The overall market for control valves is expected to grow from USD 7.48 billion in 2018 to USD 10.62 billion by 2024, at a CAGR of 6.02% during the forecast period. The key factors driving the growth of the control valve market are the increased need for connected networks to maintain/monitor various equipment in plants and the installation of new nuclear plants, along with the upscaling of existing nuclear plants. Leading players adopt strategies such as agreements, contracts, joint ventures, product launches and developments, acquisitions, and expansions to consolidate their position in the market.
The control valve market for plug valves will grow at the highest CAGR during the forecast period. Ball valves, owing to their tight sealing with low torque feature, are increasingly being adopted in the oil & gas and water & wastewater treatment industries, which will, in turn, fuel the growth of the ball valve market during the forecast period.
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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.
The control valve market for sizes ranging from 1” to 6” will grow at the highest CAGR during the forecast period. This growth is attributed to the increasing demand for transportation and energy & power-based applications; as a result, there is an increase in the use of 1–6” valves in the oil & gas, energy & power, water & wastewater treatment, chemicals, and other industries.
Control valves are finding increasing use in oil & gas, water & wastewater treatment, energy & power, chemicals, food & beverages, pharmaceuticals, construction, metals & mining, agriculture, pulp & paper, and others. The “others” segment includes textiles, glass, and semiconductor manufacturing industries. The control valve market growth is driven by the rising demand for control valves in the oil & gas industry in North America, Latin America, and Africa. Increasing urbanization in developing countries in Asia Pacific and the Middle East is creating greater demand for valves in municipal and sanitation applications, which, in turn, is boosting the control valve market growth.
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The control valve market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Major factors driving the growth of the valve market in APAC include increasing population and rising focus of emerging economies on investing in energy & power, oil & gas, water & wastewater treatment, chemicals, and construction industries in which control valves perform critical functions. Leading players are focussing on making acquisitions and new product development to enhance their product offerings and gain entry into newer previously untapped markets.