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According to the estimates by IMARC Group, the global control valves market is expected to witness a CAGR of 5% during 2021-2026.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous manufacturing units of control valves.
The increasing demand for oil and gas across the industrial, transportation and residential sectors, along with growing consumer preferences for stainless steel-based valves, represent some of the key drivers for the global control valves market.
Extensive research and development (R&D) activities undertaken by numerous key industry players for launch of innovative product variants represent one of the key trends in the global control valves market.
On the basis of the type, the market has been bifurcated into rotary valves and liner valves. Currently, liner valves hold the majority of the total market share.
On the basis of the size, the market has been divided into up to 1", >1" to 7", >7" to 25", >25" to 50", and >50" and above. At present, >1" to 7" sized valve exhibits a clear dominance in the market.
On the basis of the technology, the market has been segregated into electric, hydraulic, manual, and pneumatic. Currently, pneumatic dominates the global market.
On the basis of the component, the market has been bifurcated into actuators, valve body, and others. Currently, actuators hold the majority of the total market share.
On the basis of the end-use industry, the market has been segmented into oil & gas, water & wastewater treatment, energy & power, pharmaceutical & healthcare, chemicals, building & construction, and others. At present, the oil & gas sector exhibits a clear dominance in the market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global control valves market are Burkert Fluid Control Systems, Curtiss-Wright Corporation, Emerson, Flowserve Corporation, Honeywell International, IMI PLC., Kitz Corporation, Samson AG, Spirax Sarco, Valvitalia SpA, Velan Inc., etc.
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