Control valves market to account revenue of US$15.41B by 2024

If these values hold true, the market is projected to expand at a 6.3% CAGR during the forecast period. The volume of the global control valves market is forecast to rise at a 5.9% CAGR from 2016 to 2024.

On the basis of type, the butterfly control valve segment held the dominant share in the global market in 2015. The cryogenic control valves segment, on the other hand, is forecast to present immensely attractive investment opportunities from 2016 to 2024. By actuation technology, pneumatic control valves took the lead in 2015 with a revenue share of over 40% and this segment is projected to retain its dominance through 2024. Pneumatic control valves are also anticipated to register a high CAGR of 6.5% in terms of revenue.

Based on end use, the power generation sector is the leading segment in terms of revenue, while the chemicals industry is the key contributor in terms of volume. Asia Pacific forms the leading regional segment in the control valves market and is likely to amount to US$6.7 bn by 2024. Registering a 6.7% CAGR during the forecast period, APAC is also likely to emerge as one of the most rapidly expanding regional segments in the global control valves market.

Growing Usage of Alternative Sources of Power a Major Restraint

The global control valves market has been thriving as a result of rapid growth in the oil and gas industry. "The demand for control valves is anticipated to rise with their increase in uptake in upstream, midstream, and downstream activities," the author of the report states. The benefits offered by control valves in pressure and temperature control in the oil and gas industry is working in favor of the global market.

The extensive use of control valves in the food and beverages industry is also projected to be a key growth driver for the global market. Control valves are primarily used in industries such as dairy, animal feed, and oil and fats. The rapid growth of the food and beverages industry in the developing countries such as Brazil, China, and India is anticipated to have a positive impact on the control valves market.

The chief restraint on the market is the growing usage of alternative sources of power. "This emerging trend threatens to dissuade the adoption of control valves as they have no application in harnessing renewable sources of energy such as wind, solar, and tidal," the lead analyst reports.

The strong presence of local manufacturers in India and China has been hampering the revenues of big players. This has compelled established players to price their products competitively, which, in turn, has had a negative impact on their profit margins.