This research service identifies the major industry challenges, market drivers and restraints, and the key trends in technology, pricing, and distribution for the North American industrial valves and actuators market. Moreover, this research provides comprehensive forecasts for the total market across the two products segments: valves and actuators, as well as across the 6 major end-user segments: oil and gas, petrochemicals and chemicals, power generation, water and waste water, metals and mining, pulp and paper, and others. A competitive analysis and Mega Trends relating to the market are also included. The regions covered in this study include the United States and Canada; the base year is 2012, and the forecasts run through 2019.
Increased expenditure in the oil and gas, and petrochemical industries are the major factors driving the growth of the industrial valves and actuators market in North America.
Replacements and retrofits, due to the increased demand of plant automation at operation sites, have boosted the sales of both automated valves and actuators.
The growth of the North American industrial valves and actuators market is low and is expected to remain so throughout the forecast period.
The market is expected to grow at compound annual growth rate (CAGR) of percent.
In 2010, the growth rate was percent; this high growth rate was primarily due to the post-recession recovery of the United States’ economy and the resumption of projects previously postponed during the recession.
Starting in 2013, the industrial valves and actuators market will grow slowly but steadily and the market will reach pre-recession state by 2014.
Oil and gas, petrochemicals and chemicals, and power generation have shown stable growth which have contributed towards the growth of this market. All of these three end-user segments will showcase a CAGR of %, % and respectively.
Canada’s growth is supported by their unconventional oil resources and the metals and mining industry.
The other end-user segments do not witness a high-growth rate because of limited growth opportunities.
Plant automation is the major growth factor driving both the valves and actuators markets in both the United States and Canada.
Quarter-turn valves are slowly eroding into the multi-turn valves market share because quarter-turn valves have better actuation capabilities.
Despite the uncertainties in the market, actuators will continue growing at a good pace. For the year 2012, the actuators market will show a growth rate of percent.
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