Surging demand from various process industries, government regulations on emission control, and the spiraling need for resources such as water and power will support steady, long-term growth in the world valves and actuators market. The rising demand for resources, globally, will fuel market expansion even as investments in growing economies such as China and India positively impact market prospects. While retrofitting of products will represent a potential revenue generator in mature markets, the growing interest in plant automation directs focus on quarter-turn valve products.
The biggest challenge facing the market is the ability of suppliers to meet the current levels of consumer demand. Furthermore, in a highly fragmented market, suppliers confront the issue of setting competitive pricing standards. New analysis from Frost & Sullivan, World Industrial Valves and Actuators Markets, finds that the market earned revenues of $26.69 billion in 2007 and estimates this to reach $49.18 billion in 2014.
The need for energy resources, particularly power in the sub-Saharan and African regions, is attracting enhanced investments. Moreover, the heightened interest in plant automation to reduce downtime and boost productivity is contributing to market growth. However, the current increase in demand for valve and actuator products has resulted in a situation where demand is outstripping production capacity. This has invariably delayed the delivery time of products to end users.
Source: Digital50.com
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