Dublin, Jan. 27, 2021 (GLOBE NEWSWIRE) -- The "Global Control Valves Market with COVID-19 Impact Analysis by Material, Component (Actuators, Valve Body), Size, Type (Rotary, Linear), Industry (Oil & Gas, Water & Wastewater Treatment, Energy & Power, Chemicals), and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global control valves market size was valued at USD 5.5 billion in 2020 and is projected to reach USD 10.6 billion by 2025.
It is expected to grow at a CAGR of 14.2% during the forecast period. Increasing demand for valves from healthcare and pharmaceuticals industries due to outbreak of COVID-19 pandemic, rising demand for energy in APAC, growing need for connected networks to maintain and monitor industrial equipment, and surging focus on establishing new nuclear power plants and upscaling of existing ones are the key driving factors for the control valve market. However, lack of standardized certifications and government policies hampering the growth of the market.
"Valves sized >6"-25" to account largest share of the control valve market during the forecast period"
Valves sized 6"-25" accounted for the largest share of the overall control valves market in 2019, and a similar trend is likely to be observed during the forecast period. This growth can be attributed to the rising adoption of these valves in various critical and severe service applications in multiple industries, such as oil & gas, energy & power, water & wastewater treatment, chemicals, food & beverages, and pulp & paper. Several factors need to be considered while selecting the valve size for an application.
If the valve size is too small, it will not allow the required flow at the required pressure. Hence, it is essential to select a valve that is 60% and 80% open at the maximum required flow rate, wherever possible, and not less than 20% open at the minimum required flow rate. This helps valve users because it gives a good balance between using as much of the valve's control range as possible, and offers good flow resolution while providing adequate safety.
"Oil & Gas industry to to account for the largest share of the control valve market during the forecast period"
The oil & gas industry accounted for the largest share of the control valve market in 2019 owing to the rising energy demand and increasing drilling activities in the Gulf Cooperation Council (GCC) countries. However, at present, the world is facing an economic crisis due to the COVID-19 pandemic. However, at present, the world is facing a financial crisis due to the COVID-19 pandemic. This pandemic has severely affected the oil & gas industry, with oil prices declined to below zero levels.
The major oil-producing companies are running out of space to store the extracted oil, while the demand for oil has declined drastically, which has created a huge demand-supply gap. Oil & gas is among the key end-user industries of control valves. Valves provide process control support by appropriately controlling and positioning the actuators. They have become the key components in the offshore and onshore oil & gas industry, wherein high pressure and adverse corrosive conditions are experienced on production platforms and refineries.
"APAC to account the largest share during 2020-2025"
The control valve market in APAC was driven by China, as the country witnessed a significantly high demand for control valves for applications in several industries, such as oil & gas, energy & power, and chemicals, in 2019. In India, industries such as energy & power and water & wastewater treatment have a high demand for control valves.
However, the market in APAC has witnessed a sharp decline in the first quarter of 2020 due to the collapse of oil prices on the back of both surplus production and supply, as well as a decrease in demand caused by the COVID-19 pandemic. The uncertainty related to oil demand continues to have a significant impact on investments and operating plans of oil & gas industry.
AVK Holding A/S
Cameron (A Schlumberger Company)
Neles Corporation (Metso Corporation)
Neway Valve Co.
Trillium Flow Technologies (Weir Flow Control)
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