Rising demand and production of natural gas in the world is expected to be the key driver of the global control valve market growth during the forecast period. Control valves play a critical role in oil and gas production activities. These devices enable process control over temperature, flow rate, and pressure. They cause variation in the flow passage size based on the signal sent by the controller. This signal could be pneumatic, hydraulic or electrical. Production of natural gas has increased in the past few as demand for this resource has risen. According to the International Energy Agency (IEA), nearly 22% of the supply of energy and about 25% of the electricity produced worldwide is achieved through natural gas. In 2018, the demand for natural gas grew by 4.6%, as per IEA estimates. This is primarily because this gas does not emit carbon dioxide upon combustion and thus, helps in containing global warming. The control valve market stands to gain in the process.
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Fortune Business Insights, in its report, titled “Control Valve Market Size, Share and Global Trend By Motion (Linear, Rotary), By Component (Actuator, Valve Body, Others), By Application (Flow Control, Pressure Control, Others), By End-Use Industry (Oil & Gas, Chemical, Pharmaceutical, Food and Beverage, Others) and Geography Forecast till 2028”, covers a vast spectrum of factors and trends that are likely to shape the development of the market. The report also provides a detailed analysis of the regional dynamics and the overall industry outlook that will influence the market during the forecast period.
Fortune Business Insights identifies some of the important players in the control valve market:
- Okano Valve Mfg. Co. Ltd.
- Eaton Corporation Inc.
- Bucher Hydraulics GmbH
- Samson Controls Ltd
- Envotec Inc.
- H Control Valves Ltd.
- Azbil Corporation
- SMC Corporation
- Alpha Group Co., Ltd
- Belimo Aircontrols (USA). Inc.
- Alfa Laval AB
- Albert Richter GmbH & Co. KG
- Emerson Electric Co.
Key Market Driver – Growth of the chemical and pharmaceutical industry
Key Market Restraint – High initial investment and malfunctioning of valves
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North America to Hold Largest Share; Asia-Pacific to Present Lucrative Business Opportunities
Among regions, North America is anticipated to dominate the global control valve market share owing to the rapid expansion of the chemical industry in the US. Additionally, increasing oil and gas exploration and production, especially shale gas, in the region will further propel the market. Growing oil and gas production, particularly around Venezuela, will fuel the market in Latin America, according to the report. In Asia-Pacific, the steady growth of food and beverages, textile, and chemical industries in India and China will create attractive sales opportunities for companies. The well-established chemical industry in Europe will bolster the market in the continent while increasing oil and gas exploration in Africa and rising oil production in the Middle East will significantly contribute to the market expansion.
- By Motion
- Gate Valve
- Diaphragm Valve
- Pinch Valve
- Ball Valve
- Butterfly Valve
- Plug Valve
- By Component
- Valve Body
- By Application
- Flow Control
- Pressure Control
- By End-Use Industry
- Oil & Gas
- Food and Beverage
- By Geography
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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