Control Valves Market Size (2024 – 2030)

The Control Valves Market was valued at USD 6.94 billion in 2023. Over the forecast period of 2024-2030, it is projected to reach USD 13.02 billion by 2030, growing at a CAGR of 9.4%.

A control valve represents a valve variant employed to regulate pressure, fluid flow, and temperature through adjustments in the dimensions of the flow passage. This utilization extends across various process industries, encompassing power generation, food and beverage, water management, oil and gas, and automotive sectors, among others.

Key Market Insights:

The rising integration of industrial automation is driving the uptake of intelligent control valves, poised to fuel market expansion in the foreseeable future. Escalating numbers of power generation facilities worldwide, coupled with growing energy demands in developing economies, are key factors propelling the demand for control valves. Additionally, their utilization in nuclear power plants, particularly in critical processes such as chemical treatment, feed water management, cooling systems, and steam turbine control, further underscores their significance.

Furthermore, the escalating demand for control valves stems from the challenging conditions encountered in production and refinery platforms, characterized by high pressures, temperatures, and corrosive environments. These platforms are predominantly utilized in both offshore and onshore oil & gas operations, where control valves are integral to various critical functions. Beyond regulating fluid flow, control valves govern parameters such as volume, direction, rate, and pressure of fluids.

Control valves find extensive application across diverse process industries including food & beverages, oil & gas, water & wastewater, petrochemicals, energy & power, and pharmaceuticals, catering to the burgeoning automation requirements. They play a pivotal role in enhancing profitability, safety, and efficiency across multiple production processes within these industries. Moreover, the increasing adoption of control valves is driven by their ability to facilitate precise temperature and pressure control throughout downstream, midstream, and upstream activities.

Control Valves Market Drivers:

Advanced technology drives market growth.

Technological advancements have led to the creation of innovative solutions capable of enhancing the efficiency of process plants by optimizing their operations. As industry demands evolve, suppliers of control valves and valve automation solutions are anticipated to persist in developing products and processes that effectively address emerging challenges.

The growth of the control valve market is propelled by several factors, including the escalating need for wireless infrastructure for equipment monitoring across various plants, an increased emphasis on automation, and the rising number of establishments in the process industry sector.

Valve technology incorporating embedded processors and networking capabilities is gaining traction, particularly in critical industries such as oil and gas and pharmaceuticals. These technologies will integrate with advanced monitoring equipment and be centrally managed through a control station.

The increasing embrace of digitalization and automation within conventional plants is fueling heightened demand for control valves. Consequently, manufacturers of control valves are actively involved in research and development endeavors to tailor their products to meet the evolving needs of end-use industries.

Control valves in Energy Sources Increase Market Growth

Renewable energy initiatives, notably the surge in solar thermal energy plants, stand as a significant driver in the control valve market. However, challenges persist due to inefficient logistics and supply systems worldwide, posing potential obstacles to market growth.

Innovations in sensor and valve technology have empowered manufacturers in the energy sector to enhance their production capabilities, thereby reducing equipment ownership costs, optimizing uptime, and minimizing maintenance expenses.

The increased focus on renewable energy projects has led to a notable expansion in the number of solar thermal energy plants, consequently widening the application areas for control valves in various regions. Moreover, a skilled workforce and ample financing options further contribute to the demand for renewable energy projects.

Control Valves Market Restraints and Challenges:

The absence of standardized certifications and government policies, along with the potential for accidental downtime resulting from valve malfunctions or failures, are anticipated to serve as primary constraints on the growth of control valves during the forecasted period. Additionally, the ramifications of the COVID-19 pandemic on key industries such as oil and gas, as well as energy and power, may pose challenges to the control valves market's growth trajectory.

Control Valves Market Opportunities:

The market is experiencing a transition towards the incorporation of smart valve technologies, encompassing digital control systems, wireless communication, and Industrial Internet of Things (IIoT) functionalities. Smart valves facilitate remote monitoring, predictive maintenance, and real-time data analysis, thereby elevating process efficiency and minimizing downtime. Control valve positioners are increasingly embraced to enhance valve performance and accuracy. These devices guarantee precise valve positioning, diminish process variability, and augment control system effectiveness.

