Global Control Valve Market Forecast to 2024 - Opportunities in the Introduction of IIoT and Industry 4.0 Architecture
DUBLIN, Nov. 6, 2018 /PRNewswire/ --
The "Control Valve Market by Valve Type (Ball, Butterfly, Gate, Globe, Check, Plug), Valve Size, Valve Components (Actuators, Valve Body, Others), Industry (Oil & Gas, Water & Wastewater Treatment, Energy & Power), and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The control valve market is expected to grow from USD 7.48 billion in 2018 to USD 10.62 billion by 2024, at a CAGR of 6.02% from 2018 to 2024.
The key factors driving the growth of this market include the increased need for connected networks to monitor/maintain various equipment in plants and commissioning of new nuclear plants, along with the upscaling of existing nuclear plants.
Among all applications, the oil & gas industry is expected to account for the largest size of the control valve market during the forecast period. Recent uptrend in the oil & gas industry has boosted the demand for and increased the production of oil and gas in the Middle East and North America. Growing production of oil sands and shale gas fuels the demand for control valves in North America, and the increased investments in natural gas exploration and refineries are likely to boost the demand for these valves during the forecast period. Additionally, technological advancements and the adoption of more innovative valves for oil and gas transportation are the major factors that are likely to have a positive impact on the control valve market growth.
The control valve market for actuators will grow at the highest CAGR during the forecast period. The demand for pneumatic actuators will be the highest and drive the market for actuators during the forecast period. Electric and hydraulic actuators will also drive the market during the forecast period due to increasing demand from oil & gas, energy & power, water & wastewater treatment industries.
Plug valves will be the fastest-growing market for control valves during the forecast period. The market for control plug valves is expected to grow at a rapid pace in the coming years due to the competitive trend in APAC and European chemical companies to handle acidic and alkaline (corrosive) liquids, slurry, neutral gases (such as steam and air), and corrosive gases (such as chlorine and acid vapors).
Control valves require huge investments during initial set up due to the addition of actuators and valve control software. The requirement and cost of valves vary with the size of the plant and application. This could be a factor limiting the adoption of control valves in several applications. Downtime due to malfunctioning of valves, which can be resolved by replacing or repairing valves, can seriously impede business success, depending on the frequency and duration.
Control valve applications in oil & gas, energy & power, and water and wastewater treatment drive the market growth
Oil & Gas
Each segment of the oil & gas industry upstream, midstream, and downstream offers its own examples of extreme conditions for valves. In the upstream segment, valves control the flow of crude oil and natural gas from high-pressure injection systems to choke valves and blow-out preventers at the top of wells. In the upstream segment, valves are used in gas treatment and liquefaction, and storage in the oil and gas plant. Valves, generally gate or ball valves, are selected especially for tight shut-off, flow erosion resistance, and corrosion resistance. Gate valves are commonly used for oil and refined-product pipelines, and ball valves are usually implemented for gas pipelines. Valve requirements for the downstream market include higher pressure designs and metal-seating technology and metallurgies to accommodate temperatures at which modern refineries operate.
Activities such as increasing production in China, growing offshore exploration in India, and emerging new natural gas projects in the Philippines will boost the demand for control valves in APAC for the oil & gas industry. Recent discoveries of shale gas reserves in North America will boost the production and increase the demand for control valves for oil & gas end-use industry during the forecast period in North America.
Energy & Power
A large power plant uses hundreds of valves to manage the flow of water and steam. In this plant, valves are used in different units/systems, such as gas pipelines, SCR storage and gas injection units, fuel storage and distribution systems, combustion turbines, flash tanks, steam turbines with condensers, feed water distribution units, heat exchangers, and deaerators. In the energy & power industry, valves are also used to stop and start the flow, reduce or increase the flow, control the direction of the flow, and regulate the flow or process pressure or relieve a pipe system of a certain pressure. Applications of control valves include pollution control, feed water, cooling water, chemical treatment, and steam turbine control systems.
Increased investments in new power projects in countries such as China and India to cater to the rising energy demands will drive the market for control valves in APAC during the forecast period. However, the adoption of smart grid systems and automation of energy plants in North America will boost the demand for automated control valves in North America during the forecast period.
Water & Wastewater Treatment
In the water & wastewater treatment industry, application-specific valves are used in finished water storage units, influent control units, equalization basin systems, blowers, pumps, neutralization units, sludge thickening units, filtration units, disinfection units, incinerators, and others.
The need for clean water and wastewater treatment facilities will increase despite the industry struggles with rising operational and maintenance costs because of the increased expenditures on chemicals and enhanced treatment procedures. The industry also adapts more easily to meet changing environmental regulations and complies with the existing and upcoming federal water regulations. These factors will drive the demand for control valves from the water & wastewater treatment industry.
