Tuesday, March 26, 2019

Control Valves Market Overall Share, Strategies, Emerging Technologies, Growth Rate Analysis, Trends and Forecast to 2023

The scope of the control valves market in the next 5 years (2018–2023) seems rather wide. High energy demand due to growing population, rise in infrastructure projects, and increase in the use of valves by the food and beverages industry are driving the market growth. In 2017, the market was valued at $11,1137.0 million (on the basis of revenue generated at the manufacturer level) and is predicted to reach $16,057.5 million by 2023, demonstrating a CAGR of 6.3% during the forecast period.

A control valve is a physical device used to control the flow of fluid by varying the size of flow passage with help of a controller. The valves are opened or closed with various actuators. The control valves market can be segmented in four ways – by actuation technology, type, application, and geography. Butterfly valve, which is one type of control valve (the others being ball, cryogenic, and globe), contributed more than 30% revenue in the historical period 2013–2017.

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Similarly, actuation technology is further divided into manual control valve, hydraulic control valve, pneumatic control valve, and electronic control valve.  Among all categories of actuation technology, the pneumatic control type was the market leader in 2017 in terms of sales volume, holding 35.0% share. The high consumption of this valve was because of its simple operative method, comparatively lower cost, and a wide range of temperatures at which it is operational. These characteristics will help pneumatic control valves to register increased sales and revenue in the coming years as well.


Control Valves


As mentioned earlier, rise in infrastructure projects, high energy demand, and increase in the use of valves in food and beverage processing are some of the growth factors of the control valves market. Among these, high energy demand due to the growing population is one of the major contributors as it leads to the construction of more power plants. With increasing population, food and beverage consumption will also grow, resulting in increased control valve sales, as these are heavily utilized in manufacturing and processing plants.

To help companies meet this demand, the development of new valves with embedded processors has begun. Previously, control valves being sold had no processors or chips, creating problems in recording, storing, and delivering real-time data. But, with the new technology, the delivery of real-time data for flow rate, unplanned shutdowns, and operating conditions has improved, resulting in the growth of the control valves market. Firms are shifting focus towards these advanced instruments to minimize malfunctioning and maximize their production.

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 This development will provide major players in the control valves market, such as Bürkert Fluid Systems, AVK Holding A/S, Honeywell International Inc., Rotork Plc, and Armstrong International Inc., with umpteen opportunities to launch improved equipment and make profits. For instance, Velan Inc. received a $55 million order in 2017 from Hinkley Point C nuclear power station for its newly-launched safety-related valves.

The scope of the domain is quite wide as it has been growing at a good pace, majorly driven by advancement in technology and increase in the use in power and food and beverages sectors.

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