IndustryARC updated the market research study on “Control Valves Market”- Forecast (2024 - 2030)

The Control Valves market size was $6.6 billion in 2021 and is expected to grow at a CAGR of 6.0% during the forecast period 2022-2027. Growth of the Control Valves market can be attributed to the increasing application of control valves in food & beverage, oil and gas, utilities, pharmaceutical, chemical and other industries and adoption of Internet of Things (IoT) technology in the process industries. The Global process automation control valve market is poised to witness significant growth during the forecast period. With the emergence of industry 4.0, there is high adoption of actuator valves, pneumatic solenoid valves and other valves for process automation.? According to IoT Analytics, Less than 30% of manufacturers report extensive adoption for Industry 4.0 in 2021. However, this number is expected to rise rapidly. The growing demand for plant safety in manufacturing industries coupled with growing concern for personnel safety has led to the increasing deployment of hydaulic Control Valves and flow control devices. Automatic hydronic balancing, temperature stability, high control authority and pnematic actuator longevity by reducing the amount of movement are the main aspects that are projected to boost the demand for pressure-independent control ball valves and axial flow valves during the forecast period. Increasing demand for HVAC systems from a number of industries contributes to the increased market size of the control diaphragm valves and plug valves.

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Report Coverage

The report: “Control Valves Market – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Control Valves Market Report.

By Valve Body – Linear Valve (Globe, Diaphragm, Pinch and Others, Rotary Valve (Ball, Butterfly, Plug and Others).

By Accessories – Actuator, Controller, Positioner and Others.

By End Use Industry – Oil and Gas, Chemicals, Food and Beverage, Water and Wastewater, Energy and Power, Pharmaceutical, Automotive, Aerospace and Defense, Paper and Pulp, Agriculture, HVAC and Others.

By Geography - North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Australia and Others), South America(Brazil, Argentina and others),and RoW (Middle East and Africa).

Key Takeaways

North America dominated the Control Valves market owing to high adoption of automation technologies in industries combined with stringent regulations in 2021.

Implementation of advanced technologies such as IoT, artificial intelligence and automation technologies in manufacturing industries have been increasing the deployment of control valves. Integration of control valve actuators with these technologies set to drive the market.

Growing trend for digitalization and automation in conventional plants is leading to higher demand for control valves, thereby increasing the market growth.

High investment for adoption of automation technologies in industries is a major challenge which hampers the growth of the market.

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Control Valves Market Drivers

Adoption of IoT Technology is enhancing the performance of control Valves in process Industries

In recent years, the processing industries such as oil & gas, chemical and others have started exploiting IoT technology. IoT helps in improving operational efficiency of control valves. There has been increasing demand for adoption of IoT System in industries as this system is integrated with smart valves which are equipped with intelligent control systems, wireless vibration sensors and embedded processors. These sensors send notifications and data to a centralized monitoring system. In addition to these, IoT is also used for real time remote access, predictive control valve maintenance. Thus, IoT can be applied to improve the performance and efficiency of control valves, which in turn, will save maintenance costs and create a more secure work environment, thereby fueling the Control Valves industry. In spite of high adoption rates, only 54% of all the devices deployed in the adopter organizations are IIoT technology-enabled This will drive market growth.

Advancements in Technology

Advancements in technology have created innovative solutions that can help process plants to become increasingly more efficient through streamlining of their operations. Incorporating sensor technology to control valves in order to provide safe operation along with high performance in industries is creating demand for process automation. Another technology digital field bus protocol has been playing crucial role in manufacturing industries. Industrial field bus network systems are used to connect instruments in manufacturing plants that require considerably less wiring. Adoption of advanced technologies in manufacturing industries for controlling the valves is set to drive the Control Valves market size. This also forces independent control principles to eradicate the situation at a partial level that has a direct impact on the constancy of the room temperature. As the actuators are connected to them, Control Valves often ensure impeccable working conditions, which requires less movements to stay stable at temperature. This helps to improve the life of the actuators and reduces maintenance costs. This will drive market adoption.

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Control Valves Market Challenges

High Cost for investment

The major challenge for Control Valves is the high cost for investment. Implementing a process automation solution for control valves involves a considerable initial investment. However, this factor should be contrasted to the benefits in terms of productivity and compliance. The initial investment associated with switching from a human production line to an automatic production line is very high. Also, substantial costs involved in training employees to handle this new sophisticated equipment is hampering growth of the Control Valves market. For example in the automotive sector, the replacement cost of an idle control valve is anywhere from $120 to $500. The cost of the parts alone will be between $70 and $400+ thus, driving up investment.

Recent Developments

In February 2020, Weir Group PLC announced three new additions to the industry-leading Lewis series of sulphuric, sulphuric and phosphoric acid pumps and valves. A new chapter in the brand's proud history of ground breaking product and material engineering is the introduction of the Lewis VL Axial Pump, Lewis Horizontal Process Pump and Lewis Vertical High Pressure Molten Salt Pump.

In June, 2021 Spirax Sarco Introduced the Spira-trol Steam-Tight control valve. The secure steam control with class VI isolation in one valve with a flip over seat to double the life, providing the customer with a reduced total cost of ownership.

In April, 2021 GEMü, launched the GEMü R563 eSyStep, a new control valve with a motorised actuator. The valve specialist has also expanded the GEMü 566 control valve with the GEMü eSyStep actuator.