The North America Control Valve Market would witness market growth of 7.1% CAGR during the forecast period (2020-2026). Control valves are widely utilized in process industries like petrochemical, energy & power, food & beverages, oil & gas, water & wastewater, and pharmaceutical to meet increasing automation needs. They have an important role to play in enhancing the end-use industry’s profitability, safety, and efficiency for various manufacturing processes. Moreover, the installation of control valves in industries is consistently increasing due to the advantages they provide with respect to temperature or pressure control throughout downstream, midstream, and upstream activities.
Increasing oil & gas exploration initiatives in regions such as North America is expected to offer a push to the market. The market in these regions is estimated to observe a high growth rate over the upcoming years. In addition, strict regulations with respect to environmental legislation for end-use industries in the North America, is playing a significant role in boosting the market. For example, the U.S. Environmental Protection Agency (EPA) has ordered to restrict the usage of conventional spring diaphragm actuators, which are utilized to actuate valves at the wellhead, with an objective to decrease greenhouse gas emissions. The regulatory authority proposed to substitute it with electric actuators having pneumatic devices, which can aid in decreasing methane and volatile organic compounds (VOC) emissions.
Various control valve companies are increasing their investments in robust, advanced control instrumentation due to the surging demand for technologically advanced products from emerging end-use industries. This is anticipated to cause increased competitive, economic, and environmental pressures to provide high-quality products with a shorter return on investment. Due to the incorporation of digital intelligence, these technologically advanced control valves are one of the main components of an efficient plant asset management strategy.
Based on Type, the market is segmented into Linear and Rotary. Based on Operation, the market is segmented into Pneumatic Control Valve, Hydraulic Control Valve and Electrical Control Valve. Based on Industry Vertical, the market is segmented into Water & Wastewater, Mining, Pharmaceuticals, Food & Beverages, Government & Defense, Oil & Gas, Chemicals and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: Control Valve Market in North America is expected to register a CAGR of 7.1% during the forecast period (2020-2026)
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Emerson Electric Co., Schlumberger N.V. (Cameron International Corporation), Flowserve Corporation, Alfa Laval AB, Crane Co., Kitz Corporation, Neway Valve Co., Ltd., Velan, Inc., Avcon Controls Pvt. Ltd. and Dwyer Instruments, Inc.
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