Industrial Valves And Actuators Market Size, Share & Trends Analysis Report By End-use (Oil & Gas, Chemical, Energy & Power, Pulp & Paper), By Product, By System, By Region, And Segment Forecasts, 2023 - 2030

Market Size & Trends

The global industrial valves and actuators market size was valued at USD 135.85 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2030. Spiraling demand from industrial sectors such as oil and gas, water and wastewater treatment, and energy and power industry is anticipated to stoke the market's growth. Additionally, technological advancements are encouraging the use of smart valves and actuators, which in turn is working in favor of the market.

Increasing oil and gas exploration activities are projected to open ample growth opportunities for the industrial valves & actuators market. Industrial valves and actuators can be used in offshore and onshore activities, where adoption has been growing owing to their capability to withstand high-pressure conditions and adverse corrosive conditions in refineries and production platforms. The adoption of industrial valves and actuators is rising continuously owing to their benefits in controlling the temperature and pressure throughout downstream, midstream, and upstream activities.

Rapid urbanization and industrialization have triggered the energy demand. As a result, several countries have initiated oil and gas exploration activities. Large oil exploration companies and oil and gas exporting countries, such as Russia, Canada, Saudi Arabia, the U.K., and the Netherlands, are tapping into opportunities to increase revenues and expand their market shares.

Industrial valves and actuators are used to direct and control the flow of fluids through pipelines in power plants, refineries, and water and wastewater treatment plants, among others. The market is expected to grow with rising demand from various end use industries, such as oil and gas, water and wastewater treatment, and energy and power.

The water and wastewater treatment industry is also a major user of industrial valves and actuators. Surging demand for good-quality water is one of the primary growth stimulants for the market. Industrial valves and actuators are essential in monitoring and controlling water treatment and transportation activities efficiently, enhancing productivity, and augmenting the efficiency of various processes involved in water and wastewater treatment. Growing automation in the water and wastewater treatment industry is poised to provide a fillip to the market.

Additionally, stringent regulations laid by regulatory bodies in Europe, North America, and Asia Pacific are playing an important role in the development of the market, as environmental legislation is prompting incumbents of end use industries to adopt smart valves and actuators. The oil and gas industry must abide by strict regulations to reduce air pollution by curbing emissions of toxic gases.

Industrial Actuators Product Insights

The linear segment accounted for the highest revenue share of 52.2% in 2022 and is estimated to register the fastest CAGR of 4.9% over the forecast period. It is owing to the rising need for combustion control, increased efficiency, and reduced production costs. Stringent environmental regulations and increasing industrial automation in emerging economies are also expected to spur demand.

The rotary segment is expected to hold a significant share of the industrial valves market over the forecast period. The increase in infrastructure development globally, especially in emerging economies, has spurred the demand for industrial actuators in various construction projects. Rotary actuators are crucial in water supply and distribution, HVAC systems, and building automation sectors. As countries invest in upgrading their infrastructure, the demand for rotary actuators is expected to rise.

Industrial Actuators System Insights

The pneumatic actuators segment accounted for the highest revenue share of 36.2% in 2022. The pneumatic actuators segment is driven by its extensive application in mining and extraction, energy and power, chemical, and oil and gas industries. These are also used in the food and beverage sector.

The electric actuators segment is estimated to register the fastest CAGR of 6.1% over the forecast period, the ongoing trend of Industry 4.0, and the Industrial Internet of Things (IIoT). These cutting-edge technologies have facilitated seamless connectivity, remote monitoring, and predictive maintenance, all of which have positively impacted the adoption of electric actuators.

Industrial Valves Product Insights

The ball valves segment had the highest revenue share of 21.3% in 2022. These are generally preferred for steam and condensate applications and hence, find extensive use across the energy and power sector. The only factor hindering their demand is their limited maximum pressure rating, as they must operate under extremely high-pressure conditions.

The other segment is estimated to register the fastest CAGR of 8.4% over the forecast period. It consists of a check and diaphragm valve. Diaphragm valves are widely preferred in industries with stringent hygiene requirements, such as pharmaceuticals, biotechnology, and food processing. With an increasing emphasis on product purity and sterile processes, these industries are turning to diaphragm valves due to their aseptic design, preventing product contamination and ensuring compliance with regulatory standards.

End-use Insights

The oil & gas segment held the highest revenue share of 26.7% in 2022, owing to extensive application in natural gas generation, crude oil extraction, and refining processes. Moreover, owing to the increasing stringency of safety standards, around 10% of installed valves are replaced yearly.

