The demand for control valves is expected to remain high from the chemical industry: MRRSE
MRRSE has announced a new market research study Titled “Control Valves Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021”.’ to its vast internet repository of market intelligence reports.
Albany, NY, July 06, 2016 (GLOBE NEWSWIRE) -- According to the report, Global Control Valves Market is estimated to grow at a CAGR of 7.0% and reach US$12.14 bn by 2021. The global market for control valves has been covered under the scope of this report. Control valves can be defined as a device which modulates the flow at various degrees in accordance with signals received from an external control device. It is also referred to as “the final control element” and performs functions that directly affect the process.
The global control valves market is primarily driven by factors such as increasing investment in the oil and gas sector and growing demand for efficient fluid handling systems across different industries. Moreover, the demand for control valves is also expected to remain high from the chemical industry as a result of the rise in investments for pipeline installations across various chemical plants.
The market for control valves is primarily driven by factors such as increasing investment in the oil and gas industry and increasing number of pipeline installations to ensure efficient fluid handling across different industry verticals. Moreover, in order to meet the increasing demand of processed foods from the emerging markets like China. India and Brazil, the food processing industry is challenged with the uphill task of producing their products faster than ever before. This resulted in the growing demand for control valves to ensure efficient food processing and control processing environments. Furthermore, the demand for control valves also is expected be high in the pharmaceutical industry as various pharmaceutical companies are investing in sophisticated fluid handling systems in order to speed up the manufacturing process. Deploying efficient control valves systems ensures improvement of hygiene during the manufacturing process and reduces the scope of leniency regarding safety issues. Increased numbers of industrial infrastructure projects in developing countries coupled with increasing investments in the shale gas sector are also expected to boost the demand for control valves during the forecast period.
The control valves market by applications is divided into nine segments, namely: power generation, oil and gas, wastewater management, automotive, pharmaceuticals, mining, chemicals, food and beverages and others. The power generation industry was the largest contributor in the control valves market in 2014 and is expected to retain its position throughout the forecast period. The control valves usage in the power sector is mainly driven by investments in the industrial infrastructure projects in emerging economies such as China, India and Brazil. Countries like India and China are restructuring transmission and distribution network in power generation sector to ensure seamless electricity distribution to utility as well as other industries.
Control valves market has been bifurcated geographically into four regions: North America, Europe, Asia Pacific and Rest of the World. North America occupied the largest share of the market in 2014 accounting for more than 37%. The demand for control valves is expected to remain high in the region as a result of the expansion in the oil and gas extraction. Asia Pacific acquired the second largest share in the market globally and accounted for more than 23% in 2014.
Some of the major players in the market are: Emerson Electric Co. (U.S.), Flowserve Corporation (U.S.), Metso Corporation (Finland), MIL Control Limited (India), Pentair Plc (UK), General Electric Company (U.S.), Samson AG (Germany), Crane Fluid Inc (U.S.), IMI Plc (UK) and Velan Inc. (Canada) among others.
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Source: GlobeNewswire
(July 6, 2016 - 5:58 AM EDT)
