Industrial valves are devices that regulate, control or direct the flow of any medium passing through it. Actuators are used for the automation of valves to ensure that the pressure and flow control are in line with the set parameters. Their functions include automatic control of valve position, safety, diagnosis and process control. The industrial valves and actuators market is set to grow in the ensuing years with increase in industrialization activity across the globe. Key drivers for the market’s growth are automation in the modernization and expansion of existing facilities, increasing demand for flow control equipment and surging requirement for resources such as water and energy. However, the increasing competition among vendors could impose a restraint for the market’s growth.
Expanding the end use application of industrial valves and actuators could provide a significant growth opportunity for the market. For example, a trend in the energy sector is seen towards the use of shale gas as an energy source this would lead to an increase in the demand for industrial valves and actuators. Liquefied natural gas, biotechnology, desalination and ethanol are some promising markets for industrial valves and actuators.
The industrial valves and actuators market can be segmented on the basis of product type, end-use and geography. The market segmentation on the basis of product type includes self acting valves, quarter turn valves, control valves, multi turn vales, and actuators (pneumatic, hydraulic or electric). End users for industrial valves and actuators are in oil and gas refineries, power generation plants, nuclear process plants, chemical and petrochemical industries, pulp and paper industries, metal and mining industries, pipelines, water and wastewater industries among others. Energy applications account for a majority of the industrial valves and actuators market followed by water and wastewater treatment industries. Geographical segmentation includes regions such as North America, Europe, Asia Pacific and Rest of the World.
Europe and North America have a large base for industrial valves and actuators market. The market is mature in U.S.A., Japan and Western Europe as they are technologically advanced regions. Asia Pacific is expected to witness highest growth over the forecast period owing to the rising expansion and automation of industrial activity. High demand for resources from regions such as India and China is expected to drive the need for automating process control in order to provide high throughput. Key market players include, Flowserve Corp., Emerson Electric Co., Tyco International Ltd., Kitz Corp.
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