Control Valves Market Share, Leading Players, Growth and Future Scope

Due to the booming population in several countries, the demand for energy is soaring. This is, in turn, pushing up the requirement for consistent power production and transportation. Moreover, the rising energy requirements are causing rapid advancements and innovations in the systems used for producing, processing, and transporting energy. As control valves are heavily used in power plants for managing the flow of steam and water, the growing energy demand is positively impacting the sales of control valves.

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Additionally, the surge in E&P activities will boost the demand for control valves in the coming years. Because of these factors, the sales of control valves would climb in the forthcoming years, which would, in turn, cause the expansion of the global control valves market. According to the forecast of P&S Intelligence, a market research firm based in India, the market would grow, in valuation, from $11,137.0 million to more than $16,057.5 million from 2017 to 2023. 

Pharmaceuticals, wastewater management, oil and gas, food and beverages, chemicals, power generation, and automotive are the major application areas of control valves. Out of these, the usage of these valves is predicted to rise rapidly in the pharmaceuticals sector in the upcoming years, on account of the implementation of strict safety regulations in the pharmaceuticals industry for reducing risk and increasing the operational efficiency. Control valves help manufacturers enhance their manufacturing operations to reduce uncertainties and improve efficiency.

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Hence, it can be said without any hesitation that the sales of control valves would shoot-up around the world in the forthcoming years, primarily because of their growing requirement in the power sector and oil and gas industry and their rising usage in the pharmaceuticals industry.

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Created on Dec 29th 2020 07:39. Viewed 292 times.

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