China is the only country worldwide currently providing double-digit growth for control valve suppliers, according to a new study by the ARC Advisory Group. China’s control valve market is expected to grow at a compounded annual growth rate approaching 11% over the next five years to exceed USD 350 million in 2008. The study, titled Control Valve Outlook for China, says local and global manufacturing companies are creating world-class production facilities in China across all vertical industries. As China progresses as a global market economy and the country becomes increasingly synonymous with low-cost manufacturing, ARC believes control valve suppliers will continue to tap this market. The study points to an expanding energy market as the key demand driver for control valves in China. According to the report, the country is seeing a large number of new power plants as well as the upgrade/modernisation of older plants. China’s plan to invest in electricity generation is creating accelerated growth in the electric power industry, notes the study. The Chinese government has approved 30 new electric power projects that will add 22 gigawatts to the country’s generating capacity. According to the study, China’s electric power industry has a large number of thermal power plants, accounting for roughly three-quarters of the country’s power capacity; many of the country’s thermal power plants use outdated technology and require improvement. This need, notes the study, is creating vast opportunities for control valve suppliers.