Market Size of Global Flow Control Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 13.56 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Flow Control Market Analysis
The global flow control market is expected to grow at a CAGR of 13.56% over the forecast period (2022-2027). Flow control solutions govern liquid and gas flow and pressure. The market is growing due to rising product demand from end-use sectors such as oil & gas, electricity, and construction. Flow control solutions are applicable for vertical, deviated, and horizontal completions and are suitable for inflow optimization and production maximization.
- The market for flow control solutions is also rising due to the growing trend of industrial automation across various industries. An increasing number of power-producing units, and rising power consumption in developing nations, are boosting market expansion.
- IoT solutions lower the cost of equipment operations while also lowering the danger of fatalities. Maintenance and repair specialists, for instance, seldom forecast equipment failure before the introduction of small smart sensors and only realized there was an issue when seen, which resulted in a substantial amount of time wasted on procurement (waiting for spare parts to arrive), disruption of several business processes, and a major drop in production efficiency. Oil and gas industries may now foresee and avoid problems utilizing IoT capabilities.
- The Covid-19 pandemic significantly impacted industrial sectors such as oil and gas, chemicals, power, metals, and mining. As a result, demand for the goods produced by these industries declined. The market, however, significantly increased in various industrial sectors serving the pharmaceutical, energy, and utility applications. Additionally, the pandemic dramatically accelerated industrial automation, leading to a surge in product innovations.
- For instance, in February 2022, Circor International, Inc. launched the CIR 3100 control valve, a new valve body with a variety of internal options for a wide range of general, critical, and severe applications, including oil and gas, power generation, processing industries, maritime, and renewables.
- Valve makers must follow several standards and rules. When it comes to valves, different locations have distinct certifications and policies. As valves are used in many industries, such as oil & gas, food & beverage, pharmaceuticals, energy & power, water & wastewater treatment, building & construction, chemicals, and pulp & paper, demand is diverse. However, such variation impedes the valves market's growth because manufacturers must adopt the same product to regional policies, making it difficult for valve makers to obtain an ideal installation cost.
