The 2019 Control Valves Market by Actuation Technology - Worldwide Analysis & Forecast: 2013-2023 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Feb 26, 2019--The “Control Valves Market by Actuation Technology - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023” report has been added to ResearchAndMarkets.com’s offering.
Global control valves market is projected to reach $16,057.5 million by 2023, the market growth is driven by high energy demand due to growing population and increasing need of wireless infrastructure for equipment maintenance.
Based on actuation technology, the control valves market is categorized into manual control valve, pneumatic control valve, hydraulic control valve, and electric control valve. In terms of volume, pneumatic control valve is expected to be the fastest growing category in the market, advancing at a CAGR of 6.3% during the forecast period. This is attributable to the simplicity in the use of the technology, and comparatively low cost. Moreover, pneumatic control valves can be used in a wide range of temperatures.
On the basis of type, the control valves market is classified into ball valve, butterfly valve, cryogenic valve, globe valve, and others. The others category includes diaphragm valve, plug valve, and gate valve. Along all types, the volume sales of butterfly valve accounted for the largest share in the market in 2017, contributing more than 32.3%. Low maintenance cost is driving the demand for butterfly valves globally.
In terms of application, the control valves market is categorized into classified into power generation, oil and gas, chemicals, food and beverages, automotive, pharmaceuticals, wastewater management, and others. The others category includes mining, agriculture, and marine industry. Power generation category accounted for more than 15.0% volume share in the market in 2017. The largest share of this category is attributed to the rising energy demand which leads the setup of new power generation plants. The plants require controlling valves for maintaining the flow of the raw material required for the generation of power, in the firefighting lines, and in other units. Such wide scale applications are boosting the demand for valves in power generation industry.
The APAC control valves market is expected to grow at a CAGR of 6.9% and 7.5% in terms of volume and value, respectively, during 2018-2023. The high demand for such valves is driven by its growing penetration in the different industries. Partnerships and client wins are some of the major developments which will further boost the market. For instance, in 2017, Metso Corporation announced that it received four major valve orders from the oil and gas industry. The orders include approximately 2,500 Neles ball, segment, and butterfly valves which are used in different processes such as coal gasification and ethylene cracking.
Due to the advancement in exploration technology, new reserves of oil and gas have been found in different countries in APAC region, such as China and Thailand. These discoveries will lead to the increased exploration and production activities, which in turn, will lead to the increased usage of controlling valves. This is attributed to the fact that the new oil and gas facilities will be setup to extract the crude oil. Also, the producers are increasing the production capacities of oil and gas facilities in the region. Hence, these factors are expected to create ample opportunities for the growth of the control valves market.
- Development of New Valve Technology
- Rise in Infrastructure Projects
- High Energy Demand Due to Growing Population
- Increased Use by the Food & Beverage Industry
- Increasing Need for Wireless Infrastructure to Monitor & Control Equipment
- Inefficient Logistics & Supply System
- Discovery of New Reserves of Oil & Gas in APAC
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Introduction
Chapter 5. Global Market Size and Forecast
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. RoW Market Size and Forecast
Chapter 10. Competitive Landscape
Chapter 11. Company Profiles
- AVK Holding A/S
- Brkert Fluid Control Systems
- Emerson Electric Co.
- Flowserve Corporation
- General Electric Company
- Goodwin International Limited
- Honeywell International Inc.
- KITZ Corporation
- Rotork PLC
- Velan Inc.
- Schlumberger N.V. (Schlumberger Limited)
- Swagelok Company
- Armstrong International Inc.
- Metso Corporation
- IMI PLC
- Samson AG
For more information about this report visit https://www.researchandmarkets.com/research/bvb68r/the_2019_control?w=4
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INDUSTRY KEYWORD: MANUFACTURING OTHER MANUFACTURING
SOURCE: Research and Markets
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PUB: 02/26/2019 12:40 PM/DISC: 02/26/2019 12:40 PM