The report “Control Valve Market with COVID-19 Impact Analysis, By Material, Component (Actuators, Valve Body), Size, Type (Rotary and Linear), Industry (Oil & Gas, Water & Wastewater Treatment, Energy & Power, Chemicals), and Region – Global Forecast to 2025″, 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.
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Driver: Increasing demand for valves from healthcare and pharmaceuticals industries
With the rapid spread of COVID-19, healthcare and pharmaceuticals industries are at the forefront of combating the pandemic. There is a rise in the production of critical medical devices that are required to cure COVID-19 patients. Control valve market play an important role in the manufacturing of different types of medical devices, and several key industry players have grabbed the opportunity to contribute to the fight against the pandemic.
Opportunity: Implementation of valves in water & wastewater treatment plants
Valves used in old infrastructure are also on the verge of replacement as they have surpassed their operational life. Hence, it is important to replace such valves for improved performance and better worker safety. Thus, the rising concern of people for better sanitation and an increasing amount of fresh investments in water supply and sanitation projects create significant opportunities for the providers of valves having applications in the water & wastewater treatment industry.
North America to witness a higher CAGR during the forecast period.
Increasing R&D activities in the region pertaining to the use of valves in automation and the rising demand for safety applications are the 2 crucial factors driving the growth of this market in North America. R&D at industry levels is broadening the application areas of valves in different industries, such as energy & power and chemicals, especially in the US. Control valves are used in oil & gas, energy & power, and water & wastewater treatment industries to control media flow through a system, as well as to start, stop, or throttle the flow and ensure safe and efficient process automation.
A few of the key players in the control valve market are Christian Burkert (Germany), Emerson (US), Flowserve Corporation (US), Cameron (Schlumberger Company) (US), IMI PLC (UK), Neles Corporation (Finland), Crane Co. (US), Samson Controls (US), Kitz Corporation (Japan), Neway Valve (China), Ham-Let (Israel), Trillium Flow Technologies (UK), Alfa Laval (Sweden), Apollo Valves (US), Spirax Sarco (UK), Curtiss-Wright Corporation (US), Dwyer Instruments (US), AVK Holdings A/S (Denmark), Velan, Inc. (Canada), Swagelok (US), and Avcon Control (India)
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