Surge in need for automation in the process industry and increase in demand from the food & beverages sector have boosted the growth of the global control valve market. The market across Asia-Pacific dominated in 2019, contributing to around two-fifths of the market. The demand for control valves decreased during the pandemic as the construction, chemical, and oil & gas sectors reduced their day-to-day operation.
Portland,OR, Feb. 19, 2021 (GLOBE NEWSWIRE) --
As per the report published by Allied Market Research, the global control valve market was pegged at $5.40 billion in 2019, and is expected to reach $7.96 billion by 2027, growing at a CAGR of 7.0 % from 2020 to 2027.
Surge in need for automation in the process industry, rise in investments in the oil & gas industry and pharmaceutical infrastructure, and increase in demand from the food & beverages sector have boosted the growth of the global control valve market. However, intense competition from domestic manufacturers hampers the market growth. On the contrary, surge in number of infrastructure projects in emerging economies such as Japan and India would open lucrative opportunities for the market players in the future.
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The global control valve market is segmented on the basis of type, operation, application, and geography. Based on type, the market is divided into linear and rotary. The rotary segment is projected to portray the highest CAGR of 8.1% during the forecast period. However, the linear segment held the largest share in 2019, accounting for nearly three-fifths of the market.
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Based on application, the market is classified into pneumatic control valve, hydraulic control valve, and electrical control valve. The water & waste-water management segment is estimated to portray the highest CAGR of 9.8% during the forecast period. However, the oil & gas segment held the lion’s share in 2019, contributing to around one-fifth of the global control valve market.
The global control valve market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2019, contributing to around two-fifths of the market. Moreover, this region is anticipated to register the highest CAGR of 7.9% from 2020 to 2027.
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The global control valve market report includes an in-depth analysis of the major market players such as Crane Co., Alfa Laval AB Corporate AB, Emerson Electric ., Flowserve Corporation, Schlumberger Ltd., Metso Corporation, KSB SE & Co. KGaA, KITZ Corporation, Samson Aktiengesellschaft, and Velan Inc.
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