The increasing demand from process industry such as oil & gas, chemical, pharmaceuticals and others will proliferated the growth of the control valve market over the forecast period.
The global control valve market was valued at US $5.5 Bn in 2020 and expected to reach US $13.93 Bn by 2027 and is expanding at a CAGR of 14.20% during the forecast period
With the increasing spread of COVID-19, the healthcare and pharmaceuticals industries are at the forefront of combating the pandemic. This has resulted in abrupt demand for medical supplies and equipment which are used to treat COVID-19 affected population. Control valves play a vital role in the manufacturing of various types of medical devices, and several market players have grabbed the opportunity to contribute to the fight against the pandemic.
Control valve manufacturers are focused towards offering a required set of components across the pharmaceutical industry value chain and spending on the R&D activities. Similarly, pharmaceutical companies are looking to develop sophisticated fluid handling systems, such as automatic sanitizer dispensers and liquid soap dispensers, which, in turn, are creating the need for valves. Thus, the growing production of healthcare devices and increasing R&D investments in the pharmaceuticals sector will positively influence the market growth.
Moreover, growing number of oil & gas exploration activities in regions such as the Middle East & Africa, China, and North America are expected to boost the demand for control valve in coming years. For instance, the second largest offshore oil field in the world is operated by the Zakum Development Company (ZADCO) - a joint venture of Abu Dhabi National Oil Company (ADNOC), ExxonMobil, and the Japan Oil Development Company (Jodco). The field is located off the coast of Abu Dhabi, and is estimated to hold around 50 billion barrels of oil equivalent.
Additionally, stringent regulations by the government bodies to protect the environment from the process industry is an influencing factor for the growth of the control valve market. The U.S. Environmental Protection Agency (EPA) has mandated the use of traditional spring diaphragm actuators, which are used to actuate valves at the wellhead, in order to reduce greenhouse gas emissions. The regulatory body suggested replacing it with electric actuators with pneumatic devices, which can help to reduce methane and volatile organic compounds (VOC) emissions.
Water & wastewater treatment is a fastest growing segment owing to its demand for industrial as well as residential areas. Water & wastewater industry includes application processes, such as supply of water for manufacturing processes and simultaneously treatment of wastewater generated by industry. As per our research in 2019, around 90,000 municipal wastewater plants accounted to invest USD 4.50 Bn on valves, which is further expected to propel the growth of this segment.
Global Control Valve Market by Region Outlook (Revenue, USD Billion, 2021-2027)
In terms of region, North America is anticipated to dominate the control valve market and registering the highest CAGR throughout the period. The growth in the region is attributed to the presence of prominent players in the region. Moreover, growing R&D activities pertaining to the use of valves in automation and a significant increase in demand for safety applications are expected to boost the sales of control valves in the region.
The Global Control Valve Industry Segmentation:
Global Control Valve Market by Type Outlook (Revenue, USD Billion, 2021-2027)
Global Control Valve Market by Component Outlook (Revenue, USD Billion, 2021-2027)
Global Control Valve Market by Material Outlook (Revenue, USD Billion, 2021-2027)
Global Control Valve Market by End User Outlook (Revenue, USD Billion, 2021-2027)
Key Findings:
The key players operating in the market are:
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