The report includes growth prospects in light of current valve actuator market trends and driving factors influencing the market growth. The miniaturization of electronic components and systems plays an important role in the electronics industry. It helps reduce the size of the electronic components used in several applications, such as consumer electronics, healthcare, and automotive. In addition, it helps save space for the incorporation of more technologies or reduce the overall size of the electronic device. For example, the reduced size of batteries helps in powering computer miniaturizations. Moreover, miniaturization helps save the cost of the overall material used in the products or components, which can reduce the overall cost of components and devices. Thus, the miniaturization of the actuators will play a crucial role in integration with the miniatured electronic systems
Market players are engaged in innovating valve actuators. For example, in February 2021, Siemens announced its latest range of actuators for valves, which provide low-noise operation for automation use. The SSA range of actuators by Siemens was designed for small valve systems (such as central heating controls and water flow). The actuators include IP54 protection for more flexible installation. The actuators have an integrated LED display for status indication, and they utilize feedback signals to the controlling device to create a closed-loop design.
According to Bennett University's blog in May 2022, micro-electromechanical systems (MEMS) will use actuators to combine mechanical and electrical components in micrometer or millimeter-sized integrated devices or systems. These devices or systems can sense physical stimulus, control a process or system and actuate or drive micro or mega-scale devices. In addition, with the integration of IoT, many sensors and actuators are required for constant monitoring of these devices. Hence, there will be a large requirement for small, low-powered, wireless sensors and smart actuators in the upcoming years, which will drive the Valve Actuator Market during the forecast period.
An actuator is a component of a device or system that converts energy (generally electrical, air, or hydraulic) into mechanical force. A valve actuator is a component that actuates or moves a valve open or closed. Valve actuators are used in various process plants for the automation of flow control processes. In process control applications, valves regulate fluid flow by opening, shutting, or partially obstructing the fluid flow while managing the pressure. Chemical, mining, oil & gas, power generation, wastewater, and LNG are among the major end users of valve actuators, wherein they are used to control and automate processes. The Valve Actuator Market growth is attributed to factors such as the automation of manufacturing processes, government investments in renewable energy, and flourishment of the oil & gas industry. In addition, the launch of water and wastewater plant construction projects would further drive the market in the coming years.
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Valve Actuator Market: Strategic Insights
Key segments that contributed to the derivation of the Valve Actuator Market analysis are deployment, end user, application, and type.
The Valve Actuator Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the Valve Actuator Market:
The regional trends and factors influencing the Valve Actuator Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Valve Actuator Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 15.78 billion |
Market Size by 2031 | US$ 23.52 billion |
Global CAGR (2023 - 2031) | 5.0% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By End-User
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
The Valve Actuator Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Valve Actuator Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The "Valve Actuator Market Size and Forecast (2021-2031)" provides a detailed analysis of the market covering the areas mentioned below:
The List of Companies - Valve Actuator Market
The Asia Pacific held the largest market share in 2023, followed by North America and Europe.
Asia Pacific is anticipated to grow with the highest CAGR over the forecast period 2024-2031.
The valve actuator market was valued at US$ 15.78 billion in 2023 and is projected to reach US$ 23.52 billion by 2031; it is expected to grow at a CAGR of 5.1% during 2023–2031.
Miniature actuators are the future trends of the valve actuator market.
The growth of the oil & gas industry, the development of advanced valve actuators, and the advent of Industry 4.0 are the driving factors impacting the valve actuator market.
The key players holding majority shares in the valve actuator market include Emerson Electric Co., SLB, ALFA LAVAL, IMI Critical Engineering, Valmet, and KITZ Corporation.