Control Valve Market Size, Share and Growth Analysis

Updated on : October 22, 2024

Control Valve Market Size & Growth

The global control valve market size is expected to grow from USD 10.0 billion in 2024 to USD 13.0 billion by 2029, growing at a CAGR of 5.4% between 2024 to 2029.

The expansion of control valves in the global control valves market has been fueled by increased industrial automation, a rising demand for precise process control, and innovations in valve technology, all contributing to improved operational efficiency and reliability.

Control Valve Market Forecast to 2029

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Control Valve Market Trends and Dynamics:

Driver: Rising Surge in Control Valve Demand in the Oil & Gas Industry

In the oil and gas industry, the demand for control valves has been steadily rising due to several factors driving the need for efficient process control and optimization. Control valves play a crucial role in regulating the flow, pressure, temperature, and level of fluids in various processes within the oil and gas production, refining, and distribution systems. One significant driver of the increasing demand is the industry's continuous expansion and exploration efforts, necessitating the deployment of advanced control systems to ensure safe and efficient operations. Additionally, stricter regulatory requirements and environmental standards have compelled companies to invest in control valve technologies that enhance process efficiency and reduce emissions. Furthermore, as oil and gas operations become increasingly complex and remote, there is a growing emphasis on automation and digitalization, leading to a higher adoption of smart control valves equipped with advanced features such as remote monitoring, predictive maintenance, and real-time data analytics. Moreover, the ongoing modernization and upgrade initiatives in existing oil and gas facilities to enhance productivity and reliability have also contributed to the surge in demand for control valves. Overall, the rising demand for control valves in the oil and gas industry underscores the critical role these devices play in ensuring operational efficiency, safety, and compliance with industry standards and regulations.

Restraint: Complexity of Installation and Maintenance

Control valves are essential components requiring precise installation and regular maintenance for optimal performance. However, the complexity of these tasks can deter end-users lacking expertise or resources. The intricate setup process involves understanding fluid dynamics, system integration, and compliance with regulations. Similarly, ongoing maintenance necessitates vigilant monitoring and timely repairs. For organizations without specialized teams, navigating these challenges can lead to inefficiencies or system failures. To alleviate these barriers, control valve manufacturers can offer comprehensive training, user-friendly guides, and accessible technical support. Simplifying installation processes, providing clear documentation, and offering remote troubleshooting assistance can empower end-users. Implementing predictive maintenance technologies, such as condition monitoring sensors, further streamlines maintenance efforts. By enhancing accessibility and support mechanisms, the control valve industry can broaden its user base and facilitate smoother adoption and operation across various applications.

Opportunity: Requirement for replacing obsolete valves and embracing intelligent valve solutions

The aging infrastructure within the oil & gas and water & wastewater treatment sectors poses a significant concern in various nations. Take, for example, the United States, which harbors an extensive network of aging pipelines vital for transporting essential commodities such as natural gas, oil, water, and wastewater. Valves employed within this aged infrastructure are approaching the end of their operational lifespan, necessitating replacement. Therefore, the replacement of these outdated valves is crucial to enhance performance and ensure improved worker safety. This imperative for infrastructure renewal or repair is anticipated to drive demand for new control valves. Consequently, end-users are increasingly prioritizing the adoption of highly reliable, integrated, and cutting-edge solutions to address maintenance challenges. The valve industry is also employing advanced technologies its offerings. Smart valves offer several benefits to end-user industries or operators of valves. For instance, when residential applications such as traditional taps are considered, turning on and off the valves can be easily operated manually; however, it is very complex to operate hundreds of valves across a wide area of a utility network. Also, on a commercial scale, controlling the flow of water in a network requires personnel to release the water, thereby incurring an additional cost to a utility company, mine, or industrial facility and leading to inefficient and non-accurate process handling. However, smart valves give the user complete control over the flow of a pipe network. Smart valves enable the operator to control the valve from a long distance both from inside the building or from some other area. Smart valves will prove a great solution for utility companies, factories, housing estates, mining and irrigation systems, adding significant value to many industrial and residential use cases. Various valve manufacturers are investing in research and development activities related to smart valves.

