- Flow Meters
Fluid Control Market was valued at USD 4,972.8 million in 2022 and is expected to grow at a 9.7% CAGR from 2023 to 2029. The fluid control systems are used to regulate the flow or pressure of liquid and gases. The flow control systems are ideal for inflow optimization and production maximization, and suitable for horizontal, vertical, and deviated, completions. The increasing demand for fluid control products in end user industries like oil & gas, construction industry is expected to drive the growth of fluid control market over the forecast year. In addition, growing adoption of automation in industries across the globe, increasing number of power production units due to the increased power consumption in emerging countries are expected to boost the growth of the fluid control market at a significant rate. Furthermore, increasing investments in research and development of new products by market key players is anticipated to trigger market growth. For instance, in February 2022, Circor International Inc. launched their product ‘CIR 3100’ control valve, a new valve body with a variety of internal options for a wide range of general, critical, and severe applications like oil and gas, processing industries, power generation. However, the regulation policies regarding the manufacture of valves and their approvals differs based on the locations and are time taking process, which is expected to hinder the growth of fluid control market across the globe over the forecast period. However, increasing technological advancements in the development of smart fluid control systems, integration of digital technologies and increasing emphasis on energy efficiency are expected to provide huge opportunities to the key players in fluid control market over the forecasted period. Geographically, Asia Pacific region held the major market share in 2022 and is expected to dominate the global fluid control market in the forecasted years.
Fluid Control Market Key Developments:
In July 2022, Valmet upgraded its flexible butterfly valve product line with Neles Q-Disc, a high performing feature which aids flow balancing in control valve applications.
Fastest Growing Market
Fluid control market is expected to grow over the forecasted period due to the increasing demand for fluid control systems in various end user industries. The rapid growth in the pharmaceutical, oil and gas industry is expected to increase the demand of fluid controls systems over the forecasted period. In addition, the increasing demand for semiconductors across the globe is expected to increase the demand for fluid control systems. Increasing population and rapid industrialization in emerging countries is expected to drive the market growth over the forecast period.
Fluid Control market was valued at USD 4,972.8 million in 2022, and is expected to grow at a 9.7% CAGR from 2023 to 2029
Advancement of technologies and increase in demand for fluid control systems in various industries are expected to provide opportunities to the key market players in fluid control market.
The leading players in the global Fluid Control market are ABB Ltd., Siemens AG, Mitsubishi, Schneider Electric SA, Bharat heavy Electricals Ltd., Texas Instruments, Alfa Laval Corporate AB, Weatherford International Plc, Valmet, Gemsensors, Hitachi.
Government regulations regarding the manufacture of valves differ from region to region and takes a long time for approval which is expected to hinder the market growth over the forecasted period.