Control Valves Market Share, Leading Players, Growth and Future Analysis
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NEW YORK - Nyenta -- Anywhere there are pipes, there will be control valves to increase or decrease the flow of the liquid or gas being transported. Thus, in essence, a simple domestic-use water tap is a control valve, since it regulates the flow of water. However, industries utilize specialized control valves, since how much liquid or gas is flowing through a channel is absolutely vital here. Thus, with the growth in various industries around the world, the demand for these simple yet advanced components is only going to increase.

P&S Intelligence cites the expansion of industries, especially the oil and gas sector, to predict a steady 6.3% growth for the control valves market during 2018–2023. At this rate, the sale of such simple machines will be worth $16,057.5 million in 2023, compared to $11,137.0 million in 2017. Since the oil and gas sector deals with fluids and gases all day long, it requires a vast number of valves. Be it oil wells, pipelines that take the commodity to and from the refinery, or those massive ultra-large crude carrier (ULCC)-grade merchant vessels that ferry oil around the world, almost all upstream, midstream, and downstream oil and gas processes depend on control valves.

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The demand for electricity and automotive fuels is growing on account of the booming population. Since oil and gas, along with coal, still occupy a substantial share in the global energy mix, 67%, combined, in 2017, as per the International Energy Agency (IEA), exploration and production (E&P) activities continue to surge, though at a slower pace than 10–15 years ago. Till the world transitions completely to a hydrocarbon-free economy, oil and gas E&P activities can be expected to rise. Apart from on land, a large number of oil wells are being dug into the ocean floor, which is ultimately driving the demand for control valves (https://www.psmarketresearch.com/market-analysis/control-valves-market).

Hence, with growth in industries, the demand for control valves will keep rising.