THE existence of a large number of international and regional market participants has made the world market for control valves significantly competitive and fragmented, states Transparency Market Research.
To make sure that the market players stay ahead in such an intense and competitive market, large international market players primarily get engaged with acquisitions and mergers with smaller preferably local market players. In such a way, not only can large companies expand their businesses, but they can also augment their market position in the said industry.
Such market players are also working on the expansion and diversification of their product portfolios via technological innovations so as to improve their positions. Some of the most prominent players that are operating in the world market for control valves are Goodwin International Ltd, Schlumberger Limited, General Electric Company, Honeywell International Inc., and Emerson Electric Co. amongst many others in the market.
In accordance with a market research report published by Transparency Market Research, the world market for control valves is anticipated to expand at a growth rate of 6.4% CAGR in between the year 2017 to the year 2025. Over this period, the said market had a worth of around US$6.01 bn in the year 2016 and is expected to be worth at around US$ 10.46 bn by the year 2025.
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The international market for control valves is basically categorized on the basis of four major criteria which are: actuation technology, application, type, and geographies. These categories are further sub-divided into numerous sub-segments which are elaborated on in detail in the market intelligence report by TMR. Of all these segments, the category of butterfly valve that is present under the category of type accounted for the topmost position pertaining to revenue in the year 2016, and its growth is anticipated to expand at a robust rate in the years to come.
North America to Continue With its Regional Dominance
The world market for control valves has been segmented into the major geographies of North America, Latin America, Europe, Asia Pacific and Middle East and Africa.
From such a regional standpoint, North America presently leads the world market for control valves riding on the back of booming exploration of shale gas. Control valves play an important role in the extraction of shale gas by assisting in the regulation of the temperature or pressure throughout downstream, midstream, and upstream activities. The said market in North America is being majorly steered by the U.S., then followed by Canada. The market intelligence report by TMR anticipates the market in the said region to expand at a growth rate of 5.1% CAGR from the year 2017 to the year 2025 to gross a revenue of around US$ 2.936 bn towards the end of forecast period i.e. by 2025.
Powered by Japan and China that contribute most to the market revenue, the market in the region of Asia Pacific is estimated to register maximum growth in the period of forecast. The said market is expected to gain maximum share of the market by registering a growth rate of around 7.3% CAGR from the period that extends from the year 2017 to 2025. The constantly growing chemical industry is at the front of fuelling sales in the said region.
Some of the prominent names that adorn the market are KITZ Corporation, Honeywell International Inc., General Electric Company, AVK Holding A/S, Goodwin International Ltd., Emerson Electric Co., Flowserve Corporation, Schlumberger Limited, Rotork Plc., and Bürkert Fluid Control Systems.