Valves, Control Valves, Actuators, Automation Equipment & Valve Maintenance.
Control valve market to grow at a significant rate from 2019 to 2025.
The control valve market is estimated to grow from USD 8.0 billion in 2019 to USD 11.3 billion by 2025, at a CAGR of 5.9% during the forecast period. Rising demand for energy, increasing adoption of valves in oil and gas production-related firms in GCC countries, growing need for the connected network to maintain and monitor various equipment in plants, and surging focus on establishing new nuclear plants and upscaling of existing ones are the key driving factors for the control valve market. Use of 3D printing in manufacturing valves, the introduction of IIoT & industry 4.0, the need for replacement, adoption of smart valves, and the focus of valve manufacturers to offer improved customer service are among the other factors fueling the growth of the control valve market. However, high fabrication costs & a rise in collaboration among industry players can hinder the growth of the control valve market. Actuators to account for the largest market size from 2019 to 2025.
The control valve market, based on components, has been segmented into the valve body, actuators, and others (IPC connectors and positioners). Actuators are expected to account for the largest share of the control valve market during the forecast period. This can be attributed to the increasing use of actuators in the oil & gas, energy & power, metals & mining industries; actuators are installed in industrial locations that are not easily accessible by humans, and actuators can provide uninterrupted and reliable services during the operation of the valves. It is expected to record the highest growth rate during the forecast period It is expected, especially in APAC countries, to record the highest growth rate during the forecast period. Rapid population growth and urbanization in developing economies, such as China, Japan, South Korea, and India have prompted speedy development of several industries, such as energy & power, water & wastewater treatment, construction, chemicals, pharmaceuticals, and oil & gas, which, in turn, will upsurge the demand for control valves.
No results found.
- You can also advertise your company permanently on this page!