Surge in the water and wastewater treatment industry, technologically advanced processing methods, and rise in safety measurement in industries drive the growth of the global actuators & valves market. The market across North America held the largest share in 2019, contributing to more than one-fourth of the market. However, the demand for actuators & valves from the healthcare sector has boosted the market growth.
Portland.OR, April 15, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global actuators & valves market was accounted for $101.14 billion in 2019, and is estimated to reach $149.31 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
Surge in the water and wastewater treatment industry, technologically advanced processing methods, and rise in safety measurement in industries drive the growth of the global actuators & valves market. However, dearth of product differentiation hinders the market growth. On the contrary, surge in the adoption of robotics would open lucrative opportunities for the market players in the future.
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The Covid-19 pandemic has resulted in a sudden decline in infrastructure development and installation of new projects. This has hampered the demand for actuators and valves.
However, the demand for actuators & valves from the healthcare sector has boosted the market growth.
The global actuators & valves market is segmented on the basis of type, application, and region.
Based on type, the valves segment held the largest share in 2019, accounting for around three-fifths of the market. However, the actuators segment is estimated to register the highest CAGR of 6.3% during the forecast period.
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On the basis of application, the automotive segment is projected to manifest the highest CAGR of 8.0% during the forecast period. However, the oil & gas segment accounted for the largest share in 2019, contributing to nearly one-fourth of the market.
The global actuators & valves market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2019, contributing to nearly one-third of the market. The market across Asia-Pacific is estimated to register the highest CAGR of 7.0% during the forecast period.
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The global actuators & valves market report includes an in-depth analysis of the major market players including Emerson, Flowserve Corporation, Crane Co., Schlumberger Limited, General Electric, IMI plc, Kitz Corporation, Rotork plc, Parker-Hannifin Corporation, and Neles.
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