The global control valve market was valued at USD 7.11 billion in 2017. The market is projected to witness 6.50% CAGR, during the forecasted years, from 2018 to 2025. Increasing demand from various end use industries including oil & gas, power & energy, water, and wastewater treatment has majorly driven the market growth. In addition, the growth of industrial automation is providing traction to the market growth for control valves, thus driving the market demand over the next few years.
The rising need for power & energy in developing countries, as well as an increasing number of power generation plants, is projected to augment the control valve demand during the forecast period, 2018 to 2025. In addition, these smart valves are gaining traction in the nuclear power plant in several processes like feed water, chemical treatment, and more which is anticipated to boost the market growth further during this same period.
Several conditions like adverse corrosion, high-temperature, and pressure encountered in production & refineries plants have led to the growth in the application of control valves. This product particularly finds application in onshore and offshore activities in the oil and gas industry, as it helps to control the flow, direction, rate, pressure fluids, and volume.
The control valves are gaining traction in process industries including water and wastewater, power & energy, pharmaceuticals, and petrochemicals in order to fulfill the increasing demand from the automation industry. The control valves help to control pressure or temperature in upstream, midstream, and downstream activities which is expected to increase efficiency, profitability, and safety of end-use industries. Thus, several benefits associated with control valves are projected to fuel market growth over the forecast period.
The increasing number of oil and gas plants across the globe is anticipated to provide traction to market growth during the forecast period. Strict government rules and regulations regarding environment legislations to several industries in North America, Europe, and Asia Pacific regions are boosting the market growth. For example, U.S. government mandated limited use of conventional diaphragm actuators to reduce the emission of greenhouse gas. They have suggested using electric actuators along with pneumatic devices that will help to decrease harmful gas emissions.
Many control valve manufactures are focusing on offering technologically advanced products that are expected to increase demand for products from end-use industries. Moreover, increasing the trend of automation and digitalization in various convectional plants led to a rise in demand for technologically advanced control valves. The advanced valves help to reduce harmful gas emissions which led to enhance plant safety and improve environmental compliance. The introduction of artificial intelligence technology in control valves enables the user remote analysis, monitoring, and management of services is boosting the demand for these valves. Hence, the control valves manufacturers are continuously focusing on R&D activities and developing the products as per several industries' requirements. These advanced featured control valves are projected to augment the market growth from 2018 to 2025.
In 2017, the market is dominated by 1” to 6” size due to its wide application in pharmaceutical, food and beverage, and chemical industries. This segment is projected to retain its position throughout the forecast period from 2018 to 2025. Apart from this, less than 1” valve size is anticipated to grow at the fastest CAGR over the forecast period.
By products, the smart control valve market is fragmented into rotary and linear. The rotary category is further subdivided into plug, butterfly, and ball, whereas, the linear product is segmented into diaphragms, gate, and others. In 2017, the linear control valve held the largest market share in terms of revenue owing to increasing demand from power & energy, oil and gas industries. The segment is projected to register a CAGR of more than 6.0% over the forecast period.
In 2017, the oil & gas industry dominated the global control market in terms of revenue. This growth is attributed to the increasing use of the control valve in the extraction of crude oil, the refining process, and the generation of natural gas. Control valves are used in this industry to manage the flow rate in the pipeline and operated as per the operator’s commands. These above-mentioned factors are expected to drive the segment growth in the next few years.
On the other hand, water and wastewater treatment is used on wastewater produced by various industries for manufacturing purposes. In this water and wastewater industry the most difficult application is influent flow control, thereby the control valve plays a crucial role to maintain water flow and helps to improve long terms reliability of systems. These factors are projected to fuel market growth in the next few years.
