Industrial Valve Actuators Market by Product, End-users, and Geography - Forecast and Analysis 2019-2023
Global Industrial Valve Actuators Market: About this market
Technavio’s industrial valve actuators market analysis considers sales from oil and gas, chemical and petrochemical, power, water and wastewater, metals and mining, and other end-users. Our study also finds the sales of industrial valve actuators in APAC, Europe, MEA, North America, and South America. In 2018, the oil and gas segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as strong demand for petroleum products in developing countries because of the rising consumption in the transportation sector will play a significant role in the oil and gas segment to maintain its market position. Also, our global industrial valve actuators market report looks at factors such as development in water and wastewater industry, capitalization of growth momentum in the oil and gas pipeline market, and advances in industrial valve actuators. However, high cost associated with automating pipeline and transportation infrastructure, intense competition among market players, and deployment and operational challenges may hamper the growth of the industrial valve actuators industry over the forecast period.
Global Industrial Valve Actuators Market: Overview
Advances in valve actuator controls
Market players are focusing on simplifying the complex valve control tasks and improving the performance of valve actuators by using digital positioners. These digital positioners in electric actuators are mounted with feedback systems. Vendors are also developing new electronic position transmitters to simplify end position adjustments for actuators. These advances also support the latest automation technology developments, including asset management. Thus, such benefits of using advanced industrial valve actuators will lead to the expansion of the global industrial valve actuators market at a CAGR of almost 5% during the forecast period.
Expansion of oil terminals
Oil terminals are used for storing crude oil and petroleum products. These terminals serve as centers for oil and gas transportation and support the oil and gas supply chain. Rising global energy demand has led to the construction of new oil terminal constructions,. especially in APAC and Africa, where the continuous need for energy requires new oil and gas infrastructure. These terminals ensure operational efficiency and interconnect the supply chain. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global industrial valve actuators market during the forecast period 2019-2023, click here.
With the presence of several major players, the global industrial valve actuators market is highly fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading industrial valve actuators manufacturers, that include ABB Ltd., Danfoss AS, Emerson Electric Co., Flowserve Corp., General Electric Co., Georg Fischer Ltd., Honeywell International Inc., Rotork Plc., Schlumberger Ltd., The Weir Group Plc.
Also, the industrial valve actuators market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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