Valve Actuator Market Size, Share, Growth, and Industry Analysis, By Type (Pneumatic Actuators, Hydraulic Actuators, Electric Actuators and Others), By Application (Chemical and Petrochemical, Food & Beverages, Oil & Gas, Water and Waste Water Treatment, HAVC and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

Valve Actuator Market Report Overview

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The global valve actuator market size was USD 16342.78 million in 2021 and is projected to touch USD 29218.52 million by 2031, exhibiting a CAGR of 5.98% during the forecasting period.

A mechanical component known as an actuator helps to transform energy into motion and regulates machinery, equipment, and systems. The machine can be controlled manually, electronically, or by a software programme and typically operates on hydraulic and pneumatic forces. Both linear and rotary motions are used by actuators. The linear motion transforms energy for other equipment positions and then performs push and pull functions. In the increasingly complicated industrial contexts, valves and actuators are essential components. No matter if they are involved in the production of crude oil or natural gas, pipelines are essential for any company that deals with fluid. Pipes and valves are widely used in almost every industry vertical, including those that deal with medical, food processing, water treatment, as well as those that design machinery, plants, and engines, or those that transport gases, liquids, and freely flowing materials.

COVID-19 Impact: Pandemic Disrupted the Supply Chain and Downfall the Market Growth

The global COVID-19 pandemic has been unprecedented, staggering, as the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 spread across the region and affect almost every sector excluding the healthcare sector. The pandemic emerged lockdowns caused foot restrictions and many esteemed working organizations to shut down or cease their production or manufacturing activities. Most industries utilizing valve actuators like agriculture, healthcare, automotive, aerospace and defense, food and beverages were crushed negatively by the COVID-19 outbreak.

LATEST TRENDS

"Rapid Industrialization Technological Product Innovations to Advance the Market Share"

One of the main reasons propelling the market's expansion is rapid industrialisation. Actuators are now used much more frequently thanks to technical developments in the automotive sector, such as the advent of Advanced Driver Assistance Systems (ADAS). Another significant growth-inducing aspect is the expanding trend of automation across numerous industries. The adoption of the Internet of Things (IoT) has made it possible to automate actuators, which has increased productivity and decreased downtime in manufacturing and industrial units. They offer excellent precision and control, as well as less noise generation and fuel leaks. The demand for the product is also being fueled by the fact that an increasing number of aircraft carriers are being fitted with actuators on each wing to maintain effective flight at low airspeeds. The market is also being boosted by other factors, such as substantial research and development (R&D) and product developments like the creation of actuators with minimal carbon emissions.

Valve Actuator Market Segmentation

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• By Type Analysis

Based on type, the valve actuator market is subdivided into pneumatic actuators, hydraulic actuators, electric actuators and others.

• By Application Analysis

Based on the applications, the valve actuator market is subdivided into chemical and petrochemical, food & beverages, oil & gas, water and waste water treatment, HAVC and others.

DRIVING FACTORS

"The Rising Applications in Automobile Industry to  Amplify the Market Share"

Actuator demand has increased due to the increasing use of actuators in heavy machinery across a variety of automotive and car industries. The mechanical improvement in automotive and electrical manufacturing is becoming more popular on a global scale. Additionally, there has been an increase in demand for new kinds of actuators that are relevant to the field of electronic engineering. This is  contributing to the  valve actuator market growth.

"The Utilization in Oil and Gas Industry to Create Opportunity and Attract the Market Share"

The biggest application for valves and actuators is in the oil and gas sector because of the requirement to maintain flow regulation in that sector. The global valve actuator market in the oil and gas industry is anticipated to be dominated by valves. The majority of the planned Greenfield subsea extraction initiatives are significantly harmed by the recent changes in the global oil and gas prices. It is predicted that rising worldwide oil and gas reserves would accelerate the industry's adoption of valves and actuators. Additionally, there are numerous initiatives in the business that are either underway or will soon be, with significant investments made in order to increase valve actuator production.

RESTRAINING FACTORS

"Disrupted Supply Chain and Fluctuations in Raw Material Pricing to Restrain the Market Growth"

The pandemic's quick spread caused the closure of design and manufacturing facilities, which slowed down the production of vehicles. In addition, the disruption of transportation networks and the supply chain resulted in a shortage of raw materials needed for the production of cars and the incorporation of technology.This is likely to pose a challenge for the valve actuator market share.

Valve Actuator Market Regional Insights

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"North America to Lead  With Presence of Large Number of Consumers and Major Key Players"

Growth in the valve actuator market is anticipated to be influenced by expanding adoption of international safety standards and practises as well as increased investments in new steel, power, chemical, petrochemical, and oil and gas plants. Only the Asia-Pacific area has seen a recent increase in oil and gas production capacity. The country is becoming more conducive for industrial expansion as a result of political stability and increasing government backing for the creation of new industries. This is encouraging foreign businesses to think about investing in this sector. The region also has ongoing and prospective initiatives for the construction of water and wastewater treatment plants. For instance, the government of Cambodia and the Japanese International Cooperation Agency inked a contract for the construction of a wastewater treatment facility in the Dangkor area. It is predicted that such projects will stimulate the valve and actuator market  in the Asia-Pacific area.

KEY INDUSTRY PLAYERS

"The Prominent Players Contributing in the Market Growth"

The report covers the information on the advancement outlooks with new inventions and SWOT analysis. The competitive landscape including market share of major players, along with the new research methodologies and strategies adopted by players for the  forecasted period is listed in the report.

List of Market Players Profiled

• Cameron (U.S.)
• Schlumberger company (U.S.)
• Eaton Corporation plc (Ireland)
• The Emerson Electric Company (U.S.)
• Festo AG & Co. KG (Germany)
• Flowserve Corporation (U.S.)
• Honeywell International Inc. (U.S.)
• KITZ Corporation (Japan)
• Rotork plc. (Japan)
• SAMSON AG (Germany)
• SMC Corporation (Japan).

INDUSTRY DEVELOPMENT

• February 2019: Sanhua opened the doors to its production facility in Tychy, Poland. Launching new goods in the Polish factory is a part of SANHUA's strategic development plan to increase its foreign automotive industry. Expansion Valves and other critical SANHUA goods may be produced in a clean environment at the new plant, which is all set up and ready to go.

REPORT COVERAGE

The report examines elements affecting the demand and supply sides and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, and future trends. After evaluating governmental, financial, and technical market factors, the report provides exhaustive PEST and SWOT analysis for regions. The research is subject to alteration if the key players and probable analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.