Press release
Global Control Valves Market Projected to Reach USD9.88 Billion by 2023
MRRSE
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The global market for control valves is fragmented in nature on account of the presence of a copious number of well-diversified regional and international manufacturers. The market is also highly competitive, in which keen players are seen growing their shares through mergers and acquisitions. Such inorganic manner of growth not just helps them to expand their market share but also to add to their existing product portfolios.
Serving to boost growth in the global market for control verves is the power sector. Besides, the rising oil and gas exploration activities are also having a positive impact on the market. Overall, the growth in the pipelines worldwide on account of fast paced industrialization is majorly fuelling market growth.
As per a report the global control valves market will likely rise at a CAGR of 6.4% during the period between 2017 and 2025. At this rate, the market which was worth US$6.01 bn in 2016 will likely become worth US$10.46 bn by 2024. In terms of volume, the global control valves market is expected to reach 13,734.6 thousand units in 2025.
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Cryogenic Valve Segment to See Maximum Growth
The global market for control valves can be segmented based on different parameters. For example, by control valve type, the key segments of the market are ball valve, butterfly valve, cryogenic valve, globe valve, etc. The butterfly valve segment, of them, raked in maximum revenue in 2016. In the next couple of years, the segment is predicted to expand at a healthy clip. The cryogenic valve segment is also projected to see good growth in the upcoming years. In China ball valve segment is expected to grow at CAGR of 8% over the forecast period.
Depending upon actuation technology, the global control valves market can be divided into manual control valve, electric control valve, pneumatic control valve, and hydraulic control valve. Among them, the segment of pneumatic control valve segment contributed the most to the revenue in 2016. In terms of revenue growth rate, on the other hand, the segment of electric control valve is expected to outpace all other regions.
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From a geographical standpoint, North America currently dominates the global control valves market on the back of booming shale gas exploration. Control valves play a crucial role in shale gas extraction by helping to regulate the pressure or temperature throughout upstream, midstream, and downstream activities. The market in North America is being primarily driven by the U.S., followed by Canada. The TMR report predicts the market in the region to grow at a 5.1% CAGR from 2017 to 2025 to gross a revenue of US$2.936 bn by 2025.
Powered by China and Japan that contribute the most to the revenue, the market in Asia Pacific is projected to clock maximum growth in the forecast period. The market will gain maximum market share by registering a CAGR of 7.3% from 2017 and 2025. The steadily growing chemical Industry is at the forefront of fuelling sales in the region.
Honeywell International Inc. Emerson Electric Co., KITZ Corporation, Bürkert Fluid Control Systems, Schlumberger Limited, Flowserve Corporation, AVK Holding A/S, Rotork Plc., General Electric Company, and Goodwin International Ltd. are to name a few prominent participants in the global control valves market.
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