Control Valves Market to be worth 9.88 Billion US$ by 2023
According to a recent report by MarketsandMarkets, the Control Valves market is expected to be valued at US$ 9.88 Billion by 2023, growing at a CAGR of 5.33% between 2017 and 2023. The major factors driving growth of the control valves market include increasing demand for valves in the oil gas and energy power industries, rising demand for energy power in APAC, and increased focus on city infrastructure in developing nations.
Actuators to have the largest size of the control valves market by 2023
Actuators is the key contributing component in control valves market for forecasted period. Actuators accounted for the largest share of the control valves market in 2016. owing to the growing demand for control valves from heavy industries such as oil & gas, energy & power, water & wastewater, chemicals, and other general industries such as pulp & paper, textile, and agriculture.
Market for energy & power industry to grow at a high rate between 2017 and 2023
The control valves market for the energy & power industry is likely to grow at a rate between 2017 and 2023. The growth of the market can be attributed to the rising demand for energy & power applications in developing economies such as China, India, and Brazil.
Gate and ball valves to hold a major share of the control valves market by 2023
Gate and ball valves are expected to hold a larger share of the control valves market by 2023 owing to the growing demand for oil & gas, energy & power, food & beverages, chemicals, building and construction, and water & wastewater applications from growing economies such as China, India, and Brazil, and Gulf Cooperation Council (GCC) countries.
Control valves market in APAC to grow at a high rate between 2017 and 2023
The control valves market in APAC is expected to grow at a high rate between 2017 and 2023. The high growth can be attributed to the increasing demand for control valves from the oil & gas, chemicals, and water & wastewater industries. Developing economies such as China and India play a crucial role in the chemical processing industry since the demand generated from these economies would lead to the high growth of the market in APAC.
The competitive landscape of the market presents an interesting picture where a large number of players have become a force to reckon with. The key players operating in the market include Crane Co. (US), Emerson (US), Flowserve (US), IMI Plc. (UK), Metso (Europe), Neway Valves (China), Velan Inc. (Canada), Samson AG (Germany), Spirax Sarco (UK), and The Weir Group Plc. (UK).