Control Valves Market Size, Share and Growth Analysis (By Actuation Technology - Manual, Pneumatic, Hydraulic, Electric; By Type - Ball, Butterfly, Globe, Diaphragm, Others ; By Component (Body, Actuators), By Size,By End Use - Power Generation, Oil and Gas, Chemical Industry, Pharmaceuticals, Water and Wastewater Management, Metals and Mining, Others) - Global Industry Analysis, Trends, Regional Outlook, and Forecast 2022 - 2030

According to Nova one advisor, the global Control Valves market size was valued at USD 7.81 billion in 2021 and is predicted to hit USD 20.7 billion by 2030 with a registered CAGR of 15.2% during the forecast period 2022 to 2030.

Key Takeaways:

• The actuator segment is expected to dominate the control valves market throughout the forecast period owing to significant cost as compared to valve body and other components
• The market for control valves with size ranging from 1” to 6” is expected to dominate throughout the forecast period owing to its wide demand across the food & beverages, pharmaceutical, energy & power, and chemical industries.
• Asia Pacific is expected to be the most prominent region over the forecast period owing to increasing demand from industries such as oil & gas, water & wastewater, and energy & power in emerging economies such as China and India.
• Prominent industry participants include Emerson Electric Co., Flowserve Corporation, IMI plc, Schlumberger Limited, and AVK Holding A/S.

Surging demand from industrial sectors such as energy & power, water & wastewater treatment, and oil & gas industry and growing adoption of industrial automation propelling the smart control valves market are fueling the demand for control valves. Additionally, rising demand for control valves in the pharmaceutical and food & beverages industries is expected to drive the market.

Increasing adoption of control valves is rising continuously owing to the benefits they offer in controlling temperature and pressure throughout the downstream, midstream, and upstream activities. Therefore, growing oil & gas exploration activities are triggering the demand for control valves. Control valves offer various benefits of installing modernized and sophisticated fluid handling systems. In the pharmaceutical industry, there is a rising demand for fluid handling systems, owing to safety procedures in order to manufacture a hygienic and safe product.

These sophisticated fluid handling mechanisms are helpful in speeding up the manufacturing process, thus ensuring optimal performance. Moreover, the food & beverages industry utilizes control valves to speed up the manufacturing process and ensure the hygiene of end products such as packaged food. Surging demand for packaged food is augmenting the control valves market growth. This is due to the application of flow control devices with suitable control valve design and technology for improved quality of end product.

Asia Pacific is expected to dominate the market owing to increasing demand from the energy & power and water & wastewater industries. These industries are investing heavily to automate their flow-control processes, so as to increase production efficiency and simultaneously reduce error ratio. Furthermore, expanding the production of oil sands and shale gas in North America and rising oil & gas exploration activities in regions such as Middle East and Africa, and Asia Pacific are accelerating the demand for control valves over the forecast period.

Report Scope of the Control Valves  Market

Valve Size Insights

Some of the commonly available valve sizes are less than 1”, between 1” to 6”, between 6” to 25”, between 25” to 50”, and more than 50”. The market was dominated by valves with size ranging from 1” to 6” in 2017 owing to their extensive application in the chemical, pharmaceutical, and food & beverage industries. The segment is anticipated to maintain its position in the market until 2030. On the other hand, the less than 1” segment is expected to post the highest CAGR during the same period.

Product Insights

Based on product, the market has been bifurcated into linear and rotary. Linear control valves have been further divided into gate, diaphragm, and others; whereas rotary types have been further segmented into ball, butterfly, and plug. The market is dominated by linear control valves, owing to their surging demand from end-use industries such as oil & gas chemicals and energy & power in developing economies. The segment is likely to post a CAGR of 7.12% during the forecast period.

Actuation Technology Insights

In terms of actuation technologies available, the market can be segregated into manual, pneumatic, hydraulic, and electric. Of these, pneumatic control valves will remain the most commonly used type in terms of technology. However, given the global scheme of things, sales of electric control valves are expected to rise at a higher pace.

Terms of Type Insights 

On the basis of type, the market comprises ball, butterfly, globe, diaphragm, and others. Of these globe control valves are expected to remain the top choice across industries through the forecast period. The report has predicted the total sales of globe control valves to total US$ 4.9 Bn by 2030.

End-use Insights

The oil & gas industry accounted for the leading share in the market owing to a wide application of control valves in natural gas generation, crude oil extraction, and refining processes. Moreover, owing to the increasing stringency of safety standards, around 12.0% of installed valves are replaced on a yearly basis.

Furthermore, the water & wastewater industry includes application processes, such as the supply of water for manufacturing purposes and the treatment of wastewater generated by industries. Across the globe, there are around 90,000 municipal wastewater plants that are expected to spend approximately USD 6.50 billion on valves by 2019, which is further expected to drive the market over the forecast period.

Component Insights

The actuator segment is expected to dominate the control valves market over the forecast period. This is the most important component in control valve architecture, as it makes valve operation automatic. One of the primary factors hindering the demand for these valves is the lack of common platforms such as Ethernet, Profibus, and Zigbee. The segment is anticipated to reach USD 9.27 billion by 2030, expanding at a CAGR of 7.42 during the forecast period.

However, the demand for the valve body is also projected to increase at a similar growth rate over the forecast period. Moreover, stringent environmental regulations and increasing industrial automation in emerging economies are poised to spur the growth of the segment over the forecast period.

Regional Insights

Asia Pacific dominated the global market in 2017 owing to the presence of emerging economies such as China and India. Companies are investing heavily in valve and actuator manufacturing, along with technologies, which need to be associated to convert them into smart valves. This is due to the rising demand for automated valve operations in industries such as water & wastewater, food & beverage, energy & power, and pharmaceutical. The Middle East & Africa region is expected to witness a second-highest CAGR of 6.75% over the forecast period.

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 85% 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.

Some of the prominent players in the Control Valves Market include:

Emerson Electric Co., Flowserve Corporation, IMI plc, Alfa Laval AB, AVK Holding A/S, Eaton, Honeywell International, Inc., Velan Inc., Burkert Fluid Control System, Valvitalia SpA

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Control Valves market

Component Type

• Valve body
• Actuators
• Others

Size Type

• Less than 1”
• Between 1” to 6”
• Between 6” to 25”
• Between 25” to 50”
• More than 50”

By Actuation Technology

• Manual Control Valve
• Pneumatic Control Valve
• Hydraulic Control Valve
• Electric Control Valve

By Type

• Ball Valve
• Butterfly Valve
• Diagraph Valve
• Globe Valve
• Others

Product Type

• Linear

• Gate
• Diaphragm
• Others
• Rotary
• Ball
• Butterfly
• Plug

End-use Outlook

• Oil & Gas
• Chemical
• Energy & Power
• Water & Wastewater
• Food & Beverage
• Pharmaceutical
• Others (manufacturing, electronics, marine, pulp & paper, and textiles)

By Geography

North America

• U.S.
• Canada

Europe

• Germany
• France
• United Kingdom
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Rest of Latin America

Middle East & Africa (MEA)

• GCC
• North Africa
• South Africa
• Rest of Middle East & Africa

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Control Valves  industry analysis from 2022 to 2030 to identify the prevailing Control Valves  industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Control Valves  industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Control Valves  industry trends, key players, market segments, application areas, and market growth strategies.