Applications in Numerous Industries Drive Demand for Control Valves Market
Control valves can be defined as a device which modulates the flow at various degrees in accordance with signals received from an external control device. It is also referred to as “the final control element” and performs functions that directly affect the process. The major usage of control valves is to control conditions such as pressure, temperature, flow and liquid level either fully or partially closing or opening the valve in response to the signals being received from controllers. Control valves are used in various industries such as power generation, oil and gas, wastewater management, automotive, pharmaceuticals, mining, chemicals and food and beverages among others.
Increasing investment in fluid handling technology across oil and gas sector coupled with the growing requirement of industrial process controls across different industry verticals is driving the growth of the control valves market. Moreover, control valves are increasingly deployed in pipeline installations projects which are further fuelling the growth of the market. The demand for control valves is also expected to remain high in the pharmaceutical industry as various pharmaceutical companies are investing on sophisticated fluid handling systems in order to improve hygiene and also speed up the manufacturing process. Furthermore, increasing investment in the shale gas sector is also set to bolster the growth of the market.
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Demand for control valves is also projected to remain high in the global pharmaceutical industry owing to increased investments by pharmaceutical companies towards the development of sophisticated fluid handling systems for improving hygiene and speeding up manufacturing processes.Of the key regional markets for control valves, which include North America, Asia Pacific, Europe, and Rest of the World, the market for control valves in North America held the largest share in 2014, by accounting for more than 37%. Asia Pacific followed with a 23% share in the global market in the same year.
In order to meet the increasing demand of processed foods from the emerging markets like China. India and Brazil, the food processing industry is challenged with the uphill task of producing their products faster than ever before. This resulted in the growing demand for control valves to ensure efficient food processing and control processing environments. Furthermore, the demand for control valves also is expected be high in the pharmaceutical industry as various pharmaceutical companies are investing in sophisticated fluid handling systems in order to speed up the manufacturing process. Deploying efficient control valves systems ensures improvement of hygiene during the manufacturing process and reduces the scope of leniency regarding safety issues. Increased numbers of industrial infrastructure projects in developing countries coupled with increasing investments in the shale gas sector are also expected to boost the demand for control valves during the forecast period.
Some of the major players in the market are: Emerson Electric Co. (U.S.), Flowserve Corporation (U.S.), Metso Corporation (Finland), MIL Control Limited (India), Pentair Plc (UK), General Electric Company (U.S.), Samson AG (Germany), Crane Fluid Inc (U.S.), IMI Plc (UK) and Velan Inc. (Canada) among others.