The global control valve market is expected to reach $13.67-million at a compound annual growth rate (CAGR) of 7.6% from 2016 to 2022, according to a new report published by Allied Analytics, market research and business consulting wing, Allied Market Research.

The ‘World Control Valves Market’ report says the pneumatic control valves market occupied a dominant share of about 80% in 2015 and is expected to maintain its lead throughout the forecast period. The pneumatic control valves market is projected to grow at a CAGR of 7.4%.

By application, the electric-powered control valve segment accounted for about 22% of market share in 2015. North America is the largest regional market for control valves globally at present and should register a CAGR of 6.13% from 2016 to 2022.

In addition, the Asia-Pacific and the Latin America, Middle East and Africa (LAMEA) region are expected to offer lucrative growth opportunities in the control valves market during the forecast period.

The booming oil and gas, and power generation sectors; greater demand for automation in process industries and a rising number of industrial infrastructure projects in Asia-Pacific are the key drivers for the growth of control valves in the LAMEA region, with major revenue contribution from China, India and Japan. Latin America and the Middle East’s projected CAGRs are 8.27% and 8.12%, respectively.

Control valves are used to regulate process variables, such as flow, temperature, pressure and fluid levels, in the process industries like oil and gas, water management, chemicals, power generation, automotive, mining, pharmaceuticals and food and beverage.

The global control valve market is poised to witness significant growth during the forecast period, owing to the booming oil and gas and power generation sectors, increasing need for automation in the process industries and demand for control valves in the pharmaceuticals and food and beverage process industries, states Allied Market Research.

Electric power, oil and gas, and the automotive segment together contributed about 40% of the overall market share in 2016.

Increasing global need for automation in the process industries is expected to boost the market growth; however, factors such as competition from domestic manufacturers and high initial investment are forecast to hamper market growth in the coming years.

The oil and gas and power industries are currently creating the highest demand for control valves, capturing the largest market share. Industrial steel control valves are more in demand for upcoming oil and gas projects, advises the report.

In recent years, capital spending in the power generation sector has grown significantly in developing countries, especially in China and India. Despite the rapid growth of the Chinese economy, it is, as with other developing regions, in some cases, limited by the availability of power, so pressure to develop more generation capacity is intense.

Oil and gas is the second largest application segment in the global control valve market, as industrial control valves are universally consumed. An increase in the demand for automation in the process industries and the rising number of industrial infrastructure projects in developing countries is expected to foster growth of the control valve market. Asia-Pacific is expected to witness the highest growth over the forecast period, owing to the rising automation of industrial activity.

The key companies profiled in the Allied Market Research report include US-based Emerson Electric, Flowserve, General Electric and Crane Fluid, Finland’s Metso, the UK’s Pentair and IMI, Samson of Germany, MIL Control of India and Velan of Canada.