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.

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.

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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.

Another major driver for the control valves market is the surging energy demand because of the growing population, especially in countries such as Indonesia and India, which is leading to the increase in power plants. Power plants make use of pneumatic actuators to drive the control valves. Moreover, firefighting pipelines and treatment plants also make use of valves, particularly butterfly valves. Hence, the growing demand for energy is leading to the increasing requirement for control valves.

The development of new technology is a key trend in the control valves market. Traditionally the control valves were used mechanically without any chips or processors embedded in it, but now with technological advancements in the field, valves with processors embedded in them are being developed. These advancements allow the valves to deliver real-time data on flow rates and operating conditions. They also help in unplanned shutdowns reduction and predictive maintenance. Due to these advantages, manufacturers are adopting new technologies for producing control valves.

Thus, the expanding food & beverage industry and high energy demand are driving the market.