Control Valves Market Size, Share & Trends Analysis Report By Component (Body, Actuators), By Size, By Product, By End Use (Oil & Gas, Chemical, Energy & Power, Pharmaceutical), And Segment Forecasts, 2018 - 2025

Industry Insights

The global control valves market size was USD 7.11 billion in 2017. It is expected to expand at a CAGR of 6.5% over the forecast period. The market is driven by rising demand from end use industries such as water & wastewater treatment, oil & gas, and energy & power industry. Additionally, increasing adoption of industrial automation is boosting the use of smart control valves, which is further expected to boost the market growth over the forecast period.

Growing power generation plants across the world and increasing the need for energy and power from developing economies is driving the demand for control valves. These valves are also used in nuclear power plants especially in processes such as chemical treatment, feed water, cooling water, and steam turbine control system.

Moreover, high-pressure, high-temperature and adverse corrosion conditions experienced with production and refineries platforms have also led to a rise in demand for control valves. These platforms are mainly used in offshore and onshore oil & gas activities. These valves are used in most of the essential mechanisms in the oil & gas industries. It not only controls the flow, but also volume, direction, rate, and pressure of fluids.

Control valves are extensively used in process industries such as food & beverages, oil & gas, water & wastewater, petrochemical, energy & power, and pharmaceutical to reach growing automation needs. They play a vital role in increasing the end-use industry’s profitability, safety, and efficiency for multiple production processes. Furthermore, the adoption of control valves in industries is constantly rising owing to the benefits they offer in temperature or pressure control throughout downstream, midstream, and upstream activities.

A growing number of oil & gas exploration activities in regions such as the Middle East & Africa, China, and North America is estimated to provide an upthrust to the market. The market is said regions is projected to witness healthy growth over the forecast period. Additionally, stringent regulations pertaining to environment legislations for end-use industries in Asia Pacific, North America, and Europe are playing an important role in driving the market. For instance, the U.S. Environmental Protection Agency (EPA) has mandated to limit 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.

Several control valve companies are investing in powerful, state-of-the-art control instrumentation as a result of spiraling demand for technologically advanced products from emerging end-use industries. This is poised to result in growing competitive, environmental, and economic pressures to offer high-rated products with a shorter return on investment. Owing to the integration of digital intelligence, these technologically advanced control valves are one of the key elements of an effective plant asset management strategy.

Moreover, the growing trend of digitalization and automation in conventional plants is leading to higher demand for control valves. Therefore, control valve manufacturers are constantly engaging in R&D activities to design and develop their products according to requirements from the end-use industries.

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 2025. 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 6.12% during the forecast period.

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 10.0% 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 4.50 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 5.27 billion by 2025, expanding at a CAGR of 6.74% 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.

In North America, the U.S. dominated the market owing to excessive demand for valve replacement from a large number of active projects in the region. For instance, the U.S. and Canada currently have around 1,900 projects requiring valve replacement and simultaneous up-gradation in existing facilities. The region is estimated to witness a CAGR of 5.51% over the forecast period.

Control Valves Market Share Insights

Prominent industry participants 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; and Valvitalia SpA. Moreover, these key players are making high investments in R&D to develop innovative solutions and gain a competitive edge over others.

The market is highly fragmented in nature owing to the presence of a large number of small- and medium-scale manufacturers offering control valve products tailor-made to requirements of end-use industries. In order to retain their market share in such a competitive market, companies are continually undertaking strategic initiatives such as mergers and acquisitions, joint ventures, product launches, and partnerships. This is aimed at expanding their presence globally as well as regionally and offer an enhanced product portfolio to their customer base.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and analyzes industry trends in each of the sub-segments from 2015 to 2025. For this study, Grand View Research has segmented the global control valves market report based on component, product, size, end use, and region:

• Component Type (Revenue, USD Million, 2015 - 2025)

  • Valve body

  • Actuators

  • Others

• Size Type (Revenue, USD Million, 2015 - 2025)

  • Less than 1”

  • Between 1” to 6”

  • Between 6” to 25”

  • Between 25” to 50”

  • More than 50”

• Product Type (Revenue, USD Million, 2015 - 2025)

  • Linear

    • Gate

    • Diaphragm

    • Others

  • Rotary

    • Ball

    • Butterfly

    • Plug

• End-use Outlook (Revenue, USD Million, 2015 - 2025)

  • Oil & Gas

  • Chemical

  • Energy & Power

  • Water & Wastewater

  • Food & Beverage

  • Pharmaceutical

  • Others (manufacturing, electronics, marine, pulp & paper, and textiles)

• Regional Outlook (Revenue, USD Million, 2015 - 2025)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • The U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

    • Singapore

    • Australia

  • South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • United Arab Emirates (U.A.E.)

    • South Africa