Over the past five years, the Valve Manufacturing industry exhibited moderate growth due to the integral nature of valves in many upstream markets' production processes. For most of the five-year period, strengthening economic conditions boosted demand for these markets' products, which in turn, boosted demand for valves. However, industry operators have experienced rapidly deteriorating operating conditions during the past two years, driven by rising import penetration, much weaker demand from the energy sector and decelerating growth in demand from other industrial markets.
The Rotary Valve Actuator market is projected to grow from an estimated USD 1.25 Billion in 2017 to USD 1.47 Billion by 2023, at a CAGR of 2.90% from 2017 to 2023. The major factor expected to act as a major driver is the increased investment in process automation across end-use verticals. This, in turn, is expected to drive the growth of the Rotary Valve Actuator market during the forecast period from 2017 to 2022. The Rotary Valve Actuator market has been segmented based on type, system, application, and region.
Based on application, the Rotary Valve Actuator market has been segmented into Chemical and Petrochemical, Food & Beverages, Oil & Gas, Water and Waste Water Treatment. The Food & Beverages segment of the Rotary Valve Actuator market is projected to witness the highest growth during the forecast period. In the Food & Beverages application, it caters to industrial automation. Hydraulic Rotary Valve Actuator are majorly used in Oil & Gas due to the high load systems. This factor is expected to drive the growth of this market.
The Rotary Valve Actuator market has been studied for North America, Europe, Asia Pacific, Middle East, and Rest of the World (RoW). The Asia Pacific region is estimated to lead the Rotary Valve Actuator market in 2017, and the region is expected to be a driver of the global Internet of Things (IoT) in the coming years. IoT has been a focus area in emerging economies, such as India and China. The Indian government, for instance, has been pursuing its ‘Digital India’ initiative with a massive push towards IoT. This includes the establishment of smart cities and IoT-specific centers of excellence.
The significant investments incurred in the development of different types of Rotary Valve Actuator is a major factor restraining the growth of the Rotary Valve Actuator market across the globe. Significant investments are required at different stages of the value chain of the actuator industry (especially in R&D, manufacturing, system integration, and assembly stages).