The Valves And Actuators Market size is
forecast to reach US$148.3 billion by 2027, growing at a CAGR of 6.5% from 2022-2027. Increasing
applications of pneumatic actuators, control valves and other actuator valves
across industry verticals especially in Oil and Gas, Energy and Utility and Automotive have significantly influenced the Valves and Actuators industry
outlook during the forecast period. In November 2020, Rotork PLC’s GP range of
heavy-duty scotch yoke pneumatic actuators was installed in South Korean
Liquefied Natural Gas Terminals. However, high installation and maintenance
costs along with issues with fluid leakages are hampering the market growth.
Moreover, continuous R&D investments and the growing need for process automation across industry verticals are significantly boosting the need for Valves and Actuators as they are an integral part of automation process equipment. In FY 2020, Electrical Industry installed approximately 109,000 units of industrial robots worldwide and the Automotive Industry installed about 80,000 robots in 2020 for process automation. These factors foster the demand for Valves and Actuators and increase the market size.
North America generated approximately 24% of the global revenues in the Valves and Actuators industry in 2021. The presence of strong economies, a well-established automotive industry and the presence of major manufacturers and their investments are positively influencing the Valves and Actuators industry outlook in the region. In October 2021, according to an IFR report, 50,712 industrial robots were installed in the U.S. market which is a 31% growth to the previous year. These factors foster the demand for valves and actuators which in turn increases the market size.
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Valves and Actuators Market Growth Drivers:
Increasing applications of Valves and Actuators in the Oil and Gas Industry will drive the Valves and Actuators Market forward
The oil and gas industry finds the highest application for valves and actuators as the flow regulation needs to be maintained in the industry. Increased investments in new plants in the oil and gas, steel, power, chemical and petrochemical industries, as well as the rising adoption of international safety standards and practices, are expected to influence the growth of the valves and actuators market. In July 2021, according to BP’s 70th edition of Statistical Review of World Energy, the U.S. was the top oil producer with an output of 16.58 million barrels per day. Saudi Arabia ranked 2nd in this report producing around 10.95 million barrels per day. This increasing oil production and activities will create ample opportunities for the Valves and Actuators Industry during the forecast period.
The Major Players in this Market Include
Major players in the Valves and Actuators Market include ABB Ltd, Eaton Corporation Inc, Rockwell Automation Inc, SMC Corporation, Emerson Electric Co and Rotork PLC among others. In May 2022, Flowserve announced that it had improved the Valtek FlowTop control valve which can now meet a broad range of requirements by providing standardized and precise control valves.