Contributor: Transparency Market Research
The global actuators and valves market portrays a is highly fragmented in nature owing to presence of a large number of small and medium scale manufacturers, states Transparency Market Research. Actuators and valves market are largely driven by product launch and acquisition. For instance, Honeywell International Inc. announced a new range of 2-way and 3-way ball valves suitable for a wide range of heating, ventilating, and air conditioning applications. The Honeywell range of ball valves and actuators is designed to maximize the key features required to give specifiers, installers, and users the most cost-effective solution. Moreover, expansion and agreement are other wining strategies adopted by key players. Some of the major companies in the global actuators and valves market are Honeywell International Inc., AVK Holdings A/S., Flowserve Corporations, Schlumberger Limited, Emerson Electric Co.
As stated by TMR analyst, the global actuators and valves market is projected to grow at a healthy 5.3% CAGR during 2017-2026 and reach US$ 511 Bn in 2026. On the basis of application, the global actuators and valves market is segmented into agriculture, mining, minerals and metals, chemicals and petrochemicals, automotive, energy and power, oil and gas, paper and pulp, pharmaceuticals, water and waste water, and other application. Among these, the oil and gas industry accounted for the majority share owing to extensive application in natural gas generation, crude oil extraction, and refining processes.
Asia Pacific held the largest share in the forthcoming years, for both industrial valves and actuators. This is owing to prominent emerging economies such as China and India investing heavily in valve manufacturing to cater to the rising demand in industries such as such as water and wastewater, food and beverage, and energy and power. In North America, U.S. dominated the market owing to strong usage scope in industries such as chemical, oil and gas, energy and power, water and wastewater, and food and beverage.
Adoption of Industrial Valves and Actuators, a Boon for the market
Increasing oil and gas exploration activities are projected to open ample growth opportunities for the market. Industrial valves and actuators can be used in offshore activities as well as onshore activities, where adoption has been growing owing to their capability to withstand high-pressure conditions and adverse corrosive conditions in refineries and production platforms. Adoption of industrial valves and actuators is rising continuously owing to benefits they offer in controlling the temperature and pressure throughout downstream, midstream, and upstream activities.
Rapid urbanization and industrialization have triggered the demand for energy. As a result, several countries have initiated oil and gas exploration activities. Large oil exploration companies and oil and gas exporting countries, such as Russia, Canada, Saudi Arabia, U.K., and Netherlands, are tapping into opportunity to increase their revenues and expand their market shares.
Surging demand for good-quality water to Propel Growth
The water and wastewater treatment industry are also a major user of industrial valves and actuators. Surging demand for good-quality water is one of the primary growth stimulants for the market. Industrial valves and actuators play an essential role in monitoring and controlling water treatment and transportation activities efficiently and subsequently enhancing the productivity and augmenting efficiency of various processes involved in treatment of water and wastewater. Growing automation in the water and wastewater treatment industry is poised to provide a fillip to the market.