Market Trends of Valves and Actuators Industry
This section covers the major market trends shaping the Valves & Actuators Market according to our research experts:
Oil and Gas Industry is Expected to Witness Significant Growth
- Oil & gas industry finds the highest application for valves and actuators as the flow regulation needs to be maintained in the industry. The valves are expected to occupy a significant market share of the global oil & gas industry market for the valves and actuators. The recent fluctuations in the global oil and gas prices have a substantial adverse effect on the market with a majority of the planned Greenfield subsea extraction programs.
- According to the BP 2019 report on energy consumption, the total oil reserves across the world has increased to 1,730 million barrels in 2018, which grew by 2 million barrels from the previous year. Also, the global production of Natural Gas has reached 3,867.9 billion cubic meters in 2018, which increased by 5.17% from 2017, whereas the reserves have increased to 196.9 trillion cubic meters in 2018. The increasing oil and gas reserves globally are estimated to drive the adoption of valves and actuators in the industry.
- Additionally, there are many ongoing and upcoming projects in the industry across the world with huge investments towards expanding production. For instance, the upcoming project Power of Siberia Pipeline in Russia involves the construction of a 3,968 KM gas pipeline from Sakha to the Pacific Port of Vladivostok with the estimated capacity of 38 billion cubic meters per year and will cost over USD 17.5 billion. Such projects are expected to continue in the forecast period, which will fuel the demand for both valves and actuators.
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Asia-Pacific Region to Grow Fastest
- Increased investments in new plants in oil and gas, steel, power, chemical, and petrochemicals, and the rising adoption of international safety standards and practices are expected to influence market growth. Asia-Pacific is the only region to register an oil and gas capacity growth in recent years. About four new refineries were added in the region, which has added about 750,000 barrels per day, to the global crude oil production.
- The growing government support towards the establishment of new industries and political conditions are making the country favorable for industrial expansion. This is driving international companies to consider this market for investments. Additionally, the region also includes running and upcoming projects for building water and wastewater treatment plants.
- For instance, Combodia government signed an agreement with the Japanese International Cooperation Agency to build a wastewater treatment plant in Dangkor district. The project is aimed at improving the drainage system in the district for wastewater to flow directly to the plant rather than river by investing USD 25 million. Such projects across the Asia-Pacific region is estimated to drive the market for valves and actuators in the market.
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