CHICAGO, April 25,
2024 /PRNewswire/ -- The global Control Valve
market is expected to grow from USD 10.0
billion in 2024 to USD 13.0
billion by 2029, registering a CAGR of 5.4% according to a
new report by MarketsandMarkets™. The global market for
control valves has experienced significant growth driven by
heightened industrial automation, a growing need for precise
process control, and advancements in valve technology, resulting in
enhanced operational efficiency and reliability.
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Browse in-depth TOC on "Control Valve
Market"
130 – Tables
70 – Figures
230 – Pages
Control Valve Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 10.0 billion
|
Estimated Value by
2029
|
$ 13.0 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 5.4%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Material, Component,
Size, Type, Industry and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
Unexpected operational
halts caused by valve malfunctions or failures
|
Key Market
Opportunities
|
Requirement for
replacing obsolete valves and embracing intelligent valve
solutions
|
Key Market
Drivers
|
Rising Surge in Control
Valve Demand in the Oil & Gas Industry
|
Actuator Component to hold the largest market share in the year
2023.
The Actuator in Control Valve sector is witnessing significant
expansion, fueled by rising industrial automation demands and the
necessity for precise regulation across diverse domains like oil
& gas, water treatment, and manufacturing. Technological
progressions and efficiency priorities are further driving market
growth, stimulating innovation and uptake.
Alloy-based control valve to record the highest CAGR during
the forecast period.
Alloy-based materials are experiencing increased adoption in
control valve construction, facilitating robustness and efficiency
in fluid flow regulation. Renowned for their exceptional resistance
to corrosion and impressive mechanical strength, these materials
ensure prolonged durability and optimal performance even in
demanding environments. Their growing prominence underscores a
strategic shift towards more dependable and enduring components,
enhancing industrial processes' reliability and safety.
Rotary Valves to hold the largest market share in the year
2023.
The market for control valves has seen a surge in the
utilization of rotary valves, renowned for their precise control
and reliability. With applications spanning across industries like
oil and gas, chemicals, and power generation, rotary valves'
effective flow regulation capabilities and advancements in design
and materials have driven their widespread adoption and prominence
in the market.
>6"-25" control valve to record the highest CAGR during
the forecast period.
The worldwide demand for control valves ranging from >6"-25"
has surged, driven by the expansion of industrial infrastructure,
especially in energy, oil and gas, and water treatment sectors.
Increasing automation needs and advancements in valve technology
have played pivotal roles in facilitating this growth, catering to
diverse industrial requirements on a global scale.
Pulp & Paper segment to record the highest CAGR during
the forecast period.
Control valves play a vital role in the pulp and paper industry,
facilitating precise control over the flow of various fluids in the
manufacturing process. Their growth in this sector has been
propelled by advancements in automation, efficiency demands, and
environmental regulations. With increasing emphasis on optimizing
production and reducing waste, control valves have become
indispensable components, ensuring the smooth operation and
enhanced productivity of pulp and paper mills.
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Asia Pacific is expected to
grow at the highest CAGR in the Control Valve market from 2024 to
2029.
The Asia Pacific control valve
industry has seen significant growth due to industrialization,
infrastructure development, and increasing demand for process
automation across sectors like oil & gas, power generation, and
water treatment. Advancements in technology and the adoption of
smart valve solutions have further propelled this expansion. This
trend is expected to continue as industries prioritize enhancing
efficiency, reliability, and safety in their operations.
Key players operating in the Control Valve Companies include
Emerson Electric Co. (US), Flowserve Corporation (US), IMI (UK), Curtiss-Wright Corporation (US),
Valmet (Finland), SLB (US), Spirax
Sarco Limited (US), Crane Company (US), KITZ Corporation
(Japan), Christian Bürkert GmbH
& Co. KG (Germany) and Others
in the Control Valve market.
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