Process Automation Control Valves Market Size to Grow at a CAGR of 6.1% During the Forecast Period 2021-2026
Increasing the Deployment of Control Valves. Integration of Control Valve Actuators With These Technologies Set to Drive the Process Automation Control Valves Market.
IndustryARC, India – July 23, 2021 /MarketersMedia/ —
The Process Automation Control Valves Market size was $6.2 billion in 2020 and is expected to grow at a CAGR of 6.1% during forecast period 2021-2026. Growth of the process automation control valves market can be attributed to increasing application of control valves in food & beverage, oil and gas, utilities, pharmaceutical, chemical and other industries and adoption of Internet of Things (IoT) technology in the process industries.
The Global process automation control valve market is poised to witness significant growth during the forecast period. With the emergence of industry 4.0, there is high adoption of actuator valves, pneumatic solenoid valves and other valves for process automation. The growing demand for plant safety in manufacturing industries coupled with growing concern for personnel safety has led to the increasing deployment of process automation control valves.
Process Automation Control Valves Market Segment Analysis- By Accessories
Actuators dominated the process automation control market with a major share 44.6% in 2019. Introduction of IoT and automation technologies in various industries set to propel the demand for process automation control valves. In control valves, the actuators can fully rotate its head by 360° which allows flexible installation and optimization. This helps in reducing overall installation cost and optimizes the incorporation of actuators in manufacturing processes, thereby fueling the market growth.
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Process Automation Control Valves Market Segment Analysis- By End Use Industry
The Food & Beverage (F&B) Industry segment is projected to grow at a CAGR of 8.4% during the forecast period 2021-2026. In this industry, control valves are used mainly for managing steam which is the most critical component in food processing. There has been growing adoption of automation technology in this industry as it is required to maintain critical control points such as hazard Analysis and critical control point (HACCP) to meet safety standards of food safety authorities.
Regulations by food and drug administration (FDA) for the valves which come into direct contact with food, in which inside of the valve should be smooth enough to avoid trapping particles or bacterial accumulation have been creating opportunities for the up-gradation of food plants with new infrastructure. These types of regulations have been forcing to use aseptic control valves and implement process automation in the food & beverage industry.
Process Automation Control Valves Market Segment Analysis- By Geography
North America region led the process automation control valves market in terms of revenue share, and held 37.4% share in 2020 due to technological advancements and growing demand for cutting edge instrument across different industry verticals in the this region. In the U.S., Environmental Protection Agency (EPA) has mandated to limit the use of traditional spring diaphragm actuators in order to reduce greenhouse gas emissions. The replacement of these actuators with pneumatic actuator valves has been reducing methane and volatile organic compounds emissions. Government regulations and early adoption of advanced technologies have been escalating the demand for process automation control valves in this region.
Process Automation Control Valves Market Drivers
Adoption of IoT Technology is enhancing the performance of control Valves in process Industries
In recent years, the processing industries such as oil & gas, chemical and others have started exploiting IoT technology. IoT helps in improving operational efficiency of control valves. There has been increasing demand for adoption of IoT System in industries as this system is integrated with smart valves which are equipped with intelligent control systems, wireless vibration sensors and embedded processors. These sensors send notifications and data to a centralized monitoring system. In addition to these, IoT is also used for real time remote access, predictive control valve maintenance. Thus, IoT can be applied to improve the performance and efficiency of control valves, which in turn, will save maintenance costs and create a more secure work environment, thereby fueling the process automation control valves industry.
Advancements in Technology
Advancements in technology have created innovative solutions that can help process plants to become increasingly more efficient through streamlining of their operations. Incorporating sensor technology to control valves in order to provide safe operation along with high performance in industries is creating demand for process automation. Another technology digital field bus protocol has been playing crucial role in manufacturing industries. Industrial field bus network systems are used to connect instruments in manufacturing plants that require considerably less wiring. Adoption of advanced technologies in manufacturing industries for controlling the valves is set to drive the process automation control valves market size.
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Process Automation Control Valves Market Landscape
Process automation control valves top 10 companies include Emerson Electric Co, Flowserve Corporation, Weir Group, Curtiss-Wright Corporation, Honeywell International Inc, Schlumberger Limited, IMI plc, Crane Co, KITZ Corporation, Metso Corporation, Samson controls, and others.
Key Takeaways
North America dominated the process automation control valves market owing to high adoption of automation technologies in industries combined with stringent regulations in 2020.
Implementation of advanced technologies such as IoT, artificial intelligence and automation technologies in manufacturing industries have been increasing the deployment of control valves. Integration of control valve actuators with these technologies set to drive the market.
Growing trend for digitalization and automation in conventional plants is leading to higher demand for control valves, thereby increasing the market growth.
High investment for adoption of automation technologies in industries is a major challenge which hampers the growth of the market.
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Source: MarketersMedia
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