Control Valve Market size is anticipated to reach USD 175 Billion by the end of 2036, growing at a CAGR of 12% during the time period i.e., 2024-2036. In the year 2023, industry size of control valve was 20 Billion. The industrial sectors, including chemical, oil and gas, and others, have begun to use IoT technology in recent years. Control valve operational efficiency is increased with the use of IoT. Because IoT systems are linked with smart valves that include embedded processors, wireless vibration sensors, and intelligent control systems, there has been a surge in demand for their adoption in various industries. Only 54% of all the devices installed in the adopter firms are enabled by IIoT technology, despite the high adoption rates.
Furthermore, the production and refinery platforms' high temperatures, high pressure, and unfavorable corrosion conditions have increased the demand for control valves. The primary uses for these platforms are in onshore and offshore oil and gas operations. The majority of crucial systems in the oil and gas sectors use these valves. It regulates the volume, direction, pace, pressure, and flow of fluids in addition to their movement.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024 - 2036 |
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CAGR |
~12% |
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Base Year Market Size (2023) |
~USD 20 Billion |
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Forecast Year Market Size (2036) |
~USD 175 Billion |
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Regional Scope |
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Source (Actuator, Controller, Positioner)
Based on source, the actuator segment in the control valve market is anticipated to hold the largest revenue share of 40% during the forecast period between 2024-2036. The demand for control valves is expected to grow as a result of the introduction of Internet of Things and automation technologies in different sectors. The actuators are capable of fully rotating their heads by 360 in control valves, allowing flexibility of installation and optimization. This helps to reduce the total cost of installation and make it more efficient for actuators to be integrated into production processes, thus stimulating market growth. The most common type of valve is the linear style valve.
End-user Industry (Oil & Gas, Chemical, Petrochemical & fertilizer, Energy & Power, Water & Wastewater Treatment, Metal and Mining, Food & Beverage, Pharmaceutical, Pulp,& Paper)
In terms of end user, the energy & power segment is set to dominate the control valve market by the end of 2036. Headways in sensor and valve innovation have empowered producers within the vitality sources industry to up their fabricating capabilities by diminishing the in general taken a toll of gear possession, maximizing uptime, and bringing down support costs. Moreover, energy companies are trying to find oil and gas generation openings within the locale, owing to the developing territorial request. For occurrence, in November 2021, the Bureau of Sea Vitality Administration (BOEM) held an oil and gas rent deal for the Gulf of Mexico. This rent deal pulled in over USD 191 million in offers for 308 squares. Within the rent deal, a add up to of 33 companies submitted 317 recommendations.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Source |
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APAC Market Forecast
The control valve market in the Asia Pacific region is set to hold the largest revenue share of 33% during the forecast period 2024-2036. The growth is driven by the presence of emerging economies like China and India. In addition to technologies that need to be involved in converting them into smart valves, companies in the region invest heavily in valve and actuator manufacturing. In industries such as water, wastewater, food and beverage, energy, and pharmaceutical there is also an increasing demand for automation of valve operations.
North American Market Statistics
The control valve market in the North America region is poised to grow significantly during the forecast period between 2024-2036. In both the United States and Canada, there are colossal requests from different businesses, including oil and gas, power, nourishment and bundling, and chemicals. Major sectors within the nation, such as oil and gas, renewable vitality, and water and industrial wastewater treatment, are moving toward valve innovation with implanted processors and organizing capability to work nearby advanced checking innovation facilitated through a central control station. Oil generation within the Joined together States proceeds to expand rapidly. For occurrence, ExxonMobil, one of the driving oil makers within the nation, declared its plans to extend the generation movement within the Permian Basin of West Texas by creating more than 1 million barrels per day (bpd) of oil identical as early as 2024. This can be identical to an increment of about 80% compared to the show generation capacity. Additionally, Chevron is anticipated to extend its net oil-equivalent generation to reach 600,000 bpd by 2020 and 900,000 bpd by 2023.
Spirax Sarco released the Steam-Tight control valve Spira-trol. The flip-over seat doubles the life of the secure steam control with class VI isolation, resulting in a lower total cost of ownership for the client.
A new control valve with a motorized actuator, the GEMÜ R563 eSyStep, was introduced by GEMÜ in April of 2021. The GEMÜ eSyStep actuator has been added to the GEMÜ 566 control valve by the valve specialist.
Author Credits: Rushikesh, Richa Gupta
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