Press release
Worldwide Control Valves Market: Rapid Expansion of world Oil and Gas Sector to Aid Future Growth
Corporation, Metso Plc, Emerson Electric Co., and Dresser Inc. These companies together accounted for less than a quarter of the global market in 2015. Transparency Market Research has observed that the competitive rivalry in the control valves market is rather high owing to its fragmented nature and it is expected to remain this way throughout the forecast period. Established players have a relatively small share in the global control valves market and the only way they tend to win contracts is by lowering the project bids.
In terms of revenue, the global control valves market was valued at US$8.92 bn in 2015 and is expected to reach US$15.41 bn by 2024. If these values hold true, the market is projected to expand at a 6.3% CAGR during the forecast period. The volume of the global control valves market is forecast to rise at a 5.9% CAGR from 2016 to 2024.
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Pneumatic Control Valves to Present Immense Scope for Growth
On the basis of type, the butterfly control valve segment held the dominant share in the global market in 2015. The cryogenic control valves segment, on the other hand, is forecast to present immensely attractive investment opportunities from 2016 to 2024. By actuation technology, pneumatic control valves took the lead in 2015 with a revenue share of over 40% and this segment is projected to retain its dominance through 2024. Pneumatic control valves are also anticipated to register a high CAGR of 6.5% in terms of revenue.
Based on end use, the power generation sector is the leading segment in terms of revenue, while the chemicals industry is the key contributor in terms of volume. Asia Pacific forms the leading regional segment in the control valves market and is likely to amount to US$6.7 bn by 2024. Registering a 6.7% CAGR during the forecast period, APAC is also likely to emerge as one of the most rapidly expanding regional segments in the global control valves market.
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Growing Usage of Alternative Sources of Power a Major Restraint
The global control valves market has been thriving as a result of rapid growth in the oil and gas industry. “The demand for control valves is anticipated to rise with their increase in uptake in upstream, midstream, and downstream activities,” the author of the report states. The benefits offered by control valves in pressure and temperature control in the oil and gas industry is working in favor of the global market.
The extensive use of control valves in the food and beverages industry is also projected to be a key growth driver for the global market. Control valves are primarily used in industries such as dairy, animal feed, and oil and fats. The rapid growth of the food and beverages industry in the developing countries such as Brazil, China, and India is anticipated to have a positive impact on the control valves market.
The chief restraint on the market is the growing usage of alternative sources of power. “This emerging trend threatens to dissuade the adoption of control valves as they have no application in harnessing renewable sources of energy such as wind, solar, and tidal,” the lead analyst reports.
The strong presence of local manufacturers in India and China has been hampering the revenues of big players. This has compelled established players to price their products competitively, which, in turn, has had a negative impact on their profit margins.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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