Electric and butterfly valves expected to dominate global control valves market
Stainless steel control valves are used for controlling the flow, pressure, and liquid levels of fluid systems, by either fully or partially opening and/or closing the valve as per the signals received from the controllers.
Their ability to function in various temperatures and resistance to corrosive fluids are the primary reasons for their increasing number of applications across various industries, according to Transparency Market Research.
Some other factors anticipated to propel the global stainless steel control valves (in sizes smaller than 2”) market are the increasing importance of wastewater management, the rapid growth of the application of small-scale liquid handling systems in the electronic manufacturing industries, and advancements in technology.
The increasing numbers of commercial and residential projects and industrial infrastructure projects in developing countries are further expected to contribute towards the growth of the market until 2021.
Based on technology, the market is classified into electric, manual, pneumatic, and hydraulic control valves.
Electric control valves are reliable and more efficient compared to all other types of control valves available and the segment is expected to dominate the market throughout the forecast period.
By type, stainless steel control valves are classified into globe, cryogenic, ball, and butterfly control valves.
Currently, the butterfly valves segment is the largest and it is expected to maintain its dominant position throughout the forecast period.
Based on applications, the market is divided into power generation, chemical industry, oil and gas, wastewater management, semiconductor and electronics manufacturing, and others.
In 2014, the power generation segment lead the market, but due to time efficiency and hygiene factors, pharmaceutical companies are increasingly investing in sophisticated small-scale fluid handling systems, thus accelerating the demand for stainless steel control valves in the years to come.
Emerson Electric (US), IMI Precision Engineering (UK), General Electric (US), Samson (Germany), Velan (Canada), Kimray (US), Swagelok (US), Circor International (U.S.), Cameron International Corp. (US), and Richards Industries (US) are some of the prominent players and are expected to continue to shape the market.