Control Valves Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $13,674 Million by 2022, registering a CAGR of 7.6% during the period 2016-2022. Pneumatic control valves market occupied a dominant share of about 80% in 2015 and is expected to maintain its lead throughout the forecast period. By application, electric powered control valve segment accounted for about 22% of the market share in 2015. North America is the largest regional market for control valves globally at present.
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Control valves are used to regulate process variables such as flow, temperature, pressure and fluid level in the process industries like oil & gas, water management, chemicals, power generation, automotive, mining, pharmaceuticals, and food & beverages among others. The global control valve market is poised to witness significant growth during the forecast period, owing to booming oil & gas and power generation sectors, increasing need for automation in the process industries, and demand for control valves in the pharmaceutical and food & beverage process industries. Increasing global need for automation in the process industries is expected to boost the market growth; however, factors such as competition from the domestic manufacturers and high initial investment would hamper the market growth in the coming years.
Global Pneumatic control valve market growth, 2014-2022 (%)
In recent years, the capital spending for power generation has grown significantly in developing countries, especially in China and India. The rapid growth of Chinese economy is in some cases limited by the availability of power, so pressure to develop more generation capacity is intense. Oil & gas is the second largest application segment in the world control valve market, as industrial control valves are universally consumed.
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Increase in need for the automation in the process industries and rising number of industrial infrastructure in the developing countries is expected to foster the growth of the control valve market. Asia Pacific is expected to witness highest growth over the forecast period owing to the rising automation of industrial activity.
Key findings of the study:
- Pneumatic control valve is projected to be the fastest growing segment, at a CAGR of 7.40%, in the global control valves market.
- Electric power and oil & gas, automotive segment together contributed about 40% of the overall market share in 2016.
- The North America is projected to occupy the highest market share, registering a CAGR of 6.13% from 2016 to 2022.
The Asia-Pacific and LAMEA are expected to offer lucrative growth opportunities in control valves market during the forecast period. Booming oil & gas and power generation sectors, increasing need for automation in the process industries, and rising number of industrial infrastructure projects in Asia Pacific are the key drivers for the growth of control valve in the region, with major revenue contribution from China, India, and Japan. Latin America and Middle East in LAMEA are projected to grow with CAGRs of 8.27% and 8.12%, respectively.