Global Control Valve Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

The control valve is a power-operated device that regulates the rate of fluid flow. The control valve is used to control pressure, flow, temperature and other variables.

Sizing and Forecast

The control valve market size has grown rapidly in recent years. It will grow from $6.75 billion in 2023 to $7.63 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to industrial expansion, regulatory compliance, energy sector dynamics, infrastructure development, safety and environmental concerns, globalization, upgradation of aging infrastructure..

The control valve market size is expected to see rapid growth in the next few years. It will grow to $12.2 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to energy efficiency focus, environmental sustainability, demand for high-performance valves, focus on preventive maintenance, expansion in emerging markets, market consolidation.. Major trends in the forecast period include smart valve technology, industry 4.0 and iiot integration, digitalization and remote monitoring, modular valve design, advanced materials and coatings..

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Segmentation & Regional Insights

The control valve market covered in this report is segmented –

1) By Type: Linear, Rotary
2) By Component: Valve Body, Actuator, Other Components
3) By Material: Stainless Steel, Alloy-Based, Cast Iron, Cyrogenic, Other Materials
4) By Industry: Oil and Gas, Water and Wastewater Treatment, Energy and Power, Pharmaceuticals, Food and Beverage, Chemicals, Building and Construction, Paper and Pulp, Metals and Mining, Other Industries

North America was the largest region in the control valve market in 2023. The regions covered in the control valve market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The growing oil & gas and power industries are expected to propel the control valve market growth going forward. The oil & gas industry refers to companies that are involved in discovering a resource, transporting it to a refinery, and processing it into a finished product. The power industry includes businesses that are involved in providing power such as gas, and electricity to domestic and commercial uses. The boom in the oil & gas and power industries requires the installation of control valves for processing and distribution. For instance, according to the Energy Information Administration – EIA, a US-based provider of energy information, the production of crude oil in the US in 2022 increased by 14.05% to 11,316 barrels per day compared to 9,925 barrels per day in 2021. Also, the electricity net generation in the US in September 2022 increased by 0.9% to 350,920 thousand MWh from 2021. Therefore, the growing oil & gas and power industries are driving the growth of the control valves market.

Key Industry Players

Major companies operating in the control valve market are developing intelligent devices such as smart valve positioners for enhanced valve control and monitoring. A Smart Valve Positioner is an intelligent device designed to accurately detect and control the position of a valve in various industrial processes. For instance, in April 2022, Emerson, a US-based provider of fluid control and pneumatics technology, launched the TopWorx PD Series Smart Valve Positioner, enhancing its valve control offerings. Using Hall effect technology, the PD Series provides reliable valve positioning, integrating communication through a 4-20 mA loop signal and HART protocols. The contactless position detection, two PNP alarms, and environmental resilience make it suitable for diverse applications. The PD Series offers predictive maintenance insights, improving plant productivity and safety. The compact design allows quick installation on rotary and linear actuators, making it versatile for various industries.

The control valve market report table of contents includes:

1. Executive Summary

2. Control Valve Market Characteristics

3. Control Valve Market Trends And Strategies

4. Control Valve Market – Macro Economic Scenario

5. Global Control Valve Market Size and Growth
…

31. Global Control Valve Market Competitive Benchmarking

32. Global Control Valve Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Control Valve Market

34. Control Valve Market Future Outlook and Potential Analysis

 

35. Appendix

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