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The global valve controller market size was USD 1.92 Billion in 2022 and is expected to register a revenue CAGR of 3.7% during the forecast period.
NEW YORK CITY, NY, UNITED STATES, May 25, 2023 /EINPresswire.com/ — The global valve controller market was valued at USD 1.92 billion in 2022, and it is projected to experience a revenue compound annual growth rate (CAGR) of 3.7% during the forecast period. The market growth is primarily driven by several factors.
One of the key factors contributing to the market’s revenue growth is the increasing need for interconnected networks to monitor and control various plant equipment. Valve controllers play a crucial role in regulating the flow, temperature, pressure, and level of liquids in diverse industrial settings. With the rising requirement for efficient monitoring and maintenance of plant equipment, the demand for valve controllers is expected to grow.
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Another driving factor is the growing adoption of smart valves and the need for valve replacements. Smart valves offer automated opening and closing of fluids, eliminating the need for manual operation. They are also relatively easy to install, allowing users to save time and effort. These advantages make smart valves highly attractive in manufacturing, oil and gas, and residential applications.
In the residential sector, valve controllers are used to regulate water flow, which contributes to the market’s revenue growth. By using control valves, users can reduce water wastage significantly. These valves have the potential to save up to 85% of the water used, addressing the increasing demand for water while minimizing resource waste. Their implementation can help businesses meet environmental requirements, improve resource efficiency, and reduce process variability.
Furthermore, flow control valves offer the advantage of unrestricted fluid flow. Their design prevents the obstruction of fluid flow by particles, deposits, dust, and other contaminants. This feature ensures smooth operations and contributes to the market’s growth.
Market Dynamics:
Driver: Increasing necessity of monitoring and controlling in process industries for increased efficiency
Process industries, which encompass sectors like pharmaceuticals, chemicals, water and wastewater treatment, and food & beverage, involve complex procedures that are interconnected and dependent on one another. Efficient coordination and timely completion of these operations are crucial for overall industry efficiency. To achieve this, consistent monitoring and control of operations are essential to minimize downtime, accidents, and maximize profitability. Control valve assemblies, which monitor and regulate the flow, temperature, and pressure of fluids or gases, are increasingly employed in these industries. Valve automation systems, including valve controllers, play a vital role in precisely and quickly operating these control valves. Valve controllers adjust the position of the control valve based on input and feedback signals, enhancing their operational efficiency. Additionally, digital valve controllers support remote process monitoring, further driving the demand for valve controllers and contributing to market revenue growth.
Restraint: Lack of controlling laws and standards
Manufacturers of valve controllers need to comply with specific standards and regulations, which vary across different locations and industries. The wide range of applications for valve controllers, including pharmaceuticals, chemicals, water and wastewater treatment, and food & beverage, leads to diversity in demand due to industry-specific requirements and regulations. This diversity poses challenges for market participants as they need to adapt their products to meet regional regulations. Consequently, it becomes difficult for manufacturers to achieve cost-effective production and installation of valve controllers. To address this issue, companies may need to establish production sites worldwide, which requires substantial investment. These factors can potentially limit the demand for valve controllers and restrain market revenue growth.
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Competitive Landscape:
The global valve controller market has a consolidated competitive landscape with a few key players operating at both global and regional levels. These players are actively involved in product development and strategic alliances to expand their product portfolios and strengthen their position in the global market. Some of the major players in the market include ABB Ltd., Akron Brass Company, Axiomatic Technologies Corporation, Azbil Corporation, Baker Hughes Company, Circor International Inc., Cla-Val, Curtiss-Wright Corporation, Dwyer Instruments LTD, and Dymax.
These market players have undertaken various initiatives to drive revenue growth, such as:
On February 14, 2022, Circor International, Inc. introduced the CIR 3100 control valve, which is a valve body designed for a wide range of general, critical, and severe applications. The valve finds applications in upstream, midstream, and downstream oil and gas sectors, power generation, processing industry, maritime, and renewable energy. The Circor CR 3100 control valve offers customization options with a variety of internal choices and standard components and accessories, resulting in reduced inventory and maintenance costs.
These initiatives by market players contribute to the overall growth and competitiveness of the valve controller market.
Segments Covered in the Report:
The valve controller market report provides comprehensive coverage of the market dynamics, trends, and growth prospects for the period from 2019 to 2032. The market has been segmented based on type, communication protocol, end-use, and region.
In terms of market size, the valve controller market was valued at USD 1.92 billion in 2022, and it is expected to grow at a CAGR of 3.7% during the forecast period. By 2032, the market is projected to reach a revenue of USD 2.75 billion.
The segmentation based on type includes traditional and digital valve controllers. Traditional valve controllers have been widely used in various industries, while digital valve controllers offer advanced features and capabilities for improved control and monitoring.
Based on communication protocol, the market is segmented into Foundation Fieldbus, Highway Addressable Remote Transducer (HART), and ProfiBus. These communication protocols enable seamless integration and communication between the valve controllers and other systems in different industrial settings.
The end-use segment covers a wide range of industries, including oil & gas, energy & power, water & wastewater treatment, pharmaceutical & healthcare, food & beverage, chemical, building & construction, pulp & paper, metals & mining, and others (corporation and education). Each industry has unique requirements for valve controllers, and their usage varies based on specific applications and operational needs.
Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. These regions exhibit significant growth opportunities due to increasing industrialization, infrastructural development, and technological advancements in various sectors.
The report provides valuable insights into the market’s historical data, current trends, and future growth prospects. It includes revenue forecasts, company rankings, competitive landscape analysis, and factors influencing market growth. This comprehensive analysis aids businesses, industry professionals, and investors in making informed decisions regarding market entry, expansion, and investment strategies.
Overall, the valve controller market report offers a detailed understanding of the market dynamics, segment-wise analysis, and regional outlook, enabling stakeholders to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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