New analysis from Frost & Sullivan, Strategic Analysis of the Global Industrial Valves and Actuators Market, finds that the market earned revenues of USD 19.51B in 2013 and estimates this to reach USD 25.95B in 2018.
The increase in oil exploration activities, investments in new refineries, and modernisation of existing facilities will spur the uptake of valves and actuators, particularly in emerging markets such as Africa and Latin America. Demand from the offshore oil and gas industry in Latin America, in particular, is expected to fuel the valves and actuators market. In addition to the demand from the emerging economies, control valve manufacturers will find growth opportunities in North America and Europe due to end-user preference for greater process automation.
“The water and wastewater industry will offer significant growth potential for valve and actuator manufacturers in Asia-Pacific, Africa and Latin America”, said Frost & Sullivan Industrial Automation and Process Control Research Analyst Niranjan Paul. Despite this demand, valve and actuator manufacturers are likely to witness a loss of potential revenues due to the political situation in countries such as Iran, Sudan and Syria. The adoption of aggressive pricing strategies in Asia-Pacific too will reduce the sale of new valves.