On the basis of components, the market is segmented into actuators, valve body, and others. In 2017, the actuator component has dominated the market and expected to remain the leading segment during, 2018 to 2025. This component plays an important role in the control valve to make automatic valves operations. The major factor which is responsible for hampering the demand for this valve is the absence of common platforms like Zigbee, Profibus, and Ethernet. This segment is estimated to generate revenue of USD 5.27 billion by the end of 2025 and growing at a CAGR of over 6.0% over the forecast period, from 2018 to 2025.Growing industrial automation and strict environmental regulations in developing economies are projected to drive the segment growth during the forecast period.
On the other hand, the valve body category is projected to grow with a CAGR of over 6.0% during the forecast period. This component is the lower part of the valve which helps to hold a pressure of the fluid, thereby this component plays an important role to control the flow of fluid, thus enhancing the efficiency of the unit.
In 2017, Asia Pacific held the largest market share due to the existence of growing economies like India and China. Manufacturers are investing in actuators and valves manufacturing to cater to increasing demand for the valve in various automated industries like energy and power, food and beverage, water, and wastewater. The Middle East and Africa is anticipated to grow with a CAGR of over 6.5% from 2018 to 2025.
In 2017, U.S. contributed to the largest market share in North America due to the growing demand for replacement of the control valve in various projects. For example, currently, Canada and U.S. have nearly 1,900 projects that need valve up-gradation adhering to the latest regulatory norms and replacement of control valves. The region is projected to grow with a growth rate of over 5.0% in the next few years.
The COVID-19 outbreak has impacted the growth of control valve market negatively. As control valves are majorly used in pharmaceutical, oil and gas industry, and energy & power industries. These end-users are non-operational due to strict regulations by governments across the globe including restrictions on foreign trade, lockdowns, and supply chain disruptions as precautionary measures for people's safety.
On the other hand, the demand for control valves is increasing in the pharmaceutical industry, as control valves play a vital role to manage the flow rate and operation as per the operator commands. Currently, the demand for generic drugs is increasing to fight against COVID–19. Though this pandemic has disrupted supply chains pf every sector including pharma, the demand for the control valve is expected to increase during the COVID-19 outbreak. Thus, industry players are striving to develop technologically advanced control valves as per the end users' requirements.
The major manufacturers include in this market are IMI plc; Burkert Fluid Control System; Alfa Laval AB; Emerson Electric Co.; Velan; Inc., ValvitaliaSpA; AVK Holding A/S; Flowserve Corporation; and Eaton. These key manufacturers are highly concentrating on investing in research and development to offer innovative solutions to sustain in the competitive market.
The market is competitive in nature due to the existence of a small and large number of manufacturers. The companies are engaged in implementing several strategies such as joint ventures, partnerships, merger & acquisition, and product launches to expand their geographical presence and to gain a maximum customer base.
Base year for estimation
Actual estimates/Historical data
2015 - 2016
2018 - 2025
Revenue in USD Million and CAGR from 2018 to 2025
North America, Europe, Asia Pacific, South America, and MEA
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, Russia, China, Japan, India, South Korea, Singapore, Australia, Brazil, Argentina, Saudi Arabia, U.A.E., and South Africa
Revenue forecast, company share, competitive landscape, and growth factors and trends
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This report forecasts revenue growth at global, regional, and country levels, and provides an analysis on latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global control valves market report based on component, size, product, end-use, and region:
• Component Outlook (Revenue, USD Million, 2015 - 2025)
• Valve body
• Size Outlook (Revenue, USD Million, 2015 - 2025)
• Less than 1”
• Between 1” to 6”
• Between 6” to 25”
• Between 25” to 50”
• More than 50”
• Product Outlook (Revenue, USD Million, 2015 - 2020)
• End-Use Outlook (Revenue, USD Million, 2015 - 2025)
• Oil & Gas
• Energy & Power
• Water & Wastewater
• Food & Beverage
• Others (manufacturing, electronics, marine, pulp & paper, and textiles)
• Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• South Korea
• South America
• Middle East & Africa
• Saudi Arabia
• United Arab Emirates (U.A.E.)
• South Africa
Research Support Specialist, USA