Actuators and Valves Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 12/06/2017 -- Transparency Market Research has released a new report that presents the scenario of the global actuators and valves market. The presence of a large number of players renders a highly fragmented and competitive vendor landscape. The top 10 leading players held a scanty 20% of the market in 2015.
"Threat of substitutes and threat of new entrants is limited in the global actuators and valves market. Increased capital investments serves as a high entry barrier that curbs the threat of new players," says the author of the study.
Acquisition of small vendors is one of the key strategies adopted by leading players to garner increased share in the global actuators and valves market. For example, in 2015, Cameron International was acquired by Schlumberger Limited to expand its product line.
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The global market for actuators and valves stood at a valuation of US$74.37 bn in 2015. The market is expected to progress at a CAGR of 6.0% within the forecast period between 2016 and 2024 to reach a valuation of US$124.30 bn by the end of 2024.
In terms of type, valves leads the actuators and valves market with the segment holding close to 75% of the market in 2016. On the other hand, the segment of actuators is expected to display the leading CAGR of 5.89% between 2016 and 2024. Based on end-use industry, in 2016, water and wastewater treatment led the overall market.
In terms of geography, Asia Pacific held close to 40% of the market in 2016, followed by North America. Expanding at a CAGR of 6.9% for the forecast period between 2016 and 2024, Asia Pacific is expected to emerge as one of the most attractive regional markets by 2024.
Rising Urbanization Stokes Market Growth
Rapid urbanization in the emerging economies of Asia Pacific, the Middle East and Africa, and Latin America along with increase in urban areas in the developed economies of North America and Europe are the key factors driving the global actuators and valves market.
Rising urbanization across several parts of the world has created the demand for the development of infrastructure. The building of water supply facilities, power stations, electricity grids, and water treatment plants requires a steady supply of actuators and valves, which in turn is driving the global actuators and valves market.
The seeping of technology that involves the use of simulation software is also expected to have a positive impact on the market in the upcoming years. This is to serve the rising need for customized products across a host of industries.
In addition, rising investments in the oil and gas sector and the increased demand for technologically advanced valves is stimulating the growth of the actuators and valves market globally.
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Shortcomings of Actuators Inhibit Market Growth
Proving to be a hindrance, on the other hand, is the high cost and complexity of electric actuators. This, along with the low-energy efficiency of pneumatic actuators is holding back the market's growth.
The review is based on the findings of a report by Transparency Market Research, titled "Actuators and Valves Market (Type - Actuators (Pneumatic Actuators, Hydraulic Actuators, Electric Actuators, Mechanical Actuators, Manual Actuators and Hybrid Actuators), and Valves (Linear Motion Valves, Gate Valves, Globe Valves, Diaphragm Valves, Pinch Valves, Rotary Motion Valves, Ball Valves, Butterfly Valves, Eccentric Plug Valves, Specialty and Self-Actuated Valve); End-use – Water and Waste Water Treatment, Food and Beverage, Oil and Gas, Refining, Paper and Pulp, Mining, Chemical, Healthcare, Marine, Energy/Power, Construction, Residential, and Commercial) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024