Rapid urbanization in countries such as China, India, and parts of Southeast Asia has led to increased focus on the water industry, and modernization of aging infrastructure will boost the demand for control valves from the water & wastewater treatment industry in APAC.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Control Valve Market
4.2 Control Valve Market, By Valve Type
4.3 Control Valve Market in APAC, By Country and Industry, 2024
4.4 Control Valve Market, By Region, (2018-2024)
4.5 Control Valve Market, By Component
4.6 Control Valve Market, By Valve Size
4.7 Control Valve Market, By Industry
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Need for Connected Networks to Maintain/Monitor Various Equipment in Plants
5.2.1.2 New Nuclear Plants and Upscaling of Existing Plants
5.2.2 Restraints
5.2.2.1 High Initial Investments
5.2.2.2 Malfunctioning of Valves
5.2.3 Opportunities
5.2.3.1 Introduction of Iiot and Industry 4.0 Architecture
5.2.3.2 Need for Valve Replacement
5.2.3.3 Exploration of Oil and Gas
5.2.3.4 Improved Customer Service
5.2.4 Challenges
5.2.4.1 Increasing Collaborations Among Industry Players
5.2.4.2 Minimizing Lead and Delivery Time
5.2.4.3 Increasing Availability of First Copies
6 Industry Trends
6.1 Introduction
6.2 Value Chain
6.3 Consumer Buying Process
6.3.1 Online Valve Purchase Trend is Expected to Disrupt Traditional Consumer Buying Process of Valve Industry
7 Control Valve Market, By Component
7.1 Introduction
7.2 Actuator
7.2.1 Actuator Will Dominate Component Market of Control Valves During the Forecast Period
7.3 Valve Body
7.3.1 Valve Body Will Continue to Maintain Its Crucial Position in Component Market of Control Valve
7.4 Others
8 Control Valve Market, By Size
8.1 Introduction
8.2 Up to 1"
8.2.1 Wastewater Treatment, Oil & Gas, Construction and Pulp & Paper Will Drive Demand of Upto 1Control Valves
8.3 1"-6"
8.3.1 Demand for Rotary Valves for Applications in Process Industry Will Drive Demand of 1-6 Control Valves
8.4 6"-25"
8.4.1 Demand From Chemical, Oil & Gas, Water & Wastewater Industries Will Drive Demand of 6-25 Control Valves
8.5 25"-50"
8.5.1 Demand From Oil & Gas Industry for Tight Shut-Off Gate Valves Will Drive Demand of 25-50 Control Valves
8.6 50" & Larger
8.6.1 Demand From High Pressure and Temperature Applications Such as Oil & Gas, Energy & Power, Water & Wastewater Industries Will Drive Demand of 50& Larger Control Valves
9 Control Valve Market, By Valve Type
9.1 Introduction
9.2 Linear Valves
9.2.1 Gate Valves
9.2.1.1 The Need for Gate Valves for Complete Shut -Off Applications While Handling Viscous Media Will Drive Usage of Gate Valves
9.2.2 Diaphragm Valves
9.2.2.1 Increasing Focus on Hygiene in Food & Beverage and Pharmaceuticals Industry Will Drive Usage of Diaphragm Valves
9.2.3 Other Valves
9.2.3.1 Increasing Focus on Hygiene in Food & Beverage and Pharmaceuticals Industry Will Drive Usage of Other Type of Control Valves
9.3 Rotary Valves
9.3.1 Ball Valves
9.3.1.1 The Simplicity of Design and the Availability of A Wide Variety of Product Options Make Them an Ideal Choice for Several Applications and Will Drive the Usage of Ball Type of Control Valves
9.3.2 Butterfly Valves
9.3.2.1 Saving in Weight, Space and Maintenance Costs Will Drive the Demand for Butterfly Valve From Key Industries Such as Chemicals, Pharmaceuticals, and Food Processing
9.3.3 Plug Valves
9.3.3.1 Simplicity in Design, Versatility in Operation and Effective Leakage-Prevention Mechanism Will Drive the Demand for Plug Valve From Key Industries Such as Chemicals, Oil & Gas and Energy & Power
10 Control Valve Market, By Industry
10.1 Introduction
10.2 Oil & Gas
10.2.1 Increasing Demand for Maintenance of Refineries Will Open Up the Market to More Companies With Core Engineering Competency
10.3 Water & Wastewater Treatment
10.3.1 Upgradation of Older Water Infrastructure Will Be the Key Driving Factor for Control Valves to Witness Growth During the Forecast Period
