Valves refer to devices that are utilized for directing, regulating, and controlling the flow of any kind of medium that passes through them. They are utilized in the automation of valves for ensuring that the flow and pressure control are in line with the parameters set. The key function of valves include process control, diagnosis, safety, and automatic control of valve position. The global actuators and valves market is predicted to rise owing to the growing industrialization activity globally.
Mounting Demand for Energy and Water to Bolster Global Actuators and Valves Market
The other key factors fuelling the growth of the market include the rising demand for flow control equipment, the rise of existing facilities, automation in modernization, and the increasing demand for resources such as energy and water. The growing urban areas in emerged economies and the swift urbanization in developing markets will also provide impetus to the global actuators and valves market. In addition, the utilization of simulation software is also predicted to drive the growth of the market in forthcoming years.
Soaring Demand for Potable Water to Raise Employment of Actuators and Valves in Water and Wastewater Treatment
In terms of application, the market for actuators and valves is segmented into water and wastewater treatment, oil and gas, refining, mining, food and beverage, paper and pulp, healthcare, chemical, marine, construction, and energy. Of these, the segment of water and wastewater treatment holds the leading share in the market and is predicted to maintain its superiority all through 2024. The consistent rise in population and the swift urbanization are the prime factors fuelling the demand for potable water, hence driving the requirement for actuators and valves in the sector of water and wastewater treatment. Actuators utilized in this industry will require to be changed on a regular basis due to humidity and presence of dirt in water. On the other hand, the industry of construction, including residential and commercial construction, also constituted for a significant share in the market.
Advancement in China Nuclear Industry to Boost Growth of Market in Asia Pacific
In terms of geography, the Asia Pacific actuators and valves market led in 2015. This is because the water and wastewater treatment industry is predicted to present key development potential for the valves and actuators’ manufacturers in this region. In addition, the development in the nuclear industry in China will also fuel the development of cutting-edge technology valves within Asia Pacific. On the other hand, North America is also poised to represent a substantial share in the market for actuators and valves in 2015. In Canada and the U.S, the demand for actuators and valves is driven by the development of the oil and gas sector within the nations. The Middle East and Africa is also poised to experience high development in the market in the coming years owing to the growing population and the swift urbanization resulting in the absence of safe drinking water in numerous nations.
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The prime players operating in the global actuators and valves market are Honeywell International Inc., Tyco International Ltd., Emerson Electric Co., KITZ Corporation, Schlumberger Limited, Burkert Fluid Control Systems, Flowserve Corporations, AVK Holdings A/S, and Watts Water Technologies, Inc., among others.