The escalating energy demand, primarily on account of the booming population, is creating a huge requirement for control valves in the power sector. To meet the high electricity demand, the power industry needs to adopt upgraded equipment for producing, processing, and transporting energy, which narrows down the demand-supply gap considerably. The supply gap can be narrowed by using control valves, which are power-operated devices utilized to manipulate the flow of steam, water, and oil and gas in several power generation plants.

Thus, the expanding power sector will help the control valves market to progress at a CAGR of 6.3% during 2018–2023. The market was valued at $11,137.0 million in 2017 and it is projected to exceed $16,057.5 million revenue by 2023. Conventionally, control valves were used mechanically, however, the burgeoning energy demand has resulted in the development of control valves having chips or processors, which help in improving the operations of power companies and mitigating unplanned shutdowns. Additionally, processor-embedded control valves also help in predictive maintenance by delivering real-time data on operating conditions and flow rates.

In recent years, the control valve manufacturing companies such as Emerson Electric Co., Honeywell International Inc., AVK Holding A/S, Samson AG, Goodwin International Ltd., Armstrong International Inc., Swagelok Company, IMI plc, General Electric Company, Schlumberger N.V. (Schlumberger Ltd.), Flowserve Corporation, and Metso Corporation have been focusing on the production of butterfly valves due to the increasing use of such variants in the industrial sector. The small size of such variants and their ability to close and open rapidly when actuated, has augmented their adoption in manufacturing facilities.

In addition to butterfly control valves, manufacturers are also offering ball valves, cryogenic valves, diaphragm valves, globe valves, gate valves, and plug valves to the power generation, food and beverages, automotive, oil and gas, pharmaceutical, mining, agriculture, wastewater management, and marine industries. In the coming years, pharmaceutical companies will adopt control valves at the highest rate as these devices aid in improving their production operations by minimizing uncertainties and maximizing efficiency. As pharmaceutical firms need to comply with stringent safety norms to enhance operational efficiency and mitigate risk, they will deploy control valves in large numbers.

According to P&S Intelligence, Asia-Pacific (APAC) dominated the control valves market in the recent past, and it is expected to adopt these devices at the highest rate in the forthcoming years. This is due to the accelerating economic growth, burgeoning need for energy, rising number of manufacturing companies, and improving infrastructure in the region. Among APAC nations, China adopts the highest volume of control valves, due to the surging number of infrastructural development projects and amplifying use of these devices in the automotive, oil and gas, water and wastewater treatment, and power generation industries in the country.

Thus, the rising demand for energy and burgeoning need for improving operational efficiency in the manufacturing sector will fuel the adoption of control valves in the foreseeable future.