The growing trend towards digitalization and automation in conventional factories is driving increased demand for the growth of the control valve market.
HYDERABAD, TELANGANA, INDIA, September 20, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that Control Valves Market the size was $6.6 billion in 2021 and is expected to grow at a CAGR of 6.0% during the forecast period 2022-2027. The growth of the control valve market can be attributed to the increasing application of control valves in food and beverage, oil and gas, utility, pharmaceutical, chemical and other industries and the adoption of internet of services technology. objects (IoT) in process industries. The global process automation control valve market is poised to witness significant growth over the forecast period. With the emergence of Industry 4.0, there is a strong adoption of actuating valves, pneumatic solenoid valves and other valves for process automation. The report offers a comprehensive analysis of the market, its main segments, growth factors, trends, drivers and challengers, key players and more.
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Key points to remember:
This IndustryARC report on the Control Valves Market highlights the following areas –
1. North America led the control valve market due to high adoption of automation technologies in industries combined with stringent regulations in 2021.
2. The implementation of advanced technologies such as IoT, artificial intelligence and automation technologies in manufacturing industries has increased the deployment of control valves. The integration of control valve actuators with these technologies is expected to boost the market.
3. The growing trend towards digitalization and automation in conventional factories is resulting in increased demand for control valves, thereby increasing the growth of the market.
4. High investment for the adoption of automation technologies in industries is a major challenge hindering the growth of the market.
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1. Actuators dominated the process automation control market with a large share of 43.6% in 2021. Introduction of IoT and automation technologies in various industries is expected to propel the demand for valves of regulation. In control valves, the actuators can fully rotate their head 360°, allowing flexible installation and optimization. This helps reduce the overall cost of installation and optimizes the integration of actuators into manufacturing processes, thus fueling the growth of the market.
2. North America region led the control valve market in terms of revenue share and held 35.4% share in 2021 owing to technological advancements and growing demand for advanced instruments across different verticals of the region. In the United States, the Environmental Protection Agency (EPA) has mandated to limit the use of traditional spring-loaded diaphragm actuators in order to reduce greenhouse gas emissions.
3. The food and beverage (F&B) industry segment is expected to grow at a CAGR of 7.9% during the forecast period 2022-2027. In this industry, control valves are mainly used to manage steam, which is the most critical component in food processing. There has been an increasing adoption of automation technology in this industry as it is required to maintain critical control points such as Hazard Analysis and Critical Control Point (HACCP) to meet the safety standards of the food safety authorities.
Top 5 players in the control valve industry are –
1. Emerson Electric Co.
4. Curtiss-Wright Corporation
5.Honeywell International Inc.
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A. Control valves for the medical and diagnostic market
B. Automotive Solenoid Valves Market
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