Press release
COVID-19 Impact on Control Valve Market Major Industry Participants and Geographical Regions
Control Valves Market - Opportunities and Forecasts, 2014-2022," projects that the world control valves market would reach $13,674 Million by 2022 at a CAGR of 7.6% from 2016 to 2022.
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The pneumatic control valves market occupied a dominant share of about 80% in 2015 and is expected to maintain its lead throughout the forecast period. By application, the electric-powered control valve segment accounted for about 22% of the market share in 2015. North America is the largest regional market for control valves globally at present.
The electric power, oil & gas, automotive segments accounted for more than half of the share in the overall control valves market in 2015. Oil & gas and power industry is currently creating the highest demand for control valves, capturing the largest market share. Industrial steel control valves are more in demand for the upcoming oil & gas projects.
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Key findings of the study:
• Pneumatic control valve is projected to be the fastest growing segment, at a CAGR of 7.40%, in the world control valves market.
• Electric power and oil & gas, automotive segment together contributed about 40% of the overall market share in 2016.
• The North America is projected to occupy the highest market share, registering a CAGR of 6.13% from 2016 to 2022.
Oil & gas is the second-largest application segment in the world control valve market, as industrial control valves are universally consumed. An increase in the need for automation in the process industries and a rising number of industrial infrastructure in the developing countries is expected to foster the growth of the control valve market. The Asia Pacific is expected to witness the highest growth over the forecast period owing to the rising automation of industrial activity.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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