10.4 Energy & Power
10.4.1 Increasing Need of Energy in Developing Economies Will Upsurge Demand of Control Valves
10.5 Chemicals
10.5.1 Environment Safety Policies of Chemical Industry Will Act as Strong Driver for Control Valves
10.6 Food & Beverages
10.6.1 Increasing Automation and Focus on Hygiene Will Drive the Demand for Control Valves in Food & Beverages Industry
10.7 Pharmaceuticals & Healthcare
10.7.1 Butterfly and Diaphragm Control Valves Will Dominate Pharmaceuticals & Healthcare Industry During the Forecast Period
10.8 Construction
10.8.1 HVAC, Fire Safety and Water and Wastewater Management Applications Will Boost the Demand of Control Valves in Construction Industry
10.9 Pulp & Paper
10.9.1 Processes Like Stock Preparation, Paper Machining, Re-Pulping, Recycling Will Be the Key Demand Centers of Control Valves in Pulp & Paper Industry
10.10 Metals & Mining
10.10.1 Control Valves Will Gain Significant Traction in Metals & Mining Industry Owing to Increasing Number of Mining Projects Across the Globe
10.11 Others
11 Geographic Analysis
11.1 Introduction
11.2 North America
11.2.1 US
11.2.1.1 US Holds Significant Share of the North American Market for Control Valves
11.2.2 Canada
11.2.2.1 Upcoming Investments in Oil & Gas Industry Will Boost the Control Valve Market in Canada During the Forecast Period
11.2.3 Mexico
11.2.3.1 Energy & Power Industry of Mexico Will Be the Important Demand Center for Control Valves
11.3 Europe
11.3.1 Uk
11.3.1.1 Innovative Water Industry and the Development of Smart Cities Will Drive the Demand for Control Valves in the UK
11.3.2 Germany
11.3.2.1 Germany Holds Significant Market Share of Control Valves in European Region
11.3.3 France
11.3.3.1 The Increasing Focus on Cleaner Fuels to Enhance Nuclear Program Will, in Turn, Boost the Demand for Control Valves in the Energy & Power Industry
11.3.4 Italy
11.3.4.1 Presence of Key Valve Manufacturers Will Drive the Control Valve Market of Italy
11.3.5 Rest of Europe
11.4 APAC
11.4.1 China
11.4.1.1 Energy & Power, Oil & Gas, Chemicals and Food & Beverage Industry of China Will Drive Control Valve Market
11.4.2 Japan
11.4.2.1 Revival of Nuclear Program Will Help Control Valve Market to Gain Traction in Japan During the Forecast Period
11.4.3 South Korea
11.4.3.1 Ultrapure, Hygienic, and Cryogenic Applications Will Drive the Market of Control Valves in South Korea
11.4.4 India
11.4.4.1 India is Expected to Witness Fastest Growth in Asian Control Valve Market
11.4.5 Rest of APAC
11.5 RoW
11.5.1 Middle East
11.5.1.1 The Increasing Use of Automation in Several Key Industries in the Region Such as Oil & Gas, Refining, Power Generation Will Drive the Control Valve Market in the Middle East.
11.5.2 South America
11.5.2.1 Increased Focus on Natural Gas Extraction Will Boost Demand of Control Valves From Oil & Gas Industry and Will Drive the Market in South America.
11.5.3 Africa
11.5.3.1 Fresh Investments in Energy & Power Sector Towards Low Carbon Technology and Green Energy Will Drive the Control Valve Market in Africa.
12 Competitive Landscape
12.1 Overview
12.2 Market Player Ranking Analysis
12.3 Competitive Scenario
12.3.1 Competitive Situation and Trend
12.3.2 Acquisitions & Expansions
12.3.3 Partnerships & Collaborations
12.3.4 Others
13 Company Profiles
13.1 Introduction
13.2 Key Players
13.2.1 Burkert Fluid Control Systems
13.2.2 Emerson
13.2.3 Weir Group PLC
13.2.4 Flowserve Corporation
13.2.5 IMI PLC.
13.2.6 Curtiss-Wright Corporation
13.2.7 Cameron - Schlumberger
13.2.8 Spirax Sarco
13.2.9 Crane Co.
13.2.10 Kitz Corporation
13.3 Other Players
13.3.1 Samson Ag.
13.3.2 Metso Corporation
13.3.3 Neway Valves Co.
13.3.4 Alfa Laval AB
13.3.5 Velan Inc.
13.3.6 AVK Holding A/S
13.3.7 Avcon Controls.
13.3.8 Ham-Let
13.3.9 Dwyer Instruments
13.3.10 Apollo Valves
13.3.11 Swagelok
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