CONTROL VALVES MARKET REPORT COVERAGE:

Control Valves Market Segmentation: By End-user Industry

• Oil and Gas

• Chemical

• Petrochemical and fertilizer

• Energy and Power

• Water and Wastewater Treatment

• Metal and Mining

• Food and Beverage

• Pharmaceutical

• Pulp

• Paper

In terms of revenue share, the oil & gas segment dominates the market, and it is projected to exhibit the fastest Compound Annual Growth Rate (CAGR) of 10.1% throughout the forecast period. This growth is attributed to the extensive utilization of control valves in natural gas generation, crude oil extraction, and refining processes. Furthermore, the escalating stringency of safety standards necessitates the replacement of approximately 10.0% of installed valves annually.

The water & wastewater treatment segment is expected to witness a CAGR of 9.5% during the forecast period. This segment encompasses critical processes such as industrial water provision and wastewater treatment across various sectors. Globally, there exist over 90,000 municipal wastewater plants, where control valves serve as indispensable components, highlighting their pivotal role in this industry.

Control Valves Market Segmentation- by Region

• North America

• Europe

• Asia Pacific

• South America

• Middle East & Africa

North America stands out as one of the most significant markets for control valves globally, with both the United States and Canada experiencing substantial demand across various industries including oil and gas, electricity, food and packaging, and chemicals. The rapid advancement of industrial automation in the region is expected to drive the demand for control valves. Within North America, the United States plays a pivotal role in driving demand, particularly in segments such as oil and gas, refining, and power generation.

On the other hand, the Asia Pacific region emerges as the fastest-growing market, projected to achieve the highest Compound Annual Growth Rate (CAGR) of 10.0%. Companies in the region are heavily investing in valve and actuator manufacturing, as well as associated technologies, with a focus on transitioning towards smart valve solutions. This surge in investment is driven by the increasing demand for automated valve operations across industries such as water & wastewater, food & beverage, energy & power, and pharmaceutical.

COVID-19 Pandemic: Impact Analysis

The global outbreak of COVID-19 has precipitated an economic crisis of unprecedented scale. Particularly hard-hit is the oil and gas industry, which has experienced a substantial downturn marked by plummeting oil prices. This downturn has been exacerbated by significant oil producers facing storage capacity shortages and a sharp decline in demand, leading to a significant disparity between supply and demand. Given the pivotal role of control valves in the oil and gas sector, the downturn has had a profound impact on the market. Demand for control valves has historically been driven by new exploration projects, pipeline transportation initiatives, and maintenance activities within the oil and gas sector on a global scale.

Latest Trends/ Developments:

• In June 2023, Aquana unveiled its latest innovation, the Actuator Valve Serial (AVS), as part of its Water IoT platform. This remote cutoff valve, manufactured and designed in the United States, functions as a remote disconnect ball valve, boasting an IP68 rating. It offers seamless integration with any existing Advanced Metering Infrastructure (AMI) platform.

• In June 2022, Schubert & Salzer Control Systems introduced the newest iteration of their 8049 digital positioners tailored for pneumatic control valves, featuring IO-Link connectivity. Leveraging IO-Link technology enables continuous monitoring of field-level data, allowing for the early detection of even the slightest irregularities.

• In May 2022, Flowserve announced enhancements to the design of the Valtek FlowTop control valve, aligning it with global standards for general service and moderately severe service applications. The upgraded FlowTop General Service valve builds upon the reliability of the FlowTop GS and Valtek GS control valves, offering a standardized, versatile control solution with precision control capabilities. It also provides a range of trim and packing options, simplifying maintenance procedures.

Key Players:

These are the top 10 players in the Control Valves Market: -

1. Valvitalia SpA

2. Emerson Electric Co.

3. IMI plc

4. Flowserve Corporation

5. Alfa Laval AB

6. Eaton

7. AVK Holding A/S

8. Honeywell International, Inc.

9. Burkert Fluid Control System

10. Velan Inc.