Market Trends of Control Valve Industry
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.
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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.
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