Valves And Actuators Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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The valves and actuators market is expected to grow at a CAGR of 6.52% over the forecast period (2021 - 2026). Valves and actuators play a vital role in the increasingly complex industrial environments. Pipelines are necessary for every industry that deals with fluid, whether they are in crude oil or natural gas production. Nearly all industry verticals, like medicine, food processing, water treatment as well as in engines, machinery, and plant engineering, or the conveyance of gas, fluids, and free-flowing solids there is extensive usage of pipes and valves.

- The advancement in the technologies for automation is driving industry 4.0 across the industrial domains which are making rapid growth for the adoption of smart valves and actuators to get better control over the operation and safety.
- Additionally, the rising demand for water with an associated increase in population has increased the water consumption per capita over the years coupled with declining water supplies due to contamination and climate change.
- These factors have raised the desalination activities across the world. According to a study ...
... by E. Jones, currently there are 15,906 desalination plants worldwide and many projects are still under progress which is also significantly driving the demand for valves and actuators.
- Whereas, due to stagnant industrial growth in the developed countries, the demand has stalled for valves and actuators.

Key Market Trends

Oil and Gas Industry is Expected to Witness Significant Growth

- Oil & gas industry finds the highest application for valves and actuators as the flow regulation needs to be maintained in the industry. The valves are expected to occupy a significant market share of the global oil & gas industry market for the valves and actuators. The recent fluctuations in the global oil and gas prices have a substantial adverse effect on the market with a majority of the planned Greenfield subsea extraction programs.
- According to the BP 2019 report on energy consumption, the total oil reserves across the world has increased to 1,730 million barrels in 2018, which grew by 2 million barrels from the previous year. Also, the global production of Natural Gas has reached 3,867.9 billion cubic meters in 2018, which increased by 5.17% from 2017, whereas the reserves have increased to 196.9 trillion cubic meters in 2018. The increasing oil and gas reserves globally are estimated to drive the adoption of valves and actuators in the industry.
- Additionally, there are many ongoing and upcoming projects in the industry across the world with huge investments towards expanding production. For instance, the upcoming project Power of Siberia Pipeline in Russia involves the construction of a 3,968 KM gas pipeline from Sakha to the Pacific Port of Vladivostok with the estimated capacity of 38 billion cubic meters per year and will cost over USD 17.5 billion. Such projects are expected to continue in the forecast period, which will fuel the demand for both valves and actuators.

Asia-Pacific Region to Grow Fastest

- Increased investments in new plants in oil and gas, steel, power, chemical, and petrochemicals, and the rising adoption of international safety standards and practices are expected to influence market growth. Asia-Pacific is the only region to register an oil and gas capacity growth in recent years. About four new refineries were added in the region, which has added about 750,000 barrels per day, to the global crude oil production.
- The growing government support towards the establishment of new industries and political conditions are making the country favorable for industrial expansion. This is driving international companies to consider this market for investments. Additionally, the region also includes running and upcoming projects for building water and wastewater treatment plants.
- For instance, Combodia government signed an agreement with the Japanese International Cooperation Agency to build a wastewater treatment plant in Dangkor district. The project is aimed at improving the drainage system in the district for wastewater to flow directly to the plant rather than river by investing USD 25 million. Such projects across the Asia-Pacific region is estimated to drive the market for valves and actuators in the market.

Competitive Landscape

The market for valves and actuators is fragmented due to the presence of many players in the market. Also, these companies are extensively investing in offering a wide range of technolgies to the customers for application across the industries. Moreover, these companies are continuously investing in adopting advanced technologies for developing valves and actuators. Some of the recent developments by the companies are mentioned below.

- February 2019- Sanhua inaugurated its production building in Tychy, Poland. It is a part of SANHUA strategic development plan to expand overseas automotive business by launching new products in the Polish factory. The new facility is fully equipped and ready to provide a clean production of strategic SANHUA products such as Expansion Valves.
- November 2018- Danfoss AS announced the acquisition of AAIM Controls Inc. in North America which offers a strong portfolio and broad expertise in electronic regulation and control automation. With this acquisition, the company has planned to expand its portfolio for valves and actuators.

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