Growing Use in Food & Beverages Industry Driving Control Valves Market
In 2017, the control valves market generated
$11,137.0 million and is predicted to attain $16,057.5 million by 2023, registering
a 6.3% CAGR during the forecast period (2018–2023). The market is growing due
to the rising need for wireless infrastructure to monitor and control
equipment, increasing infrastructure projects, surging use in the food &
beverage industry, and high energy demand because of increasing population. A
physical device which is utilized for controlling the flow of fluid by varying
the size of the flow passage with the aid of a controller is called a control
valve.
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When actuation technology is taken into consideration,
the control valves market is categorized into electric control valve,
manual control valve, hydraulic control valve, and pneumatic control valve.
Among these, the pneumatic control valve category held the largest share of the
market during the historical period (2013–2017), accounting for a volume share
of over 35.0% in 2017, and is further predicted to retain its position during
the forecast period. This is because these valves are simple to operate, offer
precise linear motion, and can be utilized in a wide range of temperatures.
In terms of application, the control valves market
is divided into wastewater management, power generation, pharmaceuticals, oil
& gas, automotive, chemicals, food & beverages, and others (which
include agriculture, mining, and marine). Out of these, the power generation
division dominated the market during the historical period, in terms of volume.
However, the oil & gas division is expected to account for the major share
of the market in 2023. The pharmaceuticals division is predicted to grow at the
fastest pace during the forecast period.
A key driving factor of the control valves market
is the rising need for wireless infrastructure for monitoring and controlling
equipment in different industries, such as power plants and oil & gas.
Companies face difficulty in maintaining different units in large scale oil
fields, which has resulted in the increasing usage of wireless infrastructure,
including automated valves. These valves can be controlled from the central control
unit. Attributed to these factors, various units of oil & gas facilities
are being fitted with these valves that are controlled remotely.
The rising usage of control valves by the food &
beverages industry is another key driving factor of the control valves
market. Due to the increase in disposable income, people are increasingly
spending their income on processed foods, which, in turn, has led to a growth
in the number of food processing plants. These plants make use of control
valves in different units. The commonly utilized valves in this industry are
check, globe, and gate valves. Moreover, butterfly and ball valves are used by
the dairy processing industry for preventing leakage and contamination.
A key trend being witnessed in the control valves
market is the development of new valve technology, which includes the
development of valves which are embedded withs sensors. Conventional valves
were utilized mechanically without any chips or processors embedded in it.
However, now the manufacturers are focusing on developing new technologies
which will allow the valves to deliver real time data on flow rates and
operating conditions. In addition to this, these valves will also aid in the
prediction of maintenance and unplanned shutdowns.
Hence, the market is being driven by the increasing
utilization of control valves in the food & beverages industry and rising
requirement for wireless infrastructure to control and monitor equipment.
