The market is driven by rising demand from end use industries such as water & wastewater treatment, oil & gas, and energy & power industry. Additionally, increasing adoption of industrial automation is boosting the use of smart control valves, which is further expected to boost the market growth over the forecast period.

According to Nova one advisor, the global Control Valves market was valued at USD 7.81 billion in 2021 and it is expected to hit around USD 20.7 billion by 2030 with a CAGR of 15.2% during the forecast period 2022 to 2030.

Surging demand from industrial sectors such as energy & power, water & wastewater treatment, and oil & gas industry and growing adoption of industrial automation propelling the smart control valves market are fueling the demand for control valves. Additionally, rising demand for control valves in the pharmaceutical and food & beverages industries is expected to drive the market.

Increasing adoption of control valves is rising continuously owing to the benefits they offer in controlling temperature and pressure throughout the downstream, midstream, and upstream activities. Therefore, growing oil & gas exploration activities are triggering the demand for control valves. Control valves offer various benefits of installing modernized and sophisticated fluid handling systems. In the pharmaceutical industry, there is a rising demand for fluid handling systems, owing to safety procedures in order to manufacture a hygienic and safe product.

These sophisticated fluid handling mechanisms are helpful in speeding up the manufacturing process, thus ensuring optimal performance. Moreover, the food & beverages industry utilizes control valves to speed up the manufacturing process and ensure the hygiene of end products such as packaged food. Surging demand for packaged food is augmenting the control valves market growth. This is due to the application of flow control devices with suitable control valve design and technology for improved quality of end product.

Asia Pacific is expected to dominate the market owing to increasing demand from the energy & power and water & wastewater industries. These industries are investing heavily to automate their flow-control processes, so as to increase production efficiency and simultaneously reduce error ratio. Furthermore, expanding the production of oil sands and shale gas in North America and rising oil & gas exploration activities in regions such as Middle East and Africa, and Asia Pacific are accelerating the demand for control valves over the forecast period.

Valve Size Insights

Some of the commonly available valve sizes are less than 1", between 1" to 6", between 6" to 25", between 25" to 50", and more than 50". The market was dominated by valves with size ranging from 1" to 6" in 2017 owing to their extensive application in the chemical, pharmaceutical, and food & beverage industries. The segment is anticipated to maintain its position in the market until 2030. On the other hand, the less than 1" segment is expected to post the highest CAGR during the same period.

Product Insights

Based on product, the market has been bifurcated into linear and rotary. Linear control valves have been further divided into gate, diaphragm, and others; whereas rotary types have been further segmented into ball, butterfly, and plug. The market is dominated by linear control valves, owing to their surging demand from end-use industries such as oil & gas chemicals and energy & power in developing economies. The segment is likely to post a CAGR of 7.12% during the forecast period.

Actuation Technology Insights

In terms of actuation technologies available, the market can be segregated into manual, pneumatic, hydraulic, and electric. Of these, pneumatic control valves will remain the most commonly used type in terms of technology. However, given the global scheme of things, sales of electric control valves are expected to rise at a higher pace.

Terms of Type Insights 

On the basis of type, the market comprises ball, butterfly, globe, diaphragm, and others. Of these globe control valves are expected to remain the top choice across industries through the forecast period. The report has predicted the total sales of globe control valves to total US$ 4.9 Bn by 2030.

End-use Insights

The oil & gas industry accounted for the leading share in the market owing to a wide application of control valves in natural gas generation, crude oil extraction, and refining processes. Moreover, owing to the increasing stringency of safety standards, around 12.0% of installed valves are replaced on a yearly basis.

Furthermore, the water & wastewater industry includes application processes, such as the supply of water for manufacturing purposes and the treatment of wastewater generated by industries. Across the globe, there are around 90,000 municipal wastewater plants that are expected to spend approximately USD 6.50 billion on valves by 2019, which is further expected to drive the market over the forecast period.

Component Insights

The actuator segment is expected to dominate the control valves market over the forecast period. This is the most important component in control valve architecture, as it makes valve operation automatic. One of the primary factors hindering the demand for these valves is the lack of common platforms such as Ethernet, Profibus, and Zigbee. The segment is anticipated to reach USD 9.27 billion by 2030, expanding at a CAGR of 7.42 during the forecast period.

However, the demand for the valve body is also projected to increase at a similar growth rate over the forecast period. Moreover, stringent environmental regulations and increasing industrial automation in emerging economies are poised to spur the growth of the segment over the forecast period.

Regional Insights

 Despite reigning as an early adopter of the latest technology innovations, North America stands second to Asia Pacific, which currently dominates the global control valves market. As per the study, control valves sales in North America are expected to total more than US$ 3.6 Bn by 2030.

Growth registered in the region is attributable to the increasing investment towards installation of electric control valves. While demand for hydraulic and pneumatic control valves remains high, sales in the electrical segment will increase at an accelerated pace.

To an extent, the North American energy landscape will present opportunities for solid growth in the market. The increasing focus on renewable energy will present highly attractive opportunities for sales in the region.

Demand from India, China, Japan, South Korea, and other nations will seal Asia Pacific's dominance in the control valves market. Backed by demand from strong power sector in India and China, Asia Pacific will record high demand for control valves through the forecast period. According to the study, the demand in Asia Pacific is set to rise at 10.4% CAGR through the course of the report's forecast period.

Under the Union Budget 2021-22, the Government of India has allocated US$ 43 Bn for a revamped and reforms-based new power distribution sector scheme over the next ten years. This information was published in the India Brand Equity Foundation (IBEF).

This is indicative of impressive growth opportunities on card for control valves producers in India. Precedence Research has forecast the demand in India to increase by over 10% between 2021 and 2027.

As per the International Energy Association, China's energy sector is transitioning, steered by the president's call for "energy revolution". Sharp rise in total energy supply and consumption has catapulted sales prospects for control valves manufacturers in China.

Backed by favorable government policies, China is expected to present more than US$ 5.9 Bn absolute opportunity in the Asia Pacific control valves market.

Some of the prominent players in the Control Valves Market include:

Emerson Electric Co., Flowserve Corporation, IMI plc, Alfa Laval AB, AVK Holding A/S, Eaton, Honeywell International, Inc., Velan Inc., Burkert Fluid Control System, Valvitalia SpA

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