PUBLISHER: IMARC | PRODUCT CODE: 1519488
PUBLISHER: IMARC | PRODUCT CODE: 1519488
The global control valves market size reached US$ 9.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.4% during 2024-2032. The escalating demand for stainless steel product variants, along with the increasing trend of industrial automation, is primarily bolstering the market.
Major Market Drivers: The rising levels of industrialization are among the primary factors stimulating the global market. Moreover, stringent regulatory standards by government bodies are also acting as significant growth-inducing factors.
Key Market Trends: Numerous innovations in the design and functionality of control valves are catalyzing the global market. Apart from this, the inflating integration of sensor technologies and digital control systems is further positively impacting the overall market.
Competitive Landscape: Some of the prominent companies in the market include Christian Burkert GmbH & Co. KG, Curtiss-Wright Corporation, Emerson Electric Co., Flowserve Corporation, Honeywell International Inc., IMI plc, KITZ Corporation, SAMSON AG, Spirax-Sarco Engineering plc, Valvitalia SpA, and Velan Inc., among many others.
Geographical Trends: North America exhibits a clear dominance in the market, owing to the widespread adoption of smart manufacturing practices. Besides this, the growing emphasis on energy efficiency and sustainability is also stimulating the regional market.
Challenges and Opportunities: One of the challenges hindering the market is the increasing concerns regarding maintaining reliability and precise control under varying operational conditions. However, the widespread integration of smart control technologies and advanced materials to improve durability and performance will continue to fuel the market in the coming years.
Increasing Industrial Automation
The rising need for operation efficiency and cost-effectiveness is increasing the importance of control valves in several systems, as they facilitate the control of fluid pressure, flow, and temperature. For instance, in May 2024, Emerson announced the development of new AVENTICSTM Series 625 sentronic proportional pressure control valves. Moreover, they are designed to deliver highly accurate and electronic proportional pressure control and offer the flexibility needed to support pneumatic control engineering applications. Additionally, the diverse types of valves ensure an adaptive and responsive control system that optimizes performance and minimizes human error, which is acting as another significant growth-inducing factor. For example, in April 2024, Festo, one of the providers of automation technologies based in Germany, is catering to the developing needs of industries worldwide. The company developed its latest innovation in the form of the Valve Terminal VTUX, which can be easily incorporated into the smallest of spaces. Apart from this, control valves allow for real-time decision-making, which, in turn, improves operational efficiency and predictive maintenance capabilities. In May 2023, Beckhoff launched the MX-System, which revolutionized control cabinets by replacing wiring with baseplates for the automatic interconnection of electronic modules, including integrated pneumatic valves. This streamlines maintenance, simplifies control systems, enhances flexibility, etc., in industrial automation. Furthermore, the rising integration of smart and IoT technologies for real-time monitoring represents one of the control valves market recent opportunities. For example, in April 2024, Emerson launched the Micro Motion G-Series line of Coriolis mass flow and density meters. In addition, they provide the same level of quality and reliability as standard designs, but in a much lighter and smaller form factor. Moreover, compared to traditional volumetric flow meters, they offer direct mass flow measurement.
Rising Customization Options
The specific and diverse requirements of several applications are bolstering the market across the globe. Additionally, several industries, including pharmaceuticals, water treatment, oil and gas, power generation, etc., each have unique performance standards and operational challenges. Consequently, customization allows manufacturers to tailor control valves to precise specifications, including temperature ranges, material compatibilities, unique pressure ratings, and flow characteristics. For instance, in June 2023, Aquana, LLC., a subsidiary of Geospace Technologies, launched a remote shutoff valve known as the actuator valve serial (AVS) that offers employee safety while minimizing operating expenses for water utilities by allowing remote stop, start, or reduced water delivery to specific locations without sending service personnel to the field. Besides this, customization options enhance system reliability, efficiency, safety, etc., thereby ensuring optimal performance under specific conditions. For example, in November 2023, Tecnik Fluid Controls Pvt. Ltd. (TFCPL), which is into manufacturing of custom-designed industrial fluid control valves, set up a joint venture with U.S.-based diversified industrial manufacturer ITT Industries Inc. to produce industrial valves for the pharmaceuticals industry in India. Moreover, the inflating use of optimal valves for managing the pressure, flow, and temperature of oil, gas, and other intermediates is elevating the control valves market's recent price. In March 2024, IMI Critical Engineering launched an integrated anti-surge and compressor recycle valve to avoid disruptive and costly unplanned compressor damage across the oil and gas industry.
