As stated by TMR analyst, the global actuators and valves market is projected to grow at a healthy 5.3% CAGR during 2017-2026 and reach US$ 511 Bn in 2026. On the basis of application, the global actuators and valves market is segmented into agriculture, mining, minerals and metals, chemicals and petrochemicals, automotive, energy and power, oil and gas, paper and pulp, pharmaceuticals, water and waste water, and other application. Among these, the oil and gas industry accounted for the majority share owing to extensive application in natural gas generation, crude oil extraction, and refining processes.
Asia Pacific held the largest share in the forthcoming years, for both industrial valves and actuators. This is owing to prominent emerging economies such as China and India investing heavily in valve manufacturing to cater to the rising demand in industries such as such as water and wastewater, food and beverage, and energy and power. In North America, U.S. dominated the market owing to strong usage scope in industries such as chemical, oil and gas, energy and power, water and wastewater, and food and beverage.
Adoption of Industrial Valves and Actuators, a Boon for the market
Increasing oil and gas exploration activities are projected to open ample growth opportunities for the market. Industrial valves and actuators can be used in offshore activities as well as onshore activities, where adoption has been growing owing to their capability to withstand high-pressure conditions and adverse corrosive conditions in refineries and production platforms. Adoption of industrial valves and actuators is rising continuously owing to benefits they offer in controlling the temperature and pressure throughout downstream, midstream, and upstream activities.
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Rapid urbanization and industrialization have triggered the demand for energy. As a result, several countries have initiated oil and gas exploration activities. Large oil exploration companies and oil and gas exporting countries, such as Russia, Canada, Saudi Arabia, U.K., and Netherlands, are tapping into opportunity to increase their revenues and expand their market shares.
Surging demand for good-quality water to Propel Growth
The water and wastewater treatment industry are also a major user of industrial valves and actuators. Surging demand for good-quality water is one of the primary growth stimulants for the market.
Industrial valves and actuators play an essential role in monitoring and controlling water treatment and transportation activities efficiently and subsequently enhancing the productivity and augmenting efficiency of various processes involved in treatment of water and wastewater. Growing automation in the water and wastewater treatment industry is poised to provide a fillip to the market.
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The study presented here is based on a Transparency Market Research report titled "Actuators and Valves Market (Product Type - Manual, Hydraulic, Pneumatic, Electric, Mechanical, Other Actuators, Quarter Turn Valve, Multi-turn Valve, Control Valve, and Other Valve Types; Applications - Agriculture, Mining, Minerals and Metals, Chemicals and Petrochemicals, Automotive, Energy and Power, Oil and Gas, Paper and Pulp, Pharmaceuticals, Water and Waste Water, and Other Application) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2026."