Growing Usage by Food & Beverages Industry Driving Control Valves Market
In 2017, the control valves market generated
$11,137.0 million and is expected to attain $16,057.5 million in 2023,
advancing at a 6.3% CAGR during the forecast period (2018–2023). The market is
growing due to the high energy demand ascribed to the rising population,
increasing need for wireless infrastructure to monitor and control equipment,
rise in infrastructure projects, and surging use by the food and beverage
industry. A physical device which is utilized to control the flow of fluid by
varying the size of the flow passage using a controller is called a control
valve.
In terms of type, the control valves market
is categorized into butterfly valve, globe valve, ball valve, cryogenic valve,
and others (which include gate valve, diaphragm valve, and plug valve). Out of
these, the butterfly valve dominated the market during the historical period
(2013–2017), holding a share of more than 30.0% in 2017, in terms of volume.
This was because the butterfly valve is small and when it is actuated
pneumatically, it opens and closes quickly. The fastest CAGR is projected to be
registered by ball valve during the forecast period.
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When application is taken into consideration, the control
valves market is divided into oil & gas, food & beverages,
pharmaceuticals, power generation, chemicals, automotive, wastewater
management, and others (which include marine, mining, and agriculture). Among
these, the power generation application accounted for the major share of the
market during the historical period, in terms of volume. The pharmaceuticals
application is expected to grow at the fastest CAGR during the forecast period.
Pharmaceutical industries need a lot of safety standards, which is why valves
are made with special specifications for this industry.
A primary driving factor of the control valves
market is the growing demand for energy due to the rapidly increasing
population, especially in countries such as Indonesia and India. This is
resulting in an increased number of power plants for generating energy to meet
its demand. Pneumatic actuators are utilized extensively in power plants for
driving the control valves in different facilities. In addition to this,
butterfly valves are used in firefighting pipelines and treatment plants. Thus,
the rising requirement for energy is expected to lead to the increasing
requirement for control valves.
Another factor leading to the
growth of the control valves market is the increasing usage by the food
& beverages industry. Due to the rising disposable income, people are increasingly
purchasing processed foods, which, in turn, is leading to the rise in the
number of food processing plants. These plants need control valves in different
units. Globe, check, and gate valves are some of the most commonly utilized
control valves in food processing plants. In addition to this, butterfly and
ball valves are utilized by the dairy processing industry for preventing
contamination and leakage.
The
development of new valve technology is a key trend in the control valves
market. Conventionally, control valves were used mechanically without any
chips or processors embedded in them. However, now manufacturers have started
focusing on the development of new valve technologies, which have processors
embedded inside the valves. This will allow the valves to deliver real-time
data on flow rates and operating conditions and help during unplanned shutdowns
and predictive maintenance.
Hence, the market is witnessing growth due to the
rising usage by the food & beverages industry and surging demand for energy
because of increasing population.
