May 05, 2020
As per the report titled ‘Global Actuators and Valves Market Size study, by Type (Actuators, Valve), by Application (Oil and Gas, Paper and Pulp, Mining, Water and Wastewater, Food and Beverages, Energy and Power, Automotive, Others) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global actuators and valves market was worth USD 115.40 billion in 2018 and is projected to grow with a CAGR of 5.3% during 2019-2026.
Actuators and valves play an essential role in restricting and regulating the flow of gases, liquids, or a mixture of both in almost all industries. Substantial demand of oil and gas for passenger transportation and power generation on account of the rapid globalization is the major growth driver of global actuators and valves market. These components are widely used across wastewater treatment plant and food & beverage industry.
According to International Wastewater Association, wastewater flow rate is estimated to reach 61,000 m3/day in Aqaba by 2030, urging the establishment of wastewater treatment facilities. In addition, Bangkok government has also planned to expand its wastewater treatment capacity to 12,000 m3/day by 2030. Expansion of wastewater treatment plants in tandem with rising urban population and global burden for providing potable water will bolster the demand for actuators and valves over the forecast duration as these components help in controlling and monitoring fluid flow.
Technological advancements of actuators & valves are expected to create new growth opportunities in the coming years. However, high maintenance cost and painstaking installation of these products in certain scenarios may hinder the market growth over the forecast period.
Considering the regional outlook, North America hold a significant share of global actuators and valves market, primarily driven by increasing number of power plants and high electricity consumption across both residential and commercial spaces.
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Meanwhile, Asia Pacific actuator and valves market is anticipated to grow rapidly during 2019-2026. Growing adoption of industrial robots and industrial automation technologies coupled with emergence of advanced and cost-effective actuators will expand the business landscape in APAC.
Key players operating in global actuators and valves market are Flowserve Corporation, Honeywell International Inc., Pentair PLC, Emerson Electric Co., Rotork, General Electric, Christian Burkert GmbH & Co. KG, Watts Water Technologies, Siemens AG, and Schlumberger Ltd.