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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