February 15, 2023 06:04 ET | Source: Market Research Future Market Research Future
New York, New York, UNITED STATES Check Valve
New York, US, Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Control Valve Market Research Report: Information by End-Use, Region, Component, Valve Type, and Valve Size- Forecast till 2030”, the global control valve market is anticipated to show considerable development during the assessment era from 2022 to 2030 at a healthy growth rate of approximately 6.7%. The reports further anticipate the market to attain a substantially larger size of around USD 5,987.50 Million by the end of 2030.
Market Scope: Control Valves are considered the beginning of any manufacturing process. That's the cause why manufacturing companies in several industry sectors rely on control valves to drive their basic business operations. The market has witnessed a rise in demand across the oil, gas, and energy industries. The reason is that these organizations are gradually trying to find effective solutions in both the conventional oil and natural gas and alternative energy industries. The Control Valve Market covers several kinds of valves utilized across several industry sectors. Certain examples of these are ball valves and globe valves. A range of industry sectors utilizes these valves. These industry sectors involve energy, chemicals, and oil & gas.
The catalog for the leading participants across the global market for control valves includes players such as:
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The global market for control valves has demonstrated tremendous development in recent years. The intensive investment in oil pipeline and infrastructure development is the primary aspect supporting the market's performance. The fast adoption of these valves across several industry sectors is another crucial parameter boosting market performance. The worldwide shift towards reliance on alternative energy instead of fossil fuels has generated the requirement for more solar thermal energy plants, which depend on control valves for operation.
The global market for control valves has showcased immense development in past few years. The intensive investment in oil pipeline and infrastructure development is the primary aspect supporting the market's performance. The fast adoption of these valves across several industry sectors is another crucial parameter boosting market performance. The worldwide shift towards reliance on alternative energy instead of fossil fuels has generated the requirement for more solar thermal energy plants, which depend on control valves for operation.
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On the other hand, several parameters may restrict the performance of the market. The primary aspect restricting the market's growth is the lack of standards in manufacturing control valves. Furthermore, the fact that control valves are neither compatible nor interchangeable with several devices is another crucial parameter anticipated to hamper market performance over the coming years.
The global health hazard in the shape of COVID-19 has had a massive impact on most industry sectors. Considering the rapid spread of the infectious disease, several governments across the globe announced partial or complete lockdowns for quite a long time. Consequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for vehicles and travel restrictions imposed, the control valve market faced several unexpected challenges during the pandemic. On the other hand, with the rapid vaccination rates and all the global industrial operations returning to normal, the market is anticipated to experience substantial development over the forecasted timeframe.
The MRFR analysis reports suggest that the Asia-Pacific region is anticipated to secure the top spot across the global market for control valves over the review era. The regional market's growth is ascribed to the aspects such as faster economic growth and greater investments in energy & power.
The North American regional market for control valves is anticipated to showcase substantial development over the coming years. The regional market's growth is ascribed to the aspects such as the growing requirement for control valves and increased demand for safety products.
Among all the services, the butterfly valve is anticipated to secure the top position across the global market for control valves over the review era. The valves are known to have several application areas in manufacturing medicines and other health-related products. The primary aspect supporting the segment's expansion is the recent innovations and technological advancements to benefit many industries more. On the other hand, the ball valve segment is anticipated to showcase the maximum growth rate over the coming years.
Among all the valve sizes, the 1" to 6" segment is anticipated to hold the top spot across the global market for control valves over the assessment era. The main parameter supporting the development of the segment is the extensive application in the food & beverage, pharmaceutical, and chemical industries. However, the less than 1" segment is predicted to record the maximum growth rate over the coming years.
Among all the products, the linear control valve segment is anticipated to secure the leading position across the global market for control valves over the review timeframe. The segment's growth is ascribed to demand from end-use industries such as energy & power and oil & gas chemicals in emerging economies.
Among all the end-user sectors, the oil & gas industry will likely secure the top position across the global market for control valves over the review timeframe. The segment's growth is ascribed to the increasing stringency of safety standards and the wide application of control valves in natural gas generation.
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