Rapid advances in the field of electronics is driving the global valve actuator market.
The Valve Actuator Market is expected to reach USD 86.6 billion during the forecast period at a 8.2% CAGR.
Covid-19 Impact & Market Status
The pandemic reduced the demand of valve actuator in many vertical segments due to project delays, raw material shortage, and supply chain disruption. This hampered the global valve actuator market. Furthermore, the global valve actuator marketplace is witnessing growth due to digitalisation trends, manufacturers transforming their business, equipment manufacturers and coming creating standardized and complete solutions, and growing demand for smart remote monitoring devices. Most importantly, in 2020, the most common malignancies were breast cancer (2.16 billion new cases) and lung cancer (1.6 billion new cases). These factors had a positive impact on the actuators market since actuators are widely used in healthcare for a variety of reasons.
Electric Operated Valve Actuator Comprises The Largest Target Market Segment
The global valve actuator market is classified into manual, electric, hydraulic, pneumatic on the basis of Type. Among these, the electric operated valve actuator is experiencing rapid adoption. Electric operated valve actuators have high torque capability, remote operation capability, compact design, light weight, adaptability to extreme temperatures, faster stroking speed, high stiffness, and versatility. These are some key benefits that have increased the popularity of electric valve actuators in global valve actuator market.
Oil & Energy Segment Accounted For Highest Market Share Of Global Valve Actuator Market
The global valve actuator market is classified into waste water treatment plants, oil & energy, mining, nuclear plants, food factory, pipelines, and others on the basis of Application. Among these, the oil & energy segment accounted for highest market share of global valve actuator market. The segment is expected to witness two fold growth in forecasted years.
North America Is Opening Up Varied Opportunities For Market Players
The key force such as extensive number of in oil and gas plants and production, North America had the largest share. Control valve demand has increased across North America due to the active growth of unconventional oil and gas upstream operations such as shale gas extraction and household and commercial building. Europe was the second biggest revenue contributor and is predicted to develop significantly throughout the projection period, owing to increased investment in the food and beverage and power generating industries in the area because of rising demand.
Furthermore, increased oil production in the Middle East boosts demand for worldwide actuators and valves. The Middle East, as one of the key oil and gas suppliers and producers, is likely to drive the industry over the next decade. Furthermore, as the usage of shale gas as an energy source expands, demand for control actuators and valves is expected to rise. Hydraulic actuators were in great demand in Africa as the pace of mining operations increased. Stainless steel control valves are now in great demand in the oil and gas and power sectors. Therefore, the market is likely to benefit from increased oil and gas exploration and production.
Growing popularity of valve actuators for applications in different industries such as residential, appliance, industrial, and commercial industries is driving the global valve actuators market.
The increasing prevalence of installing streamlined and efficient processes has led the way to leverage technology. This has improved the reliance on automated valve actuators furthering the development of global valve actuator market.
Owing to benefits such as high torque capability, compact design, light weight, adaptability to extreme temperatures, faster stroking speed, high stiffness, and versatility, power operated valve actuators are experiencing rapid adoption as opposed to manually operated valve actuators thus fostering remarkable progress of global valve actuator market.
The key factors such as governments and independent organizations beginning to create actuator valve automation, higher frequency of international trade, collaborations between companies, higher operating standards implemented by governments to restrict the use of hazardous substances for improving environmental friendliness, and growing innovation focused on sustainability and health is driving the global valve actuator market.
Advantages such as safety, reliable operations, accessibility to remote valve location, excessive valve torque, cost saving and more encourage further adoption of valve actuator. These factors collectively influence thumping growth of global valve actuator market estimated to reach close to 98.35 Bn USD by 2029 with an annualised growth rate of 11.94% through the forecast period.
Valve actuator is a mechanism used for opening and closing a valve. There are two types of actuator valves commonly used, manually operated and power operated. The manually operated valve actuator requires some adjustment to be done by operators and power operated actuator valves operate on gas, hydraulic, or electric pressure. The power operated valve actuator can be operated remotely and allows faster operation of valves.
Actuators can either open and close the valve or allow for intermediate positions; some valve actuators have switches or other mechanisms to signal the valve's position remotely. Electrical actuators increase control and acceleration at high speeds. Without compressed air or other accompanying equipment, the force utilised to generate push may be controlled, and these actuators use relatively little energy overall.
Various industries employ actuators and valves to control and guide the flow of fluids during various operations. A valve actuator is a machine component that moves or adjusts the valve. The force from the actuators changes the position of the valve plug or disc, which regulates the rate of fluid flow.
Despite use of valve actuators in a wide variety of applications, the global valve actuator market is experiencing growth challenges. Some key operational in-efficiencies are high costs, limited duty cycle, slow stroking speed, and lack of safety. Also, the pandemic reduced the demand of valve actuator in many vertical segments due to project delays, raw material shortage, and supply chain disruption. This hampered the global valve actuator market. Furthermore, the global valve actuator marketplace is witnessing growth due to digitalisation trends, manufacturers transforming their business, equipment manufacturers and coming creating standardized and complete solutions, and growing demand for smart remote monitoring devices.
The key players in global valve actuator market are Neles, Emerson, Rotork, Parker-Hannifin, Kitz, IMI, General Electric, Schlumberger, Crane, and Flowserve among others.
Latest Innovation in the Global Actuator Valves Market: A Snapshot
- Manufacturers have introduced innovations in recent years such as Lighter, slimmed-down valve bodies, Zinc-Nickel plated valve actuator, Directional control valves, and more.
Valve Actuator Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 98.35 Billion|
|Growth Rate||CAGR of 11.94 % during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Neles, Emerson, Rotork, Parker-Hannifin, Kitz, IMI, General Electric, Schlumberger, Crane, and Flowserve among others.|
Key Segments of the Global Valve Actuator Market
Type Overview, 2019-2029 (USD Billion)
Application Overview, 2019-2029 (USD Billion)
- Waste Water Treatment Plants
- Oil & Energy
- Nuclear Plants
- Food Factory
Regional Overview, 2019-2029 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa