Control Valve Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Control Valve Market Analysis

The Control Valve Market size is estimated at USD 7.43 billion in 2024, and is expected to reach USD 13.08 billion by 2029, growing at a CAGR of 12% during the forecast period (2024-2029).

Over the projection period, it is expected that increasing recent investments in pipeline and infrastructure expansion will boost demand for control valves.

• Advancements in technology have shaped innovative solutions that can improve process plants to become increasingly efficient by streamlining their operations. As industry requirements evolve and change, control valves and valve automation solutions suppliers are expected to continue developing products and processes that address these new challenges.
• The control valve market growth is driven by factors such as the increasing need for wireless infrastructure to monitor equipment in various plants, augmented focus on automation, and expanding number of process industry establishments.
• Valve technology with embedded processors and networking capabilities is becoming more popular in essential industries like oil and gas and pharmaceuticals. These technologies will function with sophisticated monitoring equipment and will be coordinated through a central control station.
• Control valves with a high number of cycles and the ability to withstand high temperatures have been developed in response to market demand. Furthermore, opportunities and new potential uses for control valves have been made possible by the growing emphasis on investing in alternative energy sources, especially renewable energy. For instance, the IEA predicts that 70% of all global energy investment will go toward renewable energy.
• Besides, because manufacturing automation is proliferating, control valve suppliers are attempting to enhance their market positions through mergers and acquisitions. For instance, in October 2021, Armstrong International finalized the acquisition of Leslie Controls, a producer of steam regulators, industrial pumps, water heaters, and control systems. Various control valves and steam water heaters from Leslie were included in the deal.
• The outbreak of COVID-19 has resulted in an economic crisis across the world. The pandemic has severely affected the oil and gas industry, with oil prices slashing down. Significant oil producers ran out of storage space for extracted oil, and the demand declined. According to the American Petroleum Institute's April 2020 Monthly Statistical Report, the petroleum demand in the United States declined nearly by 27% to 14.2 million barrels per day (b/d).
• This scenario has resulted in a massive gap between supply and demand. The oil and gas sector is one of the key industries using control valves. New oil and gas exploration projects, transportation pipeline projects, and maintenance activities are some of the major sources of demand for control valves in the global market.

Control Valve Market Trends

This section covers the major market trends shaping the Control Valve Market according to our research experts:

Control valves in Energy Sources to Drive the Market Growth

Control Valve Industry Segmentation

• The control valve manipulates moving fluid, such as water, steam, gas, or chemical compounds, to compensate for the load disturbance and keeps the regulated process variable as close as possible to the desired set point. Control valves are the most important part of any process control loop, as they are critical to the overall performance of the process, especially when reliability and productivity are the primary goals.
• The Control Valve Market is Segmented by Type (Globe, Ball, Butterfly, Angle, Diaphragm), End-user Industry (Oil and Gas, Chemical, Petrochemical and fertilizer, Energy and Power, Water and Wastewater Treatment, Metal and Mining, Food and Beverage, Pharmaceutical, Pulp, and Paper), and Geography.