Rising Electricity Demand Accelerating Control Valve Sale Globally

The International Energy Agency (IEA) forecasts that electricity demand in the residential, industrial, and services sector will surge from 7,000 terawatt-hour (TWh) in 2020 to 10,000 TWh by 2040, 10,000 TWh in 2020 to 12,000 TWh by 2040, and 6,000 TWh in 2020 to 7,000 TWh by 2040. The IEA’s Stated Policies Scenario reveals that the global electricity demand will accelerate at 2.1% per year till 2040. Thus, the rising power demand, owing to the burgeoning global population, will result in the large-scale adoption of control valves in the foreseeable future.

Moreover, the increasing number of infrastructure projects will also help the control valves market witness a CAGR of 6.3% during 2018–2023. According to P&S Intelligence, the market revenue stood at $11,137.0 million in 2017, and it will exceed $16,057.5 million by 2023. Besides, the booming food and beverage sector and escalating need for wireless infrastructure to control and monitor equipment will also create an extensive requirement for control valves in the forthcoming years.

In the last few years, end users have shown a high preference for butterfly valves, owing to their small size and ability to control liquid flow precisely. Additionally, butterfly valves can open and close rapidly when actuated, on account of which they are gaining prominence over ball valves, cryogenic valves, diaphragm valves, gate valves, globe valves, and plug valves. In the upcoming years, pharmaceutical companies will adopt a considerable quantity of such valves due to the enactment of toughening safety standards to reduce risk and the surging need to enhance operational efficiency.

Geographically, the Asia-Pacific region dominated the control valves market in the last few years, owing to the improving infrastructure sector, soaring energy demand, and rising number of valve manufacturers in the regional countries. Besides, the high economic growth rate of APAC nations also results in the large-scale installation of control valves in the region. Among APAC countries, China adopted the highest number of control valves due to the soaring number of infrastructure projects and increasing penetration of automotive, oil and gas, water and wastewater treatment, and power generation companies in the country.

Therefore, the escalating power demand and the growing number of infrastructure projects will facilitate the adoption of control valves in the coming years.