Stainless Steel Control Valves Market to be Worth US$371.6 mn by 2023 | Automation.com

Stainless Steel Control Valves Market to be Worth US$371.6 mn by 2023

According to a new market report published by Transparency Market Research “Stainless Steel Control Valves Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023” the stainless steel control valves market was valued at US$240.0 mn in 2014 and is estimated to grow at a CAGR of 5% and reach US$371.6 mn by 2023.

 

Control valve can be defined as a device that manipulates the flow of fluids, such as steam, water, gas or chemical compounds. Stainless steel control valves (less than 2 inches) are finding increasing applications as small scale fluid handling technology across industrial sectors such as power generation and oil & gas among others. Also the growing requirement for industrial process control across different industry verticals is also driving the growth of the stainless steel control valves (less than 2 inches) market. Moreover, stainless steel control valves (less than 2 inches) are increasingly being deployed in chemical industries in APAC and wastewater management projects globally, which are further fuelling the growth of the market. The demand for stainless steel control valves (less than 2 inches) is also expected to remain high in the semiconductor and electronics manufacturing and pharmaceutical industries. In semiconductor & electronics manufacturing and pharmaceutical industries, stainless steel control valves (less than 2 inches) found large numbers of high purity applications. Furthermore, steady growth of other industry verticals, such as pulp & paper, automotives and food & beverages among others, are also set to bolster the growth of the stainless steel control valves (less than 2 inches) market. Considering all the factors mentioned above, the stainless steel control valves (less than 2 inches) market is expected to grow steadily during the forecast period from 2015 to 2023.

 

Based on actuation technology, the global market can be segmented into four segments, namely manual, pneumatic, hydraulic and electric. Electric control valves garnered the maximum revenue in 2014. The extensive application of electric control valves across various industry verticals including the chemicals, oil & gas and wastewater management among others is fuelling the growth of this segment.

 

By types, the global stainless steel control valves (less than 2 inches) market can be segmented into five segments namely ball valve, butterfly valve, cryogenic valve, globe valve and others. Stainless steel butterfly control valves (less than 2 inches) was the largest segment in 2014 owing to their extensive applications across industry sectors including chemicals, oil and gas and wastewater management among others.

 

By end-use industry, the market has been divided into six segments, namely: power generation, oil & gas, chemical industry, semiconductor & electronics manufacturing, wastewater management, and others. The power generation industry was the largest individual contributor in the stainless steel control valves (less than 2 inches) market in 2014 owing to their increasing applications in the power generation sector. Moreover, increase in demand for power and investments in the industrial infrastructure projects in emerging economies such as China, India and Brazil has also positively impacted the growth of stainless steel control valves (less than 2 inches) market. Economic development and industrialization in these countries has also resulted in additional power requirements. These factors are expected to positively impact the growth of this segment in the coming years.

 

By geography, the global stainless steel control valves (less than 2 inches) market can be segmented into four regions; North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW). In 2014, APAC occupied the largest share of the market, accounting for more than 40%. The demand for stainless steel control valves (less than 2 inches) is expected to remain high in APAC owing to the growth of small scale control valves applications across various industry verticals. North America acquired the second largest share in the market globally with more than 23% share in 2014.

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