The research study covers the present scenario and growth prospects of the global control valves market for 2016-2020. The market size has been estimated based on the demand for control valves from various end-user segments. The average price of various types of control valves has been considered to determine the market size.
The manufacturers of control valves are increasingly focusing on the development of globe valves to overcome problems such as reduced flow capacity, noise, pressure drops, cavitation issues, and difficult manual operation that are associated with conventional globe valves. Some of the new developments include in-suite seat arrangement, guided disc arrangement, non-rotating stem globe design, and seal welding of threaded seat ring. These developments enhance high sealing performance and require less handwheel effort.
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Technavio heavy industry analysts highlight the following three factors that are contributing to the growth of the global control valves market:
- Rising demand from water and wastewater treatment industry
- Demand from oil and gas industry
- Increase in CCGT power plants
Rising demand from water and wastewater treatment industry
There is increased demand for high quality and uncontaminated water for domestic consumption purposes. Though advanced economies have a well-developed infrastructure for water production, they lack effective supply facilities, resulting in impurities polluting the water during conveyance. This has led to several European countries shifting their focus toward improving municipal water treatment infrastructure.
Anju Ajaykumar, a lead tools and components research analyst at Technavio, says, “In contrast to the growth in developed countries, the municipal water infrastructure is in a dire condition in emerging economies like China and India. Large sections of the population in these countries lack access to potable water.”
Demand from oil and gas industry
The growth of the global oil and gas industry has led to an increase in the demand for valves, which in turn, automatically creates demand for control valves. The use of control valves in the oil and gas industry ranges from the extraction of crude oil and gas till it reaches the end customers via the refinery and associated pipelines.
“Most the infrastructure in this industry has become old and needs be revamped to ensure the continuation of efficient operations. This scenario is more visible in the Middle East, which currently dominates the oil and gas industry in terms of exploitable reserves,” adds Anju.
Increase in CCGT power plants
Coal is one of the most commonly used fuels for power production. Lately, natural gas has been slowly taking over coal’s share in the global power generation market. Historically, coal power plants are preferred over other types of power plants primarily due to the cost factor. In the past two decades, there has been a steady increase in the number of natural gas-based power plants due to the long-term focus of world leaders and environmentalists to curtail GHG emissions.
Another factor working in favor of gas-based power plants is the increased production of natural gas and the fall in its price. Regions that have abundant and cheap natural gas are expected to install gas-based power plants, which are more efficient and cost-effective compared with their fossil-fuel based counterparts.
- Emerson Electric
- Weir Group
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