Wilmington, Delaware, United States, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The actuators and valves market was worth US$ 415.3 million in 2022. A CAGR of 4.3% is predicted from 2023 to 2031, reaching US$ 615.6 million during the forecast period. With the advent of smart actuators, the industry has been revolutionized. The advanced technologies of these actuators, which include sensors, communications, and data analytics, facilitate predictive maintenance, remote monitoring, and improved control.
Performance and reliability of actuators have improved over the years. Industry needs are constantly evolving, requiring manufacturers to introduce new models and upgrades. Actuator and valve technology has become increasingly automated. Valve control systems have evolved to become more precise and efficient through integration with industrial automation platforms, eliminating the need for manual operation.
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New possibilities have emerged because actuators and valves are connected to digital systems through the Industrial Internet of Things (IIoT). A real-time monitoring system is used, a remote control is implemented, and data-driven decisions are made, resulting in improved performance.
Global Actuators and Valves Market: Key Players
Major manufacturers of actuators and valves to enhance the function of their products are increasingly using smart technologies and the integration of novel sensors. To satisfy the rising demand from several lucrative industries, vendors are constantly adopting better designs to expand their range of applications.
- Honeywell International Inc.
- AVK Holdings A/S
- Flowserve Corporation
- SLB
- Emerson Electric Co.
- Tyco International Ltd.
- KITZ Corporation
- Burkert Fluid Control Systems
- Watts
- Rotork
Key Findings of the Market Report
- Increasing oil and gas industry activity and the adoption of industrial automation are driving the actuators and valves market growth.
- The worldwide actuators and valves industry is seeing growth in pneumatic and quarter-turn valves.
- A growing industrialization trend in the Asia Pacific region will create a market for actuators and valves.
- A growing oil and gas industry in Europe is expected to increase demand for actuators and valves.
Global Actuators and Valves Market: Growth Drivers
- With Industry 4.0 and increasing industrial automation, demand for actuators and valves is on the rise. Industrial automation relies heavily on these components for control and regulation. The oil and gas industry, chemical industry, pharmaceutical industry, as well as water treatment industry, rely heavily on actuators and valves. In addition, these industries are growing globally, so actuators and valves are in high demand.
- Increasing energy demand and the upgrading of existing power plants contribute to the growth of actuators and valves in the power industry. Due to environmental concerns and regulations, water treatment plants are increasingly using actuators and valves. The oil and gas industry relies heavily on actuators and valves, which are used in processes such as production, exploration, refining, and distribution. The growth of the oil and gas industry directly impacts the demand for these components.
- Intelligent valves and actuators with IoT capabilities are increasingly improving industrial process effectiveness and efficiency. A new generation of actuators and valves is being developed because of these technological advancements. Energy-efficient actuators and valves are becoming more prevalent as sustainability and energy efficiency become more important.
- Energy consumption is especially prevalent in industries where there is a strong focus on reducing consumption. Because of strict safety requirements, environmental protection measures, and quality demands, numerous industries require high-performance actuators and valves. Urbanization and globalization lead to increasing industrialization and construction activities, which in turn increase the demand for actuators and valves. As part of infrastructure development projects, like smart buildings, smart cities, and large-scale infrastructure projects, actuators and valves are used in HVAC (heating, ventilation, and air conditioning) systems.
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Global Actuators and Valves Market: Regional Landscape
- Asia Pacific is expected to dominate the actuators and valves market. Increasing adoption of international standards and practices, as well as the development of new oil, gas, and plants, are expected to positively impact the market. Sustainable energy sources and green energy initiatives are driving a surge in demand for actuators and valves. Increasing interest in hydrogen-powered economies, for example, has increased research and investment in valve actuators, which in turn boosts the market for valve actuators.
- Asia Pacific's robust industrial base, technological advancements, and focus on efficiency and automation are driving this market's growth. Several advanced manufacturing industries are located in this region, including aerospace, automotive, and electronics. Increasing research and development investments and the adoption of advanced technologies are also contributing to the growth of this market.
Key Developments
- In July 2023, SMAC Moving Coil Actuators announced that its low-profile electric linear moving coil actuators for dosing and filling machines have been approved for use in Asia and Europe. For dosing and dispensing applications, SMAC introduced the LPL30 earlier this year.
- In August 2023, Automation Technology, Inc. (ATI), a leading provider of personalized valve automation solutions, launched their Zero Emission Hydrostatic Actuator Solution to reduce pipeline emissions.
Global Actuators and Valves Market: Segmentation
By Product Type
- Manual
- Hydraulic
- Pneumatic
- Electric
- Mechanical
- Other Actuators
- Quarter Turn Valves
- Multi-turn Valves
- Control Valves
- Other Valve Types
By Application
- Agriculture
- Mining, Minerals, & Metals
- Chemicals & Petrochemicals
- Automotive
- Energy & Power
- Oil & Gas
- Paper & Pulp
- Pharmaceuticals
- Water & Wastewater Treatment
- Others
By Region
- North America
- South America
- Asia Pacific
- Europe
- Middle East & Africa
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