A new report published by Allied Market Research, titled, Actuators & Valves Market by Type, and Application-Global Opportunity Analysis and Industry Forecast, 2014-2022, projects that the global actuators & valves market is expected to reach $125 billion with a CAGR of 6.3% by 2022. In 2014, North America dominated the market and contributed more than 32% share of the overall market revenue, followed by Europe. The presence of key market players in the U.S. & Europe, rapid industrialization in manufacturing sectors, rise in demand for enhanced safety & monitoring systems, increased application of actuators & valves in automotive and paper & pulp industry, increase in government regulations for manufacturing industries have fueled the actuators & valves market growth. However, high cost and limited accuracy in harsh conditions are expected to restrict the market growth.
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Valves alone accounted for about 60% of the overall market in 2014. Higher installation and simple design of valves led this segment to dominate the market. However, actuator segment is expected to register a CAGR of 6.6% and demonstrate significant growth owing to their rugged design and suitability for high-force applications, as many renowned companies have launched automated actuators. Moreover, North America contributed significantly in the valves segment.
Although North America contributed toward the maximum revenue share in 2014, Asia-Pacific is expected to show the highest CAGR. This is attributed to various factors, including increase in the oil & gas production activities and numerous government initiatives. Moreover, improvement in technologies boosts the installation of valves & actuators in Asian countries, particularly in China, Japan, and India.
However, Asia-Pacific is projected to show highest growth rate in the future. China has the biggest market for valves & actuators manufacturers and consumers. Moreover, surge in manufacturing industry activities and increased expenditures in the emerging markets, such as Japan and India, to satisfy the exponential growth for potable water have strengthened the market growth. Technological advancements for cost-effective valves & actuators in these nations offer lucrative opportunity for the market.
Key Findings of the Actuators & Valves Market:
- In 2014, oil & gas segment dominated the overall actuators & valves market, in terms of revenue, and is projected to grow at a CAGR of 6.0%.
- Automotive application segment is expected to exhibit rapid growth.
- North America led the market, but Asia-Pacific is expected to show the highest CAGR.
- China led the overall Asia-Pacific actuators & valves market with about one-third of the share.
The key players focus to expand their business operations in the emerging countries, with acquisition and product launch as a preferred strategy. The major players profiled in this report include Honeywell International Inc, Emerson Electric Co., Flowserve Corporation, Pentair Plc., General Electric, Rotork, Siemens AG, Christian Brkert GmbH & Co. KG, Schlumberger Limited, and Watts Water Technologies, Inc.