The water & wastewater segment is expected to grow at the fastest CAGR of 6.7% over the forecast period. The water and wastewater industry includes application processes such as water supply for manufacturing purposes and wastewater treatment by industries. Across the globe, there are around 90,000 municipal wastewater plants that are expected to spend approximately USD 4.50 billion on valves by 2019. It is expected to drive the market over the forecast period.

Regional Insights

Asia Pacific dominated the market and accounted for the highest revenue share of 39.2% in 2022 and is expected to witness a significant CAGR of 6.0% over the forecast period, owing to prominent emerging economies such as China and India investing heavily in valve manufacturing to cater to the rising demand in industries such as water and wastewater, food and beverage, and energy and power.

The Middle East and Africa is expected to grow significantly over the forecast period. The thriving oil and gas industry in the MEA region is a key driver of market growth. The region has abundant oil and gas reserves, necessitating extensive pipeline networks and infrastructure for exploration, production, and distribution. Valves and actuators are crucial in controlling the flow of oil, gas, and other fluids, ensuring operational efficiency and safety in these industries.

Key Companies & Market Share Insights

The industry players are undertaking strategies such as product launches, acquisitions, and collaborations to increase their global reach. For instance, in February 2023, Flowserve Corporation announced the acquisition of Velan Inc. The integration of Velan into Flowserve's valves portfolio brings substantial benefits, enhancing Flowserve's assets with Velan's renowned brands, established legacy, and technical proficiency in lucrative and diverse markets. The synergy between the two companies, facilitated by increased scale, streamlined operations, and improved procurement capabilities, is anticipated to yield significant cost savings and overall advantages.

Recent Developments

• In May 2023, Dante Valve Company collaborated with W&O Supply. This strategic partnership aims to greatly improve the accessibility and customer support for Dante Valve's Danco product line in multiple regions. With this collaboration, W&O Supply is the exclusive factory sales and service representative for Dante Valve's Danco pressure relief valves.

• In October 2022, Emerson announced the launch of the AVENTICS Series Servo Profile Advanced (SPRA) electric actuators that features accurate and consistent rod-style cylinders, offering precise and repeatable performance. These electric actuators have various cylinders, enabling users in packaging or food and beverage industries to easily tailor them to their specific application needs.

• In July 2022, Valmet Oyj announced the launch of Neles Q-Disc. Neles Q-Disc is an innovative feature that enhances flow balancing in control valve applications. The primary focus of Q-Disc is on control applications, and its key advantage is to prevent the need for oversized actuators in control valve packages. This results in a more economically viable and energy-efficient solution. This new addition complements the modular Neles Neldisc and Jamesbury Wafer-Sphere butterfly valve platform, launched in June 2021.

• In July 2022, Wajax Limited acquired Tundra Process Solutions Ltd., a subsidiary of Wajax Limited, acquired the valve business of Powell Canada Inc. This strategic move brings three additional valve servicing and repair locations into Tundra's portfolio, along with a team of highly skilled technicians, which is expected to boost the growth of Tundra's core business significantly. The acquisition substantially enhances Tundra's valve servicing capabilities, including field-level support, and expands its operational reach to new geographic areas.

• In April 2022, Nidec Drive Technology (NIDEC CORPORATION) launched innovative ultra-flat actuators that integrate FLEXWAVE, an established thin and lightweight high-precision reducer for precise control, with a slim axial flux motor (AFM). These actuators boast an exceptional energy density surpassing that of competitors' products, and their reducers have minimal backlash, effectively reducing shock during start-up.

Industrial Valves And Actuators Market Report Scope

Global Industrial Valves And Actuators Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global industrial valves and actuators market report on the basis of product, system, end-use, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Industrial Valves

    • Gate Valve

    • Globe Valve

    • Ball Valve

    • Butterfly Valve

    • Safety Valve

    • Plug Valve

    • Others (Diaphragm, Check)

  • Industrial Actuators

    • Linear Actuator

    • Rotary Actuator

• System Outlook (Revenue, USD Million, 2017 - 2030)

  • Industrial Actuators

    • Mechanical Actuator

    • Electric Actuator

    • Pneumatic Actuator

    • Hydraulic Actuator

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Oil & Gas

  • Chemical

  • Energy & Power

  • Water & Wastewater

  • Pulp & Paper

  • Food & Beverage

  • Others (Manufacturing, Electronics, Marine, And Textiles)

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

  • Middle East and Africa

    • Saudi Arabia

    • South Africa

    • UAE