LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global industrial valve actuators market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global industrial valve actuators market will grow at a CAGR of over 5% during the forecast period. The benefit over conventional control valves is a major factor driving the market’s growth.
Technological advances and new developments in electric actuators have promoted valve controllability and made the entire valve control process more accurate and precise. Controlled valve actuators offer improved variability compared with conventional valves due to their ability to precisely control the valve control mechanism and their capability to withstand high loads in pipelines. The adoption of electric actuators has increased in process industries due to their ability to react to changes in set point efficiently under harsh environmental conditions.
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In this report, Technavio highlights the remote control operations and solutions as one of the key emerging trends driving the global industrial valve actuators market:
Remote control operations and solutions
The advent of technological advances has enabled the emergence of valve actuators with remote control features. There has been an increase in the adoption of technically advanced valve actuators in various end-user industries due to the developments in communication systems, sensors, and IIoT. In marine and oil and gas industries, valve actuators with remote control operations are majorly used for subsea and deep well applications. The total cost of ownership in end-user industries is reduced with the help of the latest valve actuators that are available with inbuilt sensors.
“Remote control systems offer flexibility in the installation of valve actuators in onshore, submerged, as well as critical and explosive areas. These systems determine the exact position of the actuators and provide a robust design for both multi-turn and quarter-turn actuators. They are designed to survive in the harsh environmental conditions existing in oil and gas, metals and mining, power, and chemical and petrochemicals industries. These valve actuators come with an added benefit of robustness in withstanding extreme weather conditions,” says a senior analyst at Technavio for research on automation.
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Global industrial valve actuators market segmentation
This market research report segments the global industrial valve actuators market into the following products (electric actuators, pneumatic actuators, hydraulic actuators, and mechanical actuators), by end-users (oil and gas, power, metals and minerals, chemical and petrochemicals, and water and wastewater), and key regions (the Americas, APAC, and EMEA).
The electric actuators segment held the largest market share in 2017, accounting for nearly 36% of the market. The market share for this product is expected to increase nearly 2% by 2022. The high market share of this product can be attributed to the ability of electric actuators to provide precise control with minimum variability.
EMEA was the leading region for the global industrial valve actuators market in 2017, accounting for a market share of 36%. By 2022, EMEA and APAC are expected to witness minimal growth whereas the Americas will see a slight decline in its market share.
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