According to a new market report published by Transparency Market Research Control Valves Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2021 was valued at US$7.74 billion in 2014 and is estimated to grow at a CAGR of 7.0% and reach US$12.14 billion by 2021. Control valve is equipment which manipulates the flow of fluids, such as gas or chemical compounds.
Fluid handling technology
Increasing investment in fluid handling technology across the oil and gas sector is driving the growth of the control valves market. Moreover, control valves are increasingly deployed in pipeline installations projects, which are further fuelling the growth of the market. Increasing investments in the shale gas sector is also set to bolster the growth of the market. These factors in overall are expected to positively impact the growth of control valves market during the forecast period from 2015 - 2021.
By types, the market has been divided into three segments, namely pneumatic control valves, hydraulic control valves and electric control valves.
Pneumatic control valves garnered the maximum revenue in 2014. The extensive usage of pneumatic control valves across various sectors, including chemicals, oil and gas and petrochemicals among others, is fuelling the growth of the market.
The future growth of pneumatic control valves market is also expected to be driven by rising demand for low cost and less complex control valves solutions across different industry verticals. By applications, market is classified into segments, examples such as power generation, oil and gas, chemicals, and others. The power sector held the largest market share accounting for more than 20% in 2014. The control valves used in the power sector are mainly driven by investments in the emerging economies, such as China, India and Brazil. Countries like India and China are improving their infrastructure as a result of the improving economic conditions. The rapid expansion in the economies of these countries has resulted in additional power requirements especially in the manufacturing sector. These factors are expected to positively impact the market in the coming years.
The global control valves market has been bifurcated geographically into four regions – North America, Europe, Asia Pacific and Rest of the world.
In 2014, North America held the largest share globally and accounted for more than 37%. The expansion in the oil and gas extraction in the North America has resulted in increased demand for control valves.
In 2014, Asia Pacific held the second largest market and accounted for more than 23%. Some of the major players in the market are Emerson Electric Co. (US), Flowserve Corporation (US), Metso Corporation (Finland), MIL Control Limited (India), Pentair Plc (United Kingdom), General Electric Company (US), Samson AG (Germany), Crane Fluid Inc (US), IMI Plc (UK) and Velan Inc. (Canada) among others.
This report offers a comprehensive analysis of the global control valves market along with the market values, in terms of revenue (US dollars billion) for the forecast period from 2015 - 2021. In addition, the global market has been bifurcated on the basis of types and applications. The cross sectional analysis of control valves market across four geographical regions has also been covered under the purview of the report.
The market has been segmented as follows:
Global control valves market, by type
- Pneumatic control valves.
- Hydraulic control valves.
- Electric control valves.
Global control valves market, by certain applications
- Power generation.
- Oil and gas.
Global control valves, by geography: the market is broadly segmented on the basis of geography into:
- United Kingdom.
- Rest of Europe.
- South Korea.
- Rest of Asia Pacific.
Rest of the World.
- South America.
- Middle East.
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