Control Valves Market Sluggish Growth Rate Foreseen by 2017-2025April 9, 2021
Global Control Valves Market: snapshot
With the presence of a large pool of well-established regional, as well as international manufacturers of control valves, the global market for control valves demonstrates a highly fragmented structure. The market also displays high competitiveness, as the leading players are increasingly being involved in mergers, acquisitions, and alliances to strengthen their positions in the global market. Continual addition to the existing product portfolios of these players is also expected to help them significantly in the near future.
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The power sector has surfaced as the key contributor to the growth of the global market for control verves. Apart from this, the substantial increase in the oil and gas exploration activities is also impacting this market positively. The remarkable growth in the product pipelines, globally, is propelling this market considerably on the grounds of fast-paced industrialization.
The rising investment in the area of fluid handling technology in the oil and gas and the pharmaceutical industries is also driving the global control valve market. The pharmaceutical industry is looking to develop a state-of-art fluid handling system for the improvement in hygiene and to accelerate the process. In the oil and gas industry, the augmenting investment in the field of shale gas and the installation of pipelines to ensure the efficient handling of fluid, is increasing the demand for control valves, leading to a high growth of this market.
Global Control Valves Market: Overview
Control valves are a type of valve mechanism which respond to signals directed by controllers in the form of partial or complete closure or opening for controlling pressure, liquid level, flow, temperature, and other conditions. The production of control valves is chiefly driven by the soaring demand in process sectors and high energy consumption. Control valves could be of various kinds, viz. electric, hydraulic, pneumatic, and manual.
Global Control Valves Market: Key Trends
Manufacturers in the world control valves market could be encouraged with the recent drastic hike in demand as a result of the sophisticated developments in the electric control valves field. Products that are not dependent on periodic maintenance for their efficient functioning are envisaged to find greater importance in the eyes of manufacturers. This has led to the ballooning emphasis on their manufacturing and designing. Low environmental impact control valves are anticipated to rake in a strong revenue growth as government regulations pertaining to environment pollution turn stricter.
Although the oil and gas sector is deemed as a primary scope of growth for the world control valves market, the slacking oil and gas supply because of shredding reserves is predicted to cause hindrance. However, food and beverage is projected to make up for the loss in demand in the previous sector with a surging number of control valve applications. Nonetheless, it is worth taking note of the important applications of control valves in downstream, midstream, and upstream oil and gas activities.
Besides animal feed, oils and fats, and dairy industries in the food and beverage sector, control valves could be used in power generation and pharmaceutical sectors.
Global Control Valves Market: Market Potential
Valve and pump specialist Weir Flow Control has recently announced its newly acquired safety and control valve project of Maersk Oil, which is planning on the development of its Culzean gas field. The Culzean project is considered to be benefited by Weir’s combined engineering expertise in the U.K. and France facilities. Awarded by Sembcorp Marine Offshore Platforms (SMOP) in Singapore, the project will feature 130 purpose-designed Blakeborough valves and 132 Sarasin-RSBD special service valves for pressure relief.
Prominent companies such as OCV Control Valves are looking to incorporate fresh talent and veteran recruits with new appointments in their managerial departments. In March 2017, OCV announced Jarrod McCain in the capacity of business development manager and Megan Sutton as logistics and customer service manager.
Global Control Valves Market: Regional Outlook
The inert advancement of a majority of industry verticals in North America could be blamed for the listless growth rate in the region. Nonetheless, weighty players in the wastewater management, power generation, and oil and gas sectors making impressive technological and pecuniary investments are predicted to change the situation in the North America control valves market. The market could also gain impetus from the expansion of shale extraction due to the rising energy demand.
Asia Pacific, on the other hand, is forecasted to make its presence known in the global control valves market on account of the swelling demand in processed food and semiconductor and electronic manufacturing. In 2015, the Asia Pacific market had secured a larger share and is envisioned to continue demonstrating supremacy while riding on aggressive industrial infrastructure development and enlarging investments in different verticals.
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Global Control Valves Market: Competitive Landscape
Some of the giant companies in the control valves industry such as Velan, Inc., Flowserve Corporation, and Metso could be checked by firms manufacturing low cost products in Asia, which are expected to penetrate the existing markets. The other leading players in the world control valves market could be IMI PLC, Crane & Co., Samson AG, General Electric, Emerson Electric Co., and Pentair PLC.