The presence of many global and regional market players have made the control valves market extremely fragmented, and competitive, states Transparency Market Research. To gain a competitive edge in such an intense and competitive market, large multinational market players mainly focus on mergers and acquisitions with smaller and preferably regional market players. This has proven to be a successful strategy for large companies to grow their businesses in the recent past. The strategy has helped major players cement their market standing in the control valves market.
Small and large market players are also gearing up with expansion and diversification of their product portfolios through technological innovations. This strategy has reaped significant gains, especially in emerging economies. Some major players in the global control valves market are Schlumberger Limited, Emerson Electric Co., Goodwin International Ltd, Honeywell International Inc., General Electric Company, among several others.
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According to the TMR report, the global control valves market is predicted to witness a notable growth rate of 6.4% CAGR in during 2017-2025. This market was evaluated at US$6.01 Bn in 2016. It is expected to reach US$ 10.46 Bn by the end of 2025.
The butterfly valves segment is expected to register the fastest growth in the control valves market. This is mainly due to their key application in controlling compressed gas or air applications, and cooling water and fire protection.
Control valves market in North America is expected to continue its dominance from a global perspective, thanks to the vital application of valves in shale gas exploration. The market is expected to grow at CAGR of 5.1% and help the market gross US$ 2.936 Bn in revenues by 2025.
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Expanding Power Generation Sector to Create More Opportunities
The power generation industry is expanding globally. Increasing demand for energy from consumers in this industry is expected to drive the global control valves market. The control valves market plays a crucial role in aiding the power generation sector by regulating the power generation processes. Control valves not only eliminate risks of leakages, which can be catastrophic but also aid the control of various elements such as flow rate, temperature, and pressure of fluids or steam used in different operations.
Growing oil & gas exploration activities are also expected to create more opportunities for the global control valves market. The industry is demanding better ways to control power generation and requires regular use of control valves, in risky and lucrative oil & gas explorations. Growing oil prices and dependence on unstable regions for oil is driving companies in the US to undertake more explorations in recent times, thus posing as a key factor pushing proliferation in the market.
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Lack of Skilled Labor and High Capital Costs Poses a Challenge
The capital costs in setting up a control valve manufacturing facility are quite high. Additionally, the shortage of skilled workforce, and volatile supply of raw materials is also expected to hamper the growth of the global control valves market. Various major players in the control valve market are investing in R&D to counter these trends with innovations. The control valves market is expected to deliver many more cost-effective alternative products during the forecast period.