LONDON--(BUSINESS WIRE)--The global industrial valves and actuators market is expected to grow by USD 22.35 billion, progressing at a CAGR of almost 7% during 2020-2024. According to the research report by Technavio, the market is expected to have a neutral impact due to the spread of COVID-19. The imposition of lockdowns has reduced the market demand for the short term. However, factors such as rapid industrial development, population growth, increased investments in new power plant projects, and the growth of the chemicals and F&B industries will increase the demand for industrial valves and actuators during the forecast period.
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"One of the primary growth drivers for this market is the growth in water and wastewater treatment industry”, says a senior analyst for the Industrials industry at Technavio. The growth of the global population has increased the demand for potable water for drinking and household purposes. Besides, the rise in industrial activities worldwide has resulted in the contamination of natural water reserves. This has compelled government bodies across the world to enforce stricter regulations pertaining to water and wastewater treatment. Along with this, it has also compelled industrial operators to invest in the development of water treatment plants to prevent contamination of water bodies. The increased investment in the water and wastewater treatment industry has resulted in high demand for industrial valves and actuators, thereby driving the growth of the market in focus.
Industrial Valves and Actuators MarketSegment Highlights for 2020
- The industrial valves and actuators market is expected to post a year-over-year growth rate of 6.09%.
- Based on the product, the market saw maximum growth in the industrial quarter-turn valves segment. The high demand for these valves can be attributed to their simplicity of design, operations, and affordability.
- The market growth in the segment will be significant during the forecast period.
- 34% of the growth will originate from the APAC region.
- The growth of the market in the region is driven by the thriving industrial sector and increasing investments in new oil and gas exploration activities.
- China is the key market for industrial valves and actuators in APAC.
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- The industrial valves and actuators market size is expected to accelerate at a CAGR of almost 7% during the forecast period.
- The industrial valves and actuators market is segmented Product (Industrial quarter-turn valves, Multi-turn valves, Industrial actuators, and Industrial control valves), Geography (APAC, Europe, North America, MEA, and South America), and End-user (chemicals and oil & gas industry, water and wastewater industry, power industry, mining and minerals industry, and other industries).
- The market is fragmented due to the presence of many/few established vendors holding significant market share.
- The research report offers information on several market vendors, including ABB Ltd., Danfoss AS, Emerson Electric Co., Flowserve Corp., General Electric Co., Georg Fischer Ltd., Honeywell International Inc., Rotork Plc, Schlumberger Ltd., and The Weir Group Plc
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