Control Valves Market: Chemical Industry to Cause Upsurge of Market
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.
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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.
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Cryogenic Valve Segment to See Maximum Growth
The cryogenic valve segment is 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.
Shale Gas Exploration Serves to Propel North America Market
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.
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.
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