The global control valves market depicts a highly fragmented vendor landscape characterized by substantial competition present between individual players, says Transparency Market Research on the basis of a report compiled by expert analysts. Notable diversity exists with regards to the presence of local as well as international players in this market. Participating in mergers & acquisitions, expanding product portfolios, and facilitating product differentiation are three chief strategies implemented by most players operating in the global control valves market.
Businesses also are imparting a lot of focus on achieving technological innovations, in order to introduce newer and improved valve varieties. With numerous new players entering the market in the next few years, the competition is likely to get more intense. Rotork Plc., Goodwin International Ltd., Flowserve Corporation, KITZ Corporation, Schlumberger Limited, AVK Holding A/S, Bürkert Fluid Control Systems, Emerson Electric Co., Honeywell International Inc., and General Electric Company are key players operating in the global control valves market.
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Speaking about statistics, the global control valves market is expected to rise at a strong CAGR of 6.4% between 2017 and 2025. The market initially had a worth of US$6.01 bn in 2016, and is anticipated to be worth at least US$10.46 bn by 2025.
Widespread expansions witnessed by the power generation industry is primarily responsible for driving the global control valves market’s growth. This is mainly due to a crucial role played by the control valves in the power generation sector, majorly in terms of regulating the power generation processes. A burgeoning oil and gas industry has also improved the sale of control valves, wherein a dire need to control of power generation and supply-based processes exists. Such a need has considerably increased the number of control valves units produced all over the world, thereby driving the global control valves market.
Thus, from an overall perspective, rapid industrialization coupled with an impressive progress witnessed by technologies involving use of mechanical engineering-based processes has extensively propelled the global control valves market’s growth.
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However, high costs required for initial set up of the control valve manufacturing equipment might be discouraging for small-scale businesses with limited funding to operate in this market, thus hindering the market. Lack of skilled workforce as well as a shortfall of raw material also poses as a prime hindrance affecting the global control valves market’s growth. Nevertheless, cost-effective innovative valve variations are being introduced by numerous businesses operating in the market, which is further expected to offset some of the restraints acting on the market.