PUBLISHER: Grand View Research | PRODUCT CODE: 1404942
PUBLISHER: Grand View Research | PRODUCT CODE: 1404942
The global industrial valves and actuators market size is expected to reach USD 207.45 billion by 2030, registering a CAGR of 5.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. Growing demand in the industrial sector, technological advancements propelling the use of smart valves and actuators, and stringent government regulations have bolstered market growth. The adoption of industrial valves and actuators has been on a continuous rise owing to the benefits they offer in controlling temperature and pressure throughout downstream, midstream, and upstream activities. Thus, growing oil and gas exploration activities have triggered the demand for industrial valves and actuators.
Increasing global water stress, coupled with industrial wastewater disposal in aquatic ecosystems, has led to an urgent need for water reclamation. In order to curb these rising issues, demand for effective treatment equipment systems has increased, thereby opening up immense opportunities in water and wastewater industries. Furthermore, 3D printing, also known as additive manufacturing (AM), has the potential to transform the production of industrial valves and actuators. A myriad of conventional designs and products, including check valves, gate valves, and servo valves, can now be developed using 3D printing technology. The technology is helping valve manufacturers in changing the approach from "Just-in-time (JIT) delivery" to "JIT manufacturing".
Asia Pacific is expected to dominate the market over the forecast period owing to rising subsea explorations and increasing investments in industries such as chemical, water and wastewater, and energy and power. Moreover, expanding the production of oil sands and shale gas in North America and growing exploration in regions such as Africa and Asia have spurred market demand. Replacement of old and inefficient valves with more efficient ones for gas transportation in midstream infrastructure is also anticipated to boost demand over the forecast period.