Pneumatic Control Valves Account for Highest Revenue in Market of Control Valves Worldwide

2024-11-08 02:50:24 News & Society

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Where precisely regulating the flow of liquids or semi-solids is needed, control valves are used. Control valves can be operated using pneumatic, hydraulic, or electric energy. Manual control valves, however, are witnessing dwindling usage. Control valves have been a ubiquitous component in a myriad of industrial and commercial applications. From regulating the flow of heated liquids to chemical compounds to steam and gas, the scope of applications of control valves remains vast. Control valves are used in various industries such as power generation, oil and gas, wastewater management, automotive, pharmaceuticals, mining, chemicals and food and beverages among others.

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The latest market trends show that a demand for increasingly sophisticated fluid handling systems will boost the demand for high-precision, long lasting control valves. According to business intelligence firm Transparency Market Research, the global control valves market is poised to exhibit a 7.0% CAGR between 2015 and 2021. The market?s valuation in 2014 was US$7.74 bn and at the projected CAGR, it will rise to US$12.14 bn by 2021.

Increasing investment in fluid handling technology across oil and gas sector coupled with the growing requirement of industrial process controls across different industry verticals is driving the growth of the control valves market. Moreover, control valves are increasingly deployed in pipeline installations projects which are further fuelling the growth of the market. The demand for control valves is also expected to remain high in the pharmaceutical industry as various pharmaceutical companies are investing on sophisticated fluid handling systems in order to improve hygiene and also speed up the manufacturing process. Furthermore, increasing investment in the shale gas sector is also set to bolster the growth of the market.

By Types, the Control Valves Market has been Segmented into:

> Pneumatic Control Valves
> Hydraulic Control Valves
> Electric Control Valves

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Pneumatic control valves garnered the maximum revenue in 2014. The extensive usage of pneumatic control valves across various sectors including chemicals, oil and gas and petrochemicals among others is fuelling the growth of the market. The future growth of pneumatic control valves market is also expected to be driven by rising demand for low cost and less complex control valves solutions across different industry verticals.

The power sector worldwide held the largest market share among other applications, accounting for more than 20% in 2014. The control valves used in the power sector is mainly driven by investments in the emerging economies such as China, India and Brazil. Countries like India and China are improving their infrastructure as a result of the improving economic conditions. The rapid expansion in the economies of these countries has resulted in additional power requirements especially in the manufacturing sector. These factors are expected to positively impact the market in the coming years.

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