As per the report "Control Valves Market by Type (Pneumatic, Hydraulic, Electric),by Application (Power Generation, Oil & gas, Waste water management, Automotive, Pharmaceuticals, Mining, Chemicals, Food and Beverages,Others), Industry trends, estimation & forecast, 2015 - 2024", the global control valve market was valued at $9 billion in 2016, and is projected to reach $16 billion by 2024, growing at a CAGR of 7.7% from 2017 to 2024. In 2016, the pneumatic control valve market generated the highest revenue share in the global control valve market. Among major regions, North American control valve market was the highest revenue generating market valued at $3.3 billion in 2016.
“According to the recent trend, it has been observed that there has been an increasing demand for control valves from industries such as pharmaceuticals, power generation, and food and beverages. Moreover, the manufacturers of control valves are constantly engaging in research and development activities to design their products to match the changing requirements of various industries.”
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Pneumatic Control Valves led the global control valve market in 2016 and is expected to grow at a CAGR of 7.5% during the forecast period
The pneumatic control valves led the total control valve market by generating a revenue of approx. $7.3 billion in 2016 and is expected to continue leading the market throughout the forecast period. The global market for pneumatic control valves is poised to achieve significant growth as it is the most widely used type of control valve across various industry dimensions such as chemicals, oil & gas and petrochemicals among others. However, new technological advancements in electric control valves will drive the growth of the market. The electric control valve market is expected to grow at the highest CAGR of 9.8% during the forecast period as many companies are switching from traditional control valves to electric control valves as these valves offer better efficiency in terms of both cost and time.
Power generation segment dominated the global control valve market and held nearly 23.1% of the total market share in 2016
The power generation sector generated the highest revenue of $2 billion in 2016 and is expected to continue dominating the market throughout the forecast period. This is because of the rapid expansion in the economies of emerging countries like India, China, and Brazil, which has resulted in additional power requirements especially in the manufacturing sector. However, the use of control valves in the pharmaceutical industry is supposed to witness the fastest growth, having the highest CAGR of 8.8% during the forecast period as a result of the high demand for sophisticated fluid handling, speeding up the manufacturing process and improved hygiene.
Out of major geographies, North America dominated the global control valve market in 2016
North American control valve market generated a revenue of $3.3 billion in 2016 and is expected to grow at a CAGR of 6.5% during the forecast period. The expansion in oil and gas extraction in North America has resulted in increased demand for control valves. Moreover, due to the rising challenge of meeting energy requirements, there has been an increase in investment in alternate sources of energy such as shale gas.
However, Asia Pacific region is expected to witness the highest growth rate of 9.8% over forecast period owing to increased hydrocarbon investment and capital spending by emerging economies like China and India.
Key Findings of Global Control Valve Market
• The global control valve market was valued at $9 billion in 2016, and is projected to reach $16 billion by 2024, growing at a CAGR of 7.7%
• The pneumatic control valves led the total control valve market by generating a revenue of approx. $7.3 billion in 2016
• Power generation segment dominated the global control valve market and held nearly 23.1% of the total market share in 2016
• North American control valve market generated a revenue of $3.3 billion in 2016 and is expected to grow with a CAGR of 6.5%
• However Asia Pacific region is expected to witness highest growth rate of 9.8% over forecast period
The top four market players held nearly 25% of the total revenue share generated by total control valve manufacturing companies all over the globe in 2016. Flowserve Corporation dominated the market in terms of revenue generated. The key market players are Metso Corporation, Samson AG, Electric CO, MIL Control Limited, Pentair PC, Velan Inc. ,Crain Fluid Inc., General electric company, IMI Plc. (UK).