Challenge: Unexpected operational halts caused by valve malfunctions or failures

Valve malfunctions or failures lead to unplanned plant downtime or shutdowns, necessitating valve replacement or repair as the sole recourse. Such unplanned downtime can incur substantial losses, including production downtime costs, emergency repair expenses, raw material wastage, customer dissatisfaction from delayed deliveries or subpar product quality, and more. Nevertheless, industry stakeholders are actively addressing this challenge by embracing monitoring, predictive maintenance, connected infrastructure, and condition monitoring solutions.

Control Valve Market Ecosystem

The figure below shows the Control Valve ecosystem.

Control Valve Market Segmentation

Actuator component holds the largest market share in the year 2023.

The Actuator in Control Valve market is seeing substantial growth, powered by increasing demands for industrial automation and the necessity for precise regulation in sectors such as oil & gas, water treatment, and manufacturing. Technological advancements and a focus on efficiency are additionally propelling market expansion, fostering innovation and adoption.

Rotary Valves component holds the largest market share in the year 2023.

The adoption of rotary valves in the control valve market share has surged due to their reputation for precise control and reliability. With diverse applications in industries such as oil and gas, chemicals, and power generation, their effective flow regulation capabilities and advancements in design and materials have propelled their widespread adoption and prominence in the control valves market

>6"-25" size segment to hold largest market share in 2023.

The global control valve market for control valves sized between 6 and 25 inches has experienced substantial growth, fueled by the expansion of industrial infrastructure, notably in energy, oil and gas, and water treatment sectors. This expansion is further propelled by rising automation demands and advancements in valve technology, serving diverse industrial needs across the world.

Pulp & paper is expected to register highest CAGR during the forecast period

Control valves have seen significant expansion within the pulp and paper industry, serving as essential tools for regulating fluid flow in manufacturing processes. This growth has been driven by automation advancements, efficiency requirements, and environmental standards. As production optimization and waste reduction gain importance, control valves have become indispensable, ensuring the efficient and productive operation of pulp and paper mills..

Control Valve Industry Regional Analysis

Asia Pacific to hold largest control valve market share in the year 2023.

The control valve industry in the Asia Pacific region has experienced notable expansion attributed to industrial growth, infrastructure development, and heightened demand for process automation across key sectors such as oil & gas, power generation, and water treatment. Technological advancements and the integration of smart valve solutions have been instrumental in driving this upward trajectory. This trend is poised to persist as industries prioritize augmenting operational efficiency, reliability, and safety standards.

Control Valve Market by Region

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Top Control Valve Companies - Key Market Players

The Control Valve Companies players have implemented various organic and inorganic growth strategies, such as product launches, collaborations, partnerships, and acquisitions, to strengthen their offerings in the market.

• 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)

The study includes an in-depth competitive analysis of these key players in the Control Valve market share with their company profiles, recent developments, and key market strategies.

Control Valve Market Report Scope

Control Valve Market Highlights

This report has segmented the Control valve market based on Offerings, Component and Industry and Region.

Recent Developments in Control Valve Industry:

• In November 2023, Emerson Electric Co has introduced its pioneering Fisher™ Whisper™ Trim Technology, designed for rotary and globe valves. This advancement expands Emerson's existing Whisper noise solutions portfolio. Leveraging additive manufacturing and advanced methods, this next-gen Fisher Whisper Trim technology tackles noise challenges by enhancing trim designs for superior performance.
• In June 2023, Flowserve Corporation a prominent supplier of flow control solutions and services, has declared that its Valtek® Valdisk™ high-performance butterfly valve has received approval from licensors for utilization in pressure swing adsorption (PSA) applications.
• In March 2023, Flowserve Corporation, a prominent supplier of flow control solutions, revealed today the launch of the Worcester® 51/52 Series Reduced Port Flanged Ball Valves. These quarter-turn, floating ball valves have undergone a comprehensive redesign to ensure global availability through standardization of design, materials, construction, and product certifications. The valves are tailored for various industries, including chemical processing, petrochemicals, energy, defense, food and beverage, industrial gases, pharmaceuticals, and water, where precise control of liquid or gas flow is essential.

FAQ:

What will the size of the Control Valve market be in 2024?

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