While the emerging markets of Latin America, Asia Pacific, and the Middle East and Africa are experiencing rapid urbanization, the urban areas in industrialized economies of Europe and North America are expanding. As a result, there is a pressing need to develop public and private infrastructure including water supply, water treatment plants, power stations, and electricity grids. This is driving the demand for actuators and valves globally.
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However, the high complexity and cost of electric actuators and the low efficiency of pneumatic actuators are hampering the growth of the market. According to a research report by Transparency Market Research (TMR), which is now available on Market Research Reports Search Engine (MRRSE), the global market for actuators and valves is estimated to expand at a CAGR of 6.0% between 2016 and 2024, reaching a value of US$124.30 bn by the end of 2024 from US$74.37 bn in 2015.
Increasing Use of Simulation Software to Shape Future of Market
The increasing demand for technologically advanced valves from end-user industries and the rising investments in the oil and gas sector are contributing to the growth of the market. The use of simulation software is estimated to provide immense opportunities to the global actuators and valves market. With the growing demand for non-standard and customized products across various industries, valve manufacturers are expected to save both fabrication costs and development time by leveraging simulation software.
Burgeoning Demand for Potable Water to Boost Deployment of Actuators and Valves across Wastewater Treatment Industry
On the basis of application, the global actuators and valves market is segmented into food and beverage, water and wastewater treatment, refining, oil and gas, mining, paper and pulp, healthcare, chemical, energy, marine, and construction. Water and wastewater treatment accounted for the leading revenue share in 2015. The incessantly growing population and rapid urbanization are leading to high demand for potable water, thereby driving the deployment of actuators and valves in the water and wastewater treatment industry. Owing to these factors, the segment will retain its dominance until 2024.
Expansion of Nuclear Industry in China to Stir Demand for Advanced Technology Valves in Asia Pacific
Asia Pacific will continue to dominate the market in terms of revenue until 2024. The water and wastewater treatment sector is poised to provide immense growth potential to valves and actuators manufacturers in the region. The government and other large organizations in India are increasingly focusing on setting up large petrochemical and power units, which is likely to assist the growth of the region. The booming nuclear industry in China is also likely to encourage the development of advanced technology valves in the Asia Pacific region.
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The Middle East and Africa market for actuators and valves is anticipated to tread along healthy growth track during the forecast period owing to rapid urbanization. North America will command a large share in the market during the same period. The growth of the region can be attributed to the flourishing growth of the various end-user sectors including oil and gas, chemical, and power generation in developed countries such as the U.S. and Canada.