The global control valves market is distinguished by its market participants, big and small, vying for the top share of the market revenue. Transparency Market Research (TMR) reports that the rivalry between enterprises in this industry is rapidly growing due to the fragmented nature of the market. Key market players have a smaller market share in the worldwide market, and the one way that these enterprises can make business is by reducing the bids on their projects. The report names enterprises such as Metso Corporation, Emerson Electric, Pentair, PLC, Velan Inc and Flowserve Corporation as key players of the market, with Metso, Emerson and Flowserve almost holding a fourth of the market share.
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A report published by TMR elucidates the growth statistics of the worldwide control valves market. In terms of revenue, the market was valued at US$8.92 bn in 2015 and is predicted to reach US$15.41 bn by the end of the forecast period, 2024. According to this evaluation, the market is projected to exhibit a CAGR of 6.3% between 2016 and 2024
Pneumatic Valves to Emerge as Leading Market Segment
Based on type, the butterfly control valve section held the lead in the worldwide market in 2015. The segment of electric control valves, then again, is estimated to showcase gargantuan venture openings from 2016 to 2024. By technology of actuation, pneumatic control valves led the pack in 2015 with an income offer of more than 40% and this segment is anticipated to hold its strength through 2024. Pneumatic control valves are likewise foreseen to demonstrate a steady CAGR of 6.5%, in terms of market revenue share.
In view of end usage, power generation part is the dominant segment, while the chemicals business is the key supporter in terms of market volume. Asia Pacific could be the pivotal regional segment in the control valves market globally, and is probably going to add up to US$6.7 bn by 2024. Reporting a 6.7% CAGR, APAC is likewise prone to rise the most swiftly among other growing local segments in the worldwide control valves market, over the forecast duration.
Oil and Gas Industry to Provide Lucrative Growth Opportunities to Market
The rise in demand for control valves from the oil and gas industry is predicted to be one of the pivotal determinants that will positively impact the global control valves market in the coming years. The oil and gas industry utilizes control valves in different applications including the underlying phases of the extraction of unrefined petroleum and gas till the refinery forms and in the related pipelines. To guarantee the continuation of effective operations various emerging nations, especially in the Middle East have begun concentrating on the remodel of existing refineries and are additionally focusing on the development of their oil refineries to take care of the developing demand for unrefined petroleum. This will bring about expanded speculations towards infrastructural and pipeline improvement that will request the requirement for control valves from this industry, thus, supporting the market’s development prospects.
The additional driving the global control valves market is the steady increment in the requirement for mechanization and automation in the process business, the rising number of infrastructure projects in developing nations, and the regularly increasing ventures over all the process industries, specifically the oil and gas industry. Moreover, the interest for control valves is anticipated to be high in the pharmaceutical business. High demand of energy along with ever rising population is one of the central factors driving the market growth.
The data and information presented in this review is based on a TMR report, titled, “Control Valves Market (Actuation Technology – Manual Control Valves, Pneumatic Control Valves, Hydraulic Control Valves, and Electric Control Valves; Type – Ball Valves, Butterfly Valves, Globe Valves, and Cryogenic Valves; End-Use Industry – Power Generation, Oil & Gas, Chemicals, Food and Beverages, Automotive, Pharmaceutical, and Wastewater Management) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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