Actuators and Valves Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 02/03/2017 -- The growth in urbanization is creating a significant demand for public and private sector infrastructure development such as power stations, water supply, electricity grids, and water treatment plants, which is driving the global actuators and valves market.
Rapid urbanization in emerging markets and an increase in urban areas in developed economies is the biggest factor driving the actuators and valves market worldwide. The use of simulation software is also expected to augment the market in the near future. With the rising need for customized, non-standard products across multiple industries, valve manufacturers are anticipated to save both development time and fabrication costs by leveraging simulation software. This will ensure adequate supply in the market.
The global actuators and valves market stood at US$74.37 bn in 2015 and is expected to reach US$124.30 bn by 2024, expanding at a CAGR of 6.0% therein.
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Demand for Actuators and Valves Soars in Water and Wastewater Treatment Industry
Actuators and valves find application in several end-use industries such as water and wastewater treatment, food and beverage, oil and gas, refining, paper and pulp, mining, chemical, healthcare, marine, energy, and construction.
The water and wastewater treatment industry held the dominant share in the global actuator and valves market at the start of the forecast period and the segment is likely to retain its lead through 2024. Rapid urbanization and the continuous growth in the global population are the key factors driving the demand for potable water, thereby fueling the need for actuators and valves in the water and wastewater treatment sector. The treatment of wastewater requires valves and actuators to control the flow of water. Actuators used in this industry need to be changed regularly owing to the impact of humidity and the dirt in water.
The construction industry, which includes commercial as well as residential construction, also accounted for a prominent share in the actuators and valves market. Butterfly valves are commonly used in this sector as they are more reliable for temperature control applications and for heating, ventilation, and cooling (HVAC).
Increasing Demand for Advanced Technology Valves in APAC
Asia Pacific accounted for the leading share in the global actuators and valves market in 2015. The water and wastewater treatment industry is anticipated to offer substantial growth potential for manufacturers of valves and actuators in the region. The growth of the nuclear industry in China is also spurring the development of advanced technology valves in APAC. The Indian economy is undergoing rapid transformation by setting up large power and petrochemical units, which is anticipated to benefit the actuators and valves market.
North America also accounted for a significant share in the global actuators and valves market in 2015. The demand for valves and actuators is rather high in the U.S. and Canada and is fueled by the growth of the oil and gas sector in the countries. The expansion of this sector has catalyzed the growth of various energy-dependent industries such as power generation and chemicals, which has led to an increased demand for flow control equipment.
The Middle East and Africa is expected to observe high growth in the actuators and valves market during the course of the forecast period. Rapid urbanization and increasing population have resulted in the acute shortage of safe drinking water in several countries and the need to provide potable water has led to the establishment of desalination plants. This, in turn, is supporting the use of valves and actuators in the MEA region.