| A01458 | Pages: 249 | Mar 2021 | 16955 Views | ||
| Author(s) : Asavari Patil, Ruchal Humbare , Vineet Kumar | Tables: 112 | Charts: 89 |
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Pandemic disrupted the entire world and affected many industries.
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Request Now !The global actuators & valves market size was valued at $101.14 billion in 2019, and is projected to reach $149.31 billion by 2027, registering a CAGR of 6.1% from 2020 to 2027. Actuators and valves are used in various industries for regulating and directing the flow of fluids during various processes. A valve is a device that regulates or controls the flow of a fluid (gases, liquids, or slurries) by opening, closing, or partially blocking various tubes. An actuator is a component of a machine responsible for moving or adjusting a valve. The valve regulates the rate of fluid flow as the position of valve plug or disk is changed by the force from the actuators. Actuators and valves find application in various end-use industries such as water and wastewater treatment, food and beverage, oil and gas, refining, paper and pulp, mining, chemical, healthcare, marine, energy, and construction.
The global actuators & valves industry is expected to witness growth during the forecast period, owing to growing water and wastewater treatment industry. In addition, increase in safety measurements in industries also propels the market growth. Moreover, the use of technological advanced processing methods is estimated to revolutionize the actuators & valves market outlook. Hence, owing to the aforementioned factors, the market is expected to witness a steep growth in the near future. Changing environmental regulations and number of product launches also propel the actuators & valves market growth. However, lack of product differentiation hinder the market growth. Furthermore, increased adoption of robotics provides lucrative opportunities for the market.
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The ongoing COVID-19 pandemic has abruptly re-shaped the global economy. Sudden decline in infrastructure development and installation projects is expected to hamper the actuators and valves market for automotive and industrial and energy & power industry verticals. However, significant demand for actuators & valves from healthcare sector during the COVID-19 pandemic accelerated the global actuators & valves industry.
The global actuators & valves market is analyzed by type, application, and region. On the basis of type, it is fragmented into actuators and valves. The actuators segment is further sub-segmented into electric actuators, mechanical actuators, pneumatic actuators, and hydraulic actuators. The valves segment is also further sub-segmented as multi turn valve, and control valves. The valves segment dominated the actuators & valves market share, in terms of revenue in 2019, and is expected to follow the same trend during the forecast period. On the basis of application, the market is segregated into oil & gas, paper & pulp, mining, water & wastewater, food & beverage, energy & power, automotive, and others. The oil & gas segment accounted for the highest market share in 2019, and the automotive segment is expected to grow at a high CAGR from 2019 to 2027.
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Region wise, the global actuators & valves market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Singapore, Malaysia, Thailand, Indonesia, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). North America accounted for the highest share, owing to the expansion in the oil & gas production. The active expansion of the unconventional oil & gas upstream activities such as shale gas production and domestic & commercial construction has led to an increase in demand for control valves across the North America. Europe was the second largest contributor, in terms of revenue, and is expected to witness significant growth during the forecast period, owing to the rise in investment in the food & beverage and power generation industries in the region due to growth in consumption.
Moreover, major oil production in Middle East fetches growth in demand for global actuators & valves market share. Middle East being one of the major suppliers and producers of oil & gas is expected to drive the market for the next decade. In addition, increase in use of shale gas as an energy source is anticipated to a rise in the demand for control actuators & valves. Growth in the rate of mining activities in Africa also led to a high demand for hydraulic actuators. Oil & gas and power industries are currently creating the highest demand for stainless steel control valves. Thus, the rise in exploration and production of oil and gas is expected to create lucrative opportunity for the market
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Growth in water & wastewater industry, increase in safety measurements in industries, technological advancement in processing methods, changing environmental regulations are the major factors that propel the global actuators & valves market growth. However, lack of product differentiation is expected to hinder the market growth. Conversely, up-surging demand for robotics is projected to offer remunerative opportunities for the global actuators & valves market.
Competitive analysis and profiles of the major global actuators & valves market players such as Emerson, Flowserve Corporation, Crane Co., Schlumberger Limited, General Electric, IMI plc, Kitz Corporation, Rotork plc, Parker-Hannifin Corporation, and Neles are provided in this report.
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Key Benefits For Stakeholders
Key Market Segments
Key Market Players
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Actuators & valves are crucial components used in any device or machine. It has wide range of applications from consumer electronics to industrial machinery, from oil & gas refineries to automotive. Some of the prominent factors for selection of any actuators & valves are efficiency, size, speed, accuracy, output torque, and IIoT (industrial internet of things) compatibility. There is huge demand from oil & gas industry owing to upgradation of existing valves to meet the changing environmental regulations. Also, there is continuous demand for actuators & valves from manufacturing units that strive to replace the manual valves with smart valves. The growth in urbanization creates potential demand for public infrastructure including public transport, power plants, and water treatment plants further drives the demand for actuators & valves market in the upcoming years.
Market players are highly investing in developing environmental- friendly actuators & valves to meet the future needs of the market. Subsequently, the actuators & valves market is projected to witness several product launches that will evolve the actuators & valves industry. Besides, manufacturers are focusing on enhancing the supply chain of actuators & valves raw material distributors. However, volatility in raw material prices and erratic supply of raw materials may hinder the market growth in the upcoming years.
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