By 2027, it is expected that the global
control valve market will be worth USD 11998 million. The demand for control valves is expected to register a CAGR of 9.71 percent until 2027 as a result of the high investment in expanding infrastructure, including waste water treatment facilities and other sectors.
Control valve applications and technological development will continue to soar in the chemical, mining, and pharmaceutical industries, among others.
The majority of loops in process plants are created to physically control process variables including temperature, pressure, and flow. Control valves are used to control liquid flow, ensuring efficiency in operation throughout industrial plants by minimizing downtime. Some of the trends in the control valves include:
Digitalization and sensor integration
Control valve technology has become the perfect answer for assisting industries in overcoming typical operational issues that place a financial strain on them in the face of increasing demand for power generation and attention on oil and gas exploration. Control valves have become smarter thanks to innovations like the digitalization and sensor integration. Several of these protocols have been crucial in the development of control valve technology, and market participants now have a great chance to profit from this. Digital innovations are sought after despite linear investment prospects as firms concentrate on obtaining real-time improvements.
Several firms are integrating smarter external software to support intelligent control valve positioners in order to get these innovations moving in the right direction.
Automation
Many economic, environmental, and competitive concerns beset modern industries. Several top companies have started purchasing cutting-edge machinery to combat problems. In addition to being noticeable in the control valve market, this trend is anticipated to pave the way for growth during the assessment period.
Traditional physical control valves haven't changed much over the years, but the technology inside these valves has improved tremendously. Intelligent control systems with integrated processors and networking capabilities are now essential, especially for use in subsea oil and gas applications.
Some of the top market players have stepped up their game as a result of the demand for these advances. For instance, Siemens introduced a cloud-connected, intelligent, and self-optimizing valve in 2019. Several debuts soon after provided support for the market's overall expansion.
Industrial Internet of Things
Due to the prevalence of linked sensors in the industrial environment, which serve as the IoT's "things," the Industrial Internet of Things (IIoT) is significantly more advanced than the Commercial Internet of Things. The industrial sector has hundreds of millions of installed and operational connected wired and wireless pressures, level, flow, temperature, vibration, acoustic, position, and other sensors, with millions more added each year, adding value through increased monitoring, analysis, and optimization.
Several higher-level software platforms, both on- and off-shore, can connect with sensors. A local intranet is widely used to establish connections on-site, leading to the development of an industrial internet of things. Offsite connections are frequently made over the Internet, typically by utilizing a cloud-based storage platform. Higher-level software platforms include, for instance, control and monitoring, asset management, and specialist data-analysis systems. Complex big data analyses are carried out by committed professionals at distant data analysis centres to identify trends, issues, and solutions.
