Ability to Endure Tough Conditions Keeps Demand for Control Valves High in Oil and Gas Sector
The global control valves market has witnessed a noteworthy growth trajectory over the past few years due to the increasing investments in the oil and gas industry. The depleting oil and gas reserves have led to an increased demand for control valves as these can stand extreme weather conditions, corrosive conditions, challenging pressure situations, and testing temperature differences. The ability of control valves to endure high-temperature or high-pressure environments throughout downstream, midstream, and upstream operations in the oil and gas industry has considerably fueled their demand. The positive outlook of the shale gas industry is also expected to drive the global control valves, predicts Transparency Market Research.
According to TMR, the global control valves market was valued at US$7.74 bn in 2014 and is expected to reach a valuation of US$12.14 bn by the end of 2021, as the market is projected to expand at a CAGR of 7.0%. Control valves will also be in demand in the food and beverage sector across industries such as dairy, animal feed, and oil and fats. Furthermore, the efforts to improve hygiene and to speed up manufacturing activities in the pharmaceutical industry will also lead to an increasing demand for control valves.
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North America Poised to Lead Control Valves Market on Account of Strong Demand from Petrochemical Industry
North America is poised to lead the global control valves market at CAGR of 5.6% from 2015 to 2021 due to booming oil and gas exploration activities. The growing demand for energy has created a huge demand for control valves across North America.
Furthermore, ambitious investments in shale gas extraction to cater to the unending demand for energy is also expected to bolster the control valves market in the region. Thus, the ongoing developments in the petrochemical sector of North America will keep the demand for control valves at a high in the coming years.
Pneumatic Valves Demand Outpaces Other Product Types
The key contributing segment to the overall market was the pneumatic control valves segment, accounting for a mammoth share of 81.3% in 2014 in terms of revenue. Estimated to rise at a CAGR of 8.6% between 2015 and 2021, pneumatic valves will remain a popular choice for a wide range industries such as chemicals, oil and gas, and petrochemicals. A large number of Asia-based vendors offering pneumatic control valves at a cheaper price will be the key driving factor of this segment.
Analysts predict that the electric valves will give pneumatic valves stiff competition due to their technological advancements. In the recent times, electric control valves have been accepted by the automotive and food and beverage industries due to their overall efficiency.
The key players in the global control valves market are Pentair Plc, Emerson Electric Co., Flowserve Corporation, MIL Control Limited, General Electric Company, Metso Corporation, and Samson AG. Companies are aggressively engaging in mergers and acquisitions to add value to their product portfolio and expand their knowledge base. In addition to this, companies will also focus on research and development activities to develop advanced and sophisticated products to remain competitive in the market.