Due to the booming population in several countries, the demand for energy is soaring. This is, in turn, pushing up the requirement for consistent power production and transportation. Moreover, the rising energy requirements are causing rapid advancements and innovations in the systems used for producing, processing, and transporting energy. As control valves are heavily used in power plants for managing the flow of steam and water, the growing energy demand is positively impacting the sales of control valves.
Control valves are also used for keeping the energy demand-supply gap very narrow in order to prevent frequent power outages and load shedding. Furthermore, the discovery of several fossil fuel reserves in various Asia-Pacific (APAC) countries such as Thailand and China, on account of advancements in exploration and production (E&P) methods and technologies, is predicted to create lucrative growth opportunities for the companies producing control valves in the future years.
Pharmaceuticals, wastewater management, oil and gas, food and beverages, chemicals, power generation, and automotive are the major application areas of control valves. Out of these, the usage of these valves is predicted to rise rapidly in the pharmaceuticals sector in the upcoming years, on account of the implementation of strict safety regulations in the pharmaceuticals industry for reducing risk and increasing the operational efficiency. Control valves help manufacturers enhance their manufacturing operations to reduce uncertainties and improve efficiency.
Globally, the control valves market is presently the most lucrative in Asia-Pacific (APAC) and North America. This is because of the widespread usage of these valves in various industries for maintaining the flow rates of fluids and production. In addition to this, the discovery of oil and gas fields and the huge investments made in the oil and gas industry are fueling the demand for control valves in these regions.
Hence, it can be said without any hesitation that the sales of control valves would shoot-up around the world in the forthcoming years, primarily because of their growing requirement in the power sector and oil and gas industry and their rising usage in the pharmaceuticals industry.
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