The rapidly advancing automatic control technology has instrumented the growing applications of mechanical control components such as industrial valves. Sales of industrial valves, which are commonly used to regulate gases, liquids, and slurries etc., are expected to witness exponential growth in the forthcoming years, owing to the rising demand from oil and gas production-related facilities, growing worldwide smart city development initiatives, manufacturing industries’ constant pursuit for highly predictive maintenance techniques, and rigorous environmental and safety regulations to make energy sector more resilient.
Demand for industrial valves is also expected to rise on the back of myriad factors, such as the growing government initiatives in the direction of wastewater treatment to provide clean water, resurgent commercial construction projects, and rise in aging water pipeline replacements.
Manufacturers in the industrial valves market continue to face tough challenges due to the growing price war among vendors, coupled with the strict government policies in the market, which are prompting them to deliver unique products. The need to put better industrial valves on the table has become more important in recent time, since cross-industry vendors are intriguing the industrial valve market, thereby escalating the competition in the market. Global manufacturers of industrial valves continue to develop specialized products to bring about product differentiation and manufacture higher margin valves to curtail competition risk.
Control valves are highly adopted to regulate the flow of fluids, and are gaining traction as many industrial practices continue to embrace automation. Manufacturers are equipping control valves with advanced sensors and smart technologies that can measure the temperature, pressure, and liquid level effectively, and are enhancing the authenticity of control valves in calculating and maintaining flow rate easily. Fact.MR report opines that the worldwide control valve market will witness a steady growth during the study period. The uptake of control valves will increase notably on the back of the robust industrialization and increasing use of pneumatics in mechanical processes.
By 2026 end, most of control valves will be made using pneumatic actuation technology. As per the report, sales of pneumatic control valves will surpass 6,100 thousand units during the foreseeable period. High performance of pneumatic actuation technology in controlling system pressure and systematically directing the pressure flow will continue to increase the sales of these control valves, finds Fact.MR.
The report opines that industrial sector will continue to use ball valves considerably on the back of their top-notch performance at non-lubricated settings and accuracy in regularizing high temperature and pressure flows. Whereas, other types of control valves, including globe valve and butterfly valve are expected to witness high adoption during the forecast period. Control valves will witness highest demand from oil and gas industry, with the study opining that about one-fourth of the market volumes will be accredited to the blooming adoption of control valves in the oil and gas industry.
However, the initial set up of the control valve manufacturing equipment is costly, which might obstruct the small-scale businesses with limited funding to operate in control valve market, thereby hindering the overall growth of the market. Besides, the lack of skilled workforce and shortfall of raw ingredients continue to pose prime hindrance affecting the growth of control valve market globally. However, numerous businesses operating in the market have introduced cost-effective innovative valve variations which could offset some of the restraints taking a toll on the market.
Fact.MR study estimates that the control valve market will expand at a rate of 5.4% CAGR by volume during the foreseeable period. Sales of control valves worth over US$ 15.5 Bn are expected to take place through 2026.
Mohit Loshali, an experienced campaigner, writes about the latest evolutions and trends in the automotive and allied domains. He has helped clients from across the globe with his thought-provoking research and analysis.