Process automation control valves market driven by increased demands from renewable energy infrastructure and growing application in the food & beverages and pharmaceutical industry
The emergence of Industry 4.0 for industrial automation and process automation is accelerating demand for process automation control valves that offers efficient process control for industrial and mechanical instruments. Process automation valves enable automation of actuators and reliable control of valves in the chemical, oil & gas, automotive, energy, food & beverage, and pharmaceutical end-user industries. Automation valves integrated with modern technologies such as the Internet of Things (IoT) and artificial intelligence are likely to bring new opportunities in the market. Growing demand for plant safety in energy, oil & gas, manufacturing, and other industries coupled with growing concern for personnel safety worldwide has led to the growing deployment of these process automation control valves. These valves are used to manipulate flowing liquids such as water, gas, steam, or a chemical compound to maintain process viability and manage load disturbances. Additionally, process automation valves are looked upon by the factory operators for meeting production schedules, improving the efficiency of plant utility, and maintaining product quality. The growth in the manufacturing sector and the imperative requirement to automate valves in the oil & gas sector is inducing demands in the process automation control valve market that registered the global market size of $6.51 billion in 2018. The forecast period 2019 to 2025 is expected to witness growth in the process automation control valves market at a positive CAGR of 6.79%.
Regional Analysis on Process Automation Control Valves Market
North America was observed as the most lucrative region in the process automation control valve market and was accounted for 36.62% of the total marketplace. The augmenting investment in fluid handling systems in rigs and refineries are poised as the major factors fueling the process automation control valves market. The increasing energy demands in the region is burgeoning the requirement for functional oil rigs and reserves, which is further incrementing the need for control valves. According to the U.S. Energy Information Administration, the crude oil reserves in the region rose from 6.4 billion barrels to 39.2 billion barrels at the end of 2017, depicting a growth of 19.5%. Control valves are extensively used in refineries for manipulating the process flow in the development and transportation stages of crude oil. Also, these control valves are used in water treatment plants to manage the flow of the fluid. Conventionally, these control valves are handled by mechanical processes that are not automated. However, with the technological advancement in the field of sensors and analytics, the requirement of control valves are being automated to optimize the overall functioning in a fluid-based industry. Foreseeing the repetitive requirement of control valves in the oil & gas, food & beverage, and water treatment industry, the demands in the regional process automation control valve market are subjected to increase in the upcoming years.
The utility of Process Automated Control Valves in the Food & Beverage Industry
The food & beverage industry is evaluated as the major applicant area of the process of automated control valves. The opportunities in the segment are subjected to grow at a CAGR of 8.64% during the forecast period. Automated control valves are used in the packaging of edible fluids such as carbonated drinks, alcohols, ice creams, vegetable purees, creams, fruit juices, and milk. The demands in the food & beverage industry are subjected to grow with time; along with that, the demands for packaged foods in both the developing and developed economies is also increasing at a rapid pace. The changing lifestyle and the growing disposable income among the populous is responsible for the augmenting demands of packaged foods. The research and development involved in the food & beverage industry are resulting in unique and nutritious ready to eat products, and these foods are relying on automated machines for packaging. Thus, the involvement of control valves is imperative in the packaging units in the food and beverage industry. Following closely, the pharmaceutical industry also employs a significant number of automated control valves for the packaging of fluid medications. Similar to the food & beverage industry, the demands in the pharmaceutical industry are reiterating and possess a wide range of consumer base.
Application in the Alternative Energy Sector
Process automation control valves are largely applied in the alternative energy ecosystem such as the wind turbines, hydro-energy pumps, and solar energy infrastructure. These valves perform distinct functions in each of the aforementioned alternative energy segments. The robust demands for alternative energy are inevitable, and a considerate financial investment is being witnessed in these sectors. According to the International Energy Association, the worldwide demand for energy grew by 2.3% in 2018, and this demand is projected to grow consistently. Moreover, the source suggested that renewable energy are a major contributor to fulfilling those demands. Thus, the requirement of process automation control valves in the renewable energy infrastructure is estimated to induce a substantial business opportunity for the control valve market leaders.
Prevalent Valves in the Process Automation Control Valves Market
Flexible Design: The process automated valves have developed significantly in terms of their capabilities. Nowadays, flexible designs for control valves are being applied to streamline the fluid flow. These flexible valves are easy to install and maintain; therefore, these flexible valves are gaining popularity. Also, these flexible valves can be used for multiple segments of products, thus increasing the application areas of the product. Flexible valve seats allow interchangeability within a standard valve body, which enables the valve to fit in the existing pipework, thereby increasing the accuracy and efficiency.
Intelligent Valves: These intelligent valves provide remote calibration capabilities along with a protocol to enable two-way communication. Moreover, these intelligent valves offer remote configuration, offline testing, and monitoring of the valve performance. These valves were incorporated to optimize the valve’s diagnostic and analysis. Such control valves are also indulging in providing on-line diagnosis or measurement of the fluid.
Process Automation Control Valves Market Competitive Landscape
The companies influencing the process automation control valve market are Emerson Electric, Flowserve Corporation, IMI Critical Engineering, Weir Group plc., Curtiss Wright Corporation, Cameron Schlumberger Corporation, Honeywell International Inc., Crane, Kitz Corporation, Metso Oyj, Samson, Burkert.
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