirement for wireless infrastructure to monitor equipment in diverse plants, an increased emphasis on automation, and a rising number of process industry establishments. In response to market demand, control valves with many cycles and the ability to withstand high temperatures have been developed. Additionally, the growing emphasis on investing in alternative energy sources, particularly renewable energy, has created new opportunities and potential uses for control valves. For example, the IEA forecasts that 70% of all global energy investment will be directed toward renewable energy.
  • Market growth is expected to be further boosted over the forecast period due to the increasing adoption of industrial automation, which will drive the use of smart control valves. The demand for control valves is driven by the growing number of power generation plants worldwide and the increasing need for energy and power from developing economies. These valves are also utilized in nuclear power plants, particularly in chemical treatment, feed water, cooling water, and steam turbine control systems.
  • Fluctuations significantly hinder the control valve market’s growth in terms of raw material prices. The costs of raw materials play a crucial role in determining the prices of control valves, and an increase in raw material prices poses a significant challenge for vendors as it can diminish their profit margin. Copper, stainless steel, cast iron, aluminum, brass, and bronze are the primary raw materials used to produce control valves. The absence of standardized certifications and government policies is anticipated to serve as restraints to market growth.
  • The COVID-19 pandemic caused a widespread economic crisis across multiple industries. Notably, the oil and gas sector was severely impacted, leading to a significant decline in oil prices. Consequently, investments in the sector have dwindled, impeding market innovations. Nevertheless, amidst the pandemic, there was a notable proliferation of manufacturing automation, prompting control valve suppliers to seek market consolidation through mergers and acquisitions.

Control Valve Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)