NEW YORK, Jan. 30, 2024 /PRNewswire/ — The global industrial valves and actuators market size is estimated to grow by USD 17.00 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 4.63% during the forecast period. APAC held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 43%. The growth is driven by the increasing investments in modernizing industrial facilities. Modernizing plant facilities, in order to incorporate automation becomes an essential aspect of any manufacturing process. Furthermore, the emerging trends in automation, including 3D simulation, will shape the competitive landscape of the global industrial sector. Present-day manufacturers allocate a reasonable share of their annual budgets behind technologies that can modernize the manufacturing setup, yielding faster and better returns in the future. For more insights on the historical data (2017 to 2021) and forecast size (2023 to 2027) – Request a sample report
Technavio has segmented the market based on Product (Industrial quarter-turn valves, Multi-turn valves, Industrial control valves, and Industrial actuators), End-user (Chemical and petroleum industry, Water and wastewater industry, Power industry, Mining and minerals industry, and Others), and Geography (APAC, Europe, North America, Middle East and Africa, and South America).
- The industrial quarter-turn valves segment will be significant during the forecast period. The surge in greenfield projects in the water and wastewater industry, along with the maintenance of installed valves in existing industries results in the growth of quarter-turn valves. Industries globally upgrade their existing plants in order to increase production efficiency and reduce labor costs, which is expected to generate a higher demand for the installation.
By geography, the global market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth.
- APAC will account for 43% of the global growth during the forecast period.
Insights on the market contribution of various segments including country and region, historical data (2017 to 2021) and forecast size (2023 to 2027) – Download a Sample Report
The increasing application of simulation software is the emerging trend that fuels the growth. However, the competitive pricing strategy of low-cost manufacturers is a primary challenge hindering growth.
Insights on Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth between 2023 and 2027
- Precise estimation of the size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the industry across APAC, Europe, North America, Middle East and Africa, and South America
- A thorough analysis of the competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of vendors
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Applications
The industry offers a diverse range, including Ball, Butterfly, and Gate valves, alongside various actuators like Pneumatic, Electric, and Hydraulic types. Solutions cover Manual with focus on safety, control, and automation systems. Key factors include valve types, actuator options, and accessories, catering to applications such as pressure relief, cryogenic environments, and corrosion resistance, supported by maintenance services and repair kits.
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About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
Contact
Technavio Research
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Website: www.technavio.com
SOURCE Technavio
