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.
Some
major players in the market are: Emerson Electric, Co. (U.S.),
Flowserve Corporation (U.S.), IMI Plc (U.K.), Metso Corporation
(Finland), Pentair, Plc (U.K.), General Electric, Co. (U.S.), MIL
Controls Limited (India), Samson AG (Germany), SVF Flow Controls, Inc
(U.S.), Crane & Co. (U.S.), Velan Inc. (Canada), Armstrong
International, Inc.(U.S.), Kimray Inc. (U.S.), Christian Burkert GmbH
& Co. KG (Germany), Swagelok Co. (U.S.), Cameron International
Corporation (U.S.), CIRCOR International, Inc. (U.S.) and Richards
Industries, Inc. (U.S.) among others.
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