According to a recent report by Transparency Market Research, the global market for stainless steel control valves smaller than 2 inches is exhibiting a steady positive growth rate of 5 percent between 2015 and 2023. The market was recorded at USD $240 million in 2014. Owing to all the factors that are responsible for maintaining this growth rate, the market could reach USD $371.6 million by the end of 2023. This is a fruitful market to be involved in for the top contributors to the global stainless steel control valves market.
The two greatest industries that are currently creating the highest demand for stainless steel control valves are power generation and oil and gas. There are other consumers of stainless steel control valves, but not to the same degree as these two. Advancements in technology have allowed for a greater scope for the use of control valves in small-scale fluid handling. Another area for development in the global stainless steel control valves market is its scope in industrial process control, a concept used in multiple industry verticals.