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Industrial Valves and Actuators Market size is estimated to grow by USD 17,005.57 million from 2023 to 2027 and the market’s growth momentum will accelerate at a CAGR of 4.63%. The growth of the market depends on several factors, including increasing investments in modernizing industrial facilities, capitalization on growth momentum in the oil and gas pipeline market, and stringent government regulations.
Industrial valves are mechanical devices that are used to regulate, monitor, and control the flow of fluids in an industrial facility. Valves operate by opening, closing, or partially blocking passageways to allow the movement of fluids from a direction of high pressure to low pressure, or vice-versa. Valves are used across several discrete and process industries for transporting fluids between two points within an enclosed system. Actuators are devices used to manually/automatically control the movement and action of valves.
This report extensively covers market segmentation by product (industrial quarter-turn valves, multi-turn valves, industrial control valves, and industrial actuators), end-user (chemical and petroleum industry, water and wastewater industry, power industry, mining and minerals industry, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing investments in modernizing industrial facilities are notably driving the market growth, although factors such as the competitive pricing strategy of low-cost Asian manufacturers may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Industrial Valves and Actuators Market Driver
The increasing investments in modernizing industrial facilities are notably driving the actuators market growth. Modernizing plant facilities to incorporate automation has become an essential aspect of any manufacturing process. The emerging trends in automation are expected to shape the competitive landscape of the global industrial sector. Manufacturers today are allocating a reasonable share of their annual budgets behind technologies that can modernize the manufacturing setup, yielding faster and better returns in the future.
During the forecast period, it is expected that industrial valves and actuators will form an integral part of the process industries primarily due to a wide range of applications, simplicity of use, cost, and energy-efficient properties. Industrial valves and actuators will form the backbone of effective industry requirements for end-users during the forecast period. Rising applications to enhance fluid flow control and flow volume regulation will stress the need for valves and actuators in various industries. All these factors are expected to influence the demand for industrial valves and actuators in the region during the forecast period.
Key Industrial Valves And Actuators Market Trend
The growing application of simulation software is the primary trend driving the industrial valves and actuators market growth. 3D simulation software can help manufacturers to address the needs of customers regarding design requirements and applications. Simulation in valve design can help vendors to lower the fabrication cost and product engineering time for non-standard valve manufacturing. This simulation software can be utilized for analyzing and testing solutions in the design phase without building multiple prototypes.
Major benefits of 3D simulation in valve manufacturing include - forecasting changes in the design layout, offering precise and accurate information related to design parameters, thermal behavior, and material structure, and saving cost, time, and need for prototype testing. These benefits will drive market growth during the forecast period.
Key Industrial Valves And Actuators Market Challenge
The competitive pricing strategy of low-cost manufacturers is the major challenge impeding the industrial valves and actuators market growth. End-users in the region are looking to invest in cost-effective machinery and solutions in the market. With increasing price sensitivity from the customer's end, valves and actuator original equipment manufacturers (OEMs) are looking to build relationships with subcomponent suppliers to offer the most economical products in the market.
The availability of affordable labor and abundant resources has enabled low-cost Asian companies to manufacture valves and actuators at a significantly low price. The result of all this is that several established vendors in the Americas and Europe have not been able to consolidate their presence in the growing Asian market. Asian vendors hold the upper hand in terms of product pricing, which is becoming increasingly difficult for western vendors to match. To tackle cost-related issues, global vendors need to opt for horizontal integration via mergers and acquisitions, thereby expanding their market share and tapping unexplored territories.
Key Industrial Valves and Actuators Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Industrial Valves and Actuators Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB - The company offers industrial valves and actuators such as Actuators for Selector and 10A breakers as its key offerings. Through the electrification segment, the company offers electrification and building management solutions, products, and services for utilities, industry, transport, and infrastructure. Through the industrial automation segment, the company provides process control, measurement, analytics, and other industry-specific solutions. Through the motion segment, the company designs and manufactures electric motors, generators, drives, and services, as well as offers, integrated digital powertrain solutions.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the industrial quarter-turn valves segment will be significant during the forecast period. The increase in greenfield projects in the water and wastewater industry, along with the maintenance of installed valves in existing industries, will result in the growth of quarter-turn valves. Industries globally are upgrading their existing plants to increase production efficiency and reduce labor costs, which will generate higher demand for the installation of such valves. Also, growth in oil pipelines will further drive the market for quarter-turn valves during the forecast period.
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The industrial quarter-turn valves segment shows a gradual increase in the market share of USD 27,972.93 million in 2017 and continued to grow by 2021. Quarter-turn valves include ball, butterfly, and plug valves. These valves are manually operated using a handle attached to the stem of the valve. The handle can be turned at right angles or 0 deg-90 deg to regulate the operating position and flow parameters. Due to their simplicity of design, operations, and affordability, quarter-turn valves are most commonly used in industries. Primarily, these valves are used for quick opening and closing purposes for fluid movement and control.
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APAC is projected to contribute 43% by 2023. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The transportation and industrial sectors in APAC have propelled the demand for both offshore and onshore refining in the oil and gas industry. Offshore activities are expected to be driven by shallow-water gas exploration. In APAC, China is investing in substantial amounts on new projects designed to meet domestic demand for oil and gas. The majority of revenue generation for the vendors will be through new business opportunities in greenfield oil projects across APAC. Valves and actuators, being one of the critical equipment used in the oil and gas industry, will find rising demand due to future investments in the sector.
The reports categorize the global industrial valves and actuators market as a part of the global industrial machinery market. The parent, the global industrial machinery market, covers companies engaged in manufacturing industrial machinery and components covering presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by product, end-user, and region.
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Industrial Valves And Actuators Market Scope |
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Report Coverage |
Details |
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Page number |
184 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.63% |
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Market growth 2023-2027 |
USD 17,005.57 million |
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Market structure |
Fragmented |
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YoY growth (%) |
4.41 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 43% |
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Key countries |
US, China, Japan, UK, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., ACTUATECH Spa, AUMA Riester GmbH and Co. KG, Automation Technology Inc., AVK Holding AS, BOMAFA Armaturen GmbH, EBRO ARMATUREN Gebr Broer GmbH, Emerson Electric Co., Flowserve Corp., General Electric Co., Georg Fischer AG, Honeywell International Inc., MRC Global Inc., Rotork Plc, SAMSON AG, The Weir Group Plc, Velan Inc., WAMGROUP Spa, Schlumberger Ltd., and Danfoss AS |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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