Growing Use in Food & Beverages Industry Driving Control Valves Market
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When actuation technology is taken into consideration, the control valves market is categorized into electric control valve, manual control valve, hydraulic control valve, and pneumatic control valve. Among these, the pneumatic control valve category held the largest share of the market during the historical period (2013-2017), accounting for a volume share of over 35.0% in 2017, and is further predicted to retain its position during the forecast period. This is because these valves are simple to operate, offer precise linear motion, and can be utilized in a wide range of temperatures.
A key driving factor of the control valves market is the rising need for wireless infrastructure for monitoring and controlling equipment in different industries, such as power plants and oil & gas. Companies face difficulty in maintaining different units in large scale oil fields, which has resulted in the increasing usage of wireless infrastructure, including automated valves. These valves can be controlled from the central control unit. Attributed to these factors, various units of oil & gas facilities are being fitted with these valves that are controlled remotely.
The rising usage of control valves by the food & beverages industry is another key driving factor of the control valves market. Due to the increase in disposable income, people are increasingly spending their income on processed foods, which, in turn, has led to a growth in the number of food processing plants. These plants make use of control valves in different units. The commonly utilized valves in this industry are check, globe, and gate valves. Moreover, butterfly and ball valves are used by the dairy processing industry for preventing leakage and contamination.
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Geographical Analysis of Control Valves Market
Together, North America and APAC accounted for over 65.0% revenue in global control valves market in 2017. This is attributed to the demand for control valves from numerous industries, for maintaining production and flow rate of fluid. Furthermore, the discovery of new oil and gas fields and rising investments in the oil and gas industry, to cater the surging energy demand, also contribute in the increasing adoption of control valves in these regions.
Europe also holds a significant share in the global control valves market, on account of the rising demand for power, with the increase in the economic standards. This has led to the setting up of new power generation plants, which use control valves to maintain the flow of the raw materials.
Competitive Landscape of Control Valves Market
The control valves market is led by several industry players, including Emerson Electric Co., General Electric Company, Flowserve Corporation, Schlumberger N.V. (Schlumberger Limited), and Honeywell International Inc.
In April 2017, Emerson Electric Co. acquired Pentair plc's valves & controls business, in a $31,500 million deal. The acquisition serves to grow Emerson Electric Co.'s global footprint in automation and expand its presence in key markets, such as chemical, power, mining, and oil and gas.
Some other important players operating in the market are AVK Holding A/S, Bürkert Fluid Control Systems, Goodwin International Limited, KITZ Corporation, Rotork Plc, Velan Inc., Swagelok Company, Armstrong International Inc., Metso Corporation, IMI plc, and Samson AG. For instance, in June 2017, Velan Inc. introduced the new Securaseal R-series cast metal-seated ball valve at the Valve World Expo in Houston, Texas. The new R-series ball valves are suitable for most processes with fluid slurries and high temperatures.
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