The global industrial valves and actuators market size in terms of revenue is expected to reach USD 146.58 billion by 2026, and is expected to experience a CAGR of 4.16% during the forecast period.
Increasing demand in the manufacturing and industrial sector, advancement in technology that propels usage of smart valves and actuators, and strict government regulations has boosted global industrial valves and actuators market growth. Awareness and acceptance of industrial valves and actuators has been gaining traction among the consumers due to the benefits which it offer in temperature controlling and pressure throughout downstream, upstream, and midstream activities. Hence, increasing oil and gas exploration activities have enhanced demand for industrial valves and actuators.
Rising oil and gas exploration activities are projected to unlock plenty growth opportunities for the global industrial valves and actuators market. In addition to offshore activities, industrial valves and actuators can be utilized in onshore activities, where adoption has been growing attributable to their capability to withstand high-pressure conditions and adverse corrosive conditions in production platforms and refineries. Acceptance, adoption and implementation of industrial valve and actuator is rising continuously due to the benefits they offer in controlling the temperature and pressure throughout upstream, downstream, and midstream activities.
Rising stress for global water consumption and usage, along with disposal of industrialized wastewater in aquatic ecosystems, has led to vital need for water recovery. In order to minimize these alarming issues, demand for efficient treatment equipment systems have augmented, thus making opportunities for water and wastewater industries. Additionally, 3D printing, also known as additive manufacturing, has the potential to transform the production of industrial valves and actuators. A myriad of conventional designs and products, including servo valves, gate valves, and check valves, be able to now be developed using 3D printing technology. The technology is aiding valve manufacturers in changing the approach from “Just-in-time (JIT) delivery” to “JIT manufacturing”.
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Asia Pacific is expected to dominate the market over the forecast period owing to rising sub sea explorations and rising investments in industries such as chemical water and wastewater, and energy and power. In addition, expanding production of oil sands and shale gas in North America and growing exploration in regions such as Asia and Africa has spurred market demand. Replacement of old and inefficient valves with more effective ones for gas transportation in midstream infrastructure is also anticipated to boost demand over the forecast period.
The key players catering to the global industrial valves and actuators market are Prominent industry participants include Emerson Electric Co., Flowserve Corporation, IMI plc, Schlumberger Limited, and AVK Holding A/S. and among others. The global players are continuously investing in R&D activities and innovating to have updated technology based product portfolio to attract more and more business opportunity from the emerging nation such as that in Asia Pacific countries.