The global control valve market size was valued at USD 5.5 billion in 2020 and is projected to reach USD 10.6 billion by 2025. It is expected to grow at a CAGR of 14.2% during the forecast period. Major factors driving the growth of the control valve industry are increasing demand for valves from healthcare and pharmaceuticals industries due to outbreak of COVID-19 pandemic, rising demand for energy in APAC, growing need for connected networks to maintain and monitor industrial equipment, and surging focus on establishing new nuclear power plants and upscaling of existing ones.

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Actuators are expected to account for the largest share of the control valve market, by component, by 2025. This can be attributed to the increasing use of actuators in the oil & gas, energy & power, metals & mining industries; actuators are installed in industrial locations that are not easily accessible by humans, and actuators can provide uninterrupted and reliable services during the operation of the valves.

The oil & gas industry accounted for the largest share of the control valve market owing to the growing transportation sector, increasing demand for energy, and the rising number of drilling activities in the Gulf Cooperation Council (GCC) countries. However, at present, the world is facing an economic crisis due to the COVID-19 pandemic. This pandemic has severely affected the oil & gas industry, with oil prices declined to below zero levels. The major oil-producing companies are running out of space to store the extracted oil, while the demand for oil has declined drastically, which has created a huge demand–supply gap. Oil & gas is one of the key industries for control valves, but the pandemic has adversely affected the control valve market in 2020 to a significant extent.

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APAC held the largest share of the control valve market. Rapid population growth and urbanization in developing economies such as China, Japan, and India have led to the growth of the energy & power, water & wastewater treatment, building & construction, chemicals, pharmaceuticals, and oil & gas industries. This, in turn, has increased the demand for control valves until 2019. However, COVID-19 has adversely impacted the control valve market in 2020, due to which it is expected to witness a significant decline. The major industries adopting control valves are oil & gas, energy & power, and water & wastewater treatment. These industries are currently slowed due to stringent measures, which include lockdown, restrictions on foreign trade, and a halt in the supply of non-essential goods and services taken by several governments across the world as precautionary measures for the safety of people.