Strict Regulations
Control valves find wide-ranging applications throughout the commercial, industrial, and residential industries. As a result, several major regulatory organizations implement standards to ensure proper compatibility, functionality, and safety for users. The American Petroleum Institute (API) is one of the regulatory bodies operating in the oil and gas industry produced more than 900 standards that serve as the basis for quality programs to maintain regulations for production material and certification programs for pressure vessels, storage tanks, piping inspectors, etc. Moreover, API publishes reports that include research reports, recommended practices, and specifications on valves, pipelines, environmental procedures, etc. Besides this, ASTM International, originally known as the American Society for Testing Materials (ASTM), launches standards for valves made of a particular material and for a specific application. Additionally, the Fluid Control Institute (FCI) assists users and purchasers in understanding and using fluid control and conditioning equipment, such as solenoid valves, control valves, regulators, etc. Apart from this, the increasing number of certifications to mitigate industrial operations and ensure safe operations will continue to fuel the market in the coming years. For instance, in May 2024, Pres-Vac Engineering obtained certification for its high-velocity methanol valves under the IMO 1621 standard. Furthermore, this launch offers shipbuilders and owners unique options for creating more compliant and efficient dual-fuel systems.
IMARC Group provides an analysis of the key trends in each segment of the market, along with the control valves market forecast at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the type, size, technology, component, material, and end-use industry.
Rotary Valves
Ball Valve
Butterfly Valves
Plug Valves
Linear Valves
Gate Valves
Diaphragm Valves
Other Valves
Linear valves accounts for the majority of the market share
The report has provided a detailed breakup and analysis of the market based on the type. This includes rotary valves (ball valve, butterfly valves, and plug valves) and linear valves (gate valves, diaphragm valves, and other valves). According to the report, linear valves represented the largest segment.
Up to 1"
>1" to 7"
>7" to 25"
>25" to 50"
>50" and Above
>1" to 7" holds the largest market share
The report has provided a detailed breakup and analysis of the market based on the size. This includes up to 1", >1" to 7", >7" to 25", >25" to 50", and >50" and above. According to the report, >1" to 7" represented the largest segment.
Electric
Hydraulic
Manual
Pneumatic
Pneumatic represents the leading market segment
The report has provided a detailed breakup and analysis of the market based on the technology. This includes electric, hydraulic, manual, and pneumatic. According to the report, pneumatic represented the largest segment.
Actuators
Valve Body
Others
Actuators represents the leading market segment
The report has provided a detailed breakup and analysis of the market based on the component. This includes actuators, valve body, and others. According to the report, actuators represented the largest market segmentation.
Stainless Steel
Cast Iron
Alloy Based
Others
Alloy based represents the leading market segment
The report has provided a detailed breakup and analysis of the market based on the material. This includes stainless steel, cast iron, alloy based and others. According to the report, alloy represented the largest market segmentation.
Oil & Gas
Water & Wastewater Treatment
Energy & Power
Pharmaceutical & Healthcare
Chemicals
Building & Construction
Others
Oil & gas industry holds the largest market share
The report has provided a detailed breakup and analysis of the market based on the end-use industry. This includes oil & gas, water & wastewater treatment, energy & power, pharmaceutical & healthcare, chemicals, building & construction, and others. According to the report, oil & gas represented the largest market segmentation.
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
According to the control valves market overview, North America currently dominates the global market share
The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.
Christian Burkert GmbH & Co. KG
Curtiss-Wright Corporation
Emerson Electric Co.
Flowserve Corporation
Honeywell International Inc.
IMI plc
KITZ Corporation
SAMSON AG
Spirax-Sarco Engineering plc
Valvitalia SpA
Velan Inc.