The global control valves market reached $11,137.0 million in 2017, and it is further predicted to attain a value of $16,057.5 million by 2023, growing at a CAGR of 6.3% during the forecast period (2018–2023). The market is growing due to the increasing need for wireless infrastructure to monitor and control equipment, increasing use by the food and beverage industry, high energy demand due to the growing population, and expanding infrastructure projects. A physical device used to control the flow of a fluid by opening or blocking the flow passage via a controller is called a control valve.

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On the basis of actuation technology, the control valves market is divided into electric, hydraulic, manual, and pneumatic control valves. Out of these, pneumatic control valves occupied the largest share (more than 35.0%) of the market in 2017, in terms of sales volume. This is because these valves are easy to operate, provide precise linear motion, and can be used in a wide range of temperatures. The CAGR of pneumatic control valves is also expected to be the highest during the forecast period, both in terms of value and volume.

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In terms of application, the control valves market is categorized into chemicals, automotive, wastewater management, pharmaceuticals, power generation, oil & gas, food & beverages, and others. Out of these, the category of power generation accounted for the major share of the market during the historical period (2013–2017), in terms of volume, which is attributed to the rising demand for energy. The category of pharmaceuticals is expected to grow at the highest CAGR during the forecast period, both in terms of value and volume.

The expanding food & beverage industry is contributing significantly to the control valves market growth. The sales of processed foods have increased because of the rise in disposable income, which has further led to the growing number of food processing plants. Globe, gate, and check valves are most commonly used in such facilities. It is predicted that the Asia-Pacific region is going to be one of the key consumers of control valves, as new food processing facilities are being set up in India and China.