Control Valve Market Trends

Growth Drivers

• Rising Demand in Renewable Energy - The market has driven the development of control valves with a substantial amount of cycles and strong temperature resistance. The increased focus on funding alternative energy sources, particularly renewable energy, has also opened up new avenues for application and possibilities for control valves. As an example, the IEA projects that 70% of all energy investments made worldwide will go to renewable energy sources.
• Advancement in Technology - Technological developments have produced creative ideas that can assist process plants in streamlining their operations and becoming more and more efficient. Process automation is becoming more and more necessary as sensor technology is used to control valves in sectors where high performance and safe operation are required. In the manufacturing sector, another technology that is becoming increasingly important is the digital field bus protocol. In manufacturing plants, industrial field bus system networks are used to link instruments that demand a significant reduction in wire. The size of the control valves industry is expected to be driven by the manufacturing sectors' adoption of cutting-edge technology for valve control.

Challenges

• High Cost of Investment - The main obstacle facing control valves is the hefty investment costs. Control valve process automation requires a substantial upfront expenditure to be put into place. But this should be weighed against the advantages in terms of output and adherence. Making the transition from a machine-operated manufacturing process to a human-manned one requires a substantial upfront cost. The market expansion for control valves is also being hampered by the high expenses of educating staff on how to operate this new, complex machinery.
• Lack of Standardization is Anticipated to Hinder the Control Valve Market Growth During the Projected Period
• Impact of COVID-19 in Industries Such as Oil and Gas Sector is Set to Pose Limitation on the Market Expansion in the Upcoming Period