Report : Europe Valve Actuator Market Forecast to 2031 - Regional Analysis - by End User (Mining, LNG, Chemical, Oil & Gas, Water & Wastewater, and Others) and Product Type (Electrical, Manual, Hydraulic, and Pneumatic)
At 5.0% CAGR, Europe Valve Actuator Market is Projected to be Worth US$ 4,775.06 Million by 2031, says Business Market Insights
According to Business Market Insights' research, the Europe valve actuator market was valued at US$ 3,241.74 million in 2023 and is expected to reach US$ 4,775.06 million by 2031, registering a CAGR of 5.0% from 2023 to 2031. Increasing focus on renewable energy sector and advent of industry 4.0 are among the critical factors attributed to drive the Europe valve actuator market growth.
There is a rise in the shift from fossil fuels to renewable energy to lower emission levels and address the climate crisis. In addition, the adoption of renewable energy results in the reduction of the overall cost needed for power generation. Government spending plays a pivotal role in the rapid progression of clean energy investment and the expansion of clean technology supply chains. According to the latest update of the International Energy Agency's (IEA's) Government Energy Spending Tracker, the amount of money allocated by governments to support investments in clean energy since 2020 has increased to US$ 1.34 trillion. Direct incentives for manufacturers aimed at bolstering domestic manufacturing of clean energy technologies total ~US$ 90 billion. Such a rise in investment results in the launch of new renewable energy projects that demand valve actuators for an efficient working environment. Many market players providing solutions for renewable energy will cater to the needs of the growing renewable energy sector in the coming years. For example, companies such as Valmet and MecVel Srl provide a range of actuators that can benefit the renewable energy sector. For example, MecVel's actuators may be used in the hydroelectric field to automate the opening/closing of bulkheads for water flow regulation. Also, Valmet's Neles double-acting and spring return quarter-turn actuators are designed for use in modulating control and on-off service. These actuators offer an extremely long cycle life. They are well-suited for almost any type of rotary valve. Thus, government spending on renewable energy fuels the actuator market growth in the forecast period.
On the contrary, economic slowdown hampers the growth of Europe valve actuator market.
Based on end user, the Europe valve actuator market is segmented into mining, LNG, chemical, oil & gas, water & wastewater, and others. The oil & gas segment held 27.7% market share in 2023, amassing US$ 897.38 million. It is projected to garner US$ 1,478.48 million by 2031 to register 6.4% CAGR during 2023-2031.
In terms of product type, the Europe valve actuator market is categorized into electrical, manual, hydraulic, and pneumatic. The electrical segment held 51.2% share of Europe valve actuator market in 2023, amassing US$ 1,658.85 million. It is anticipated to garner US$ 2,476.17 million by 2031 to expand at 5.1% CAGR during 2023-2031.
Based on country, the Europe valve actuator market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 30.3% share of Europe valve actuator market in 2023. It was assessed at US$ 981.76 million in 2023 and is likely to hit US$ 1,597.39 million by 2031, registering a CAGR of 6.3% during 2023-2031.
Key players operating in the Europe valve actuator market are Emerson Electric Co; Schlumberger NV; Alfa Laval AB; Flowserve Corp; Crane Company; Rotork Plc; Valmet Oyj; KITZ Corp; IMI Plc; and Tolomatic, Inc. among others.
- In January 2024, Emerson Electric Co launched a new eco-friendly electric valve actuator used for ensuring accurate process control in adverse conditions. This eco-friendly electric valve actuator performs accurately and reliably under the extreme conditions found in many heavy industries, particularly oil & gas installations in cold remote locations. These actuator/valve assemblies increase uptime, improve performance, and reduce the risk of emissions posed by gas-operated systems locations.
- In March 2023, Flowserve Corp launched FlowSync Bluetooth Actuator App deployed with Limitorque electric actuators for delivering reliable valve control in a variety of applications. The cross-platform mobile application provides plant operators with a smarter way to commission, monitor, control, and update actuators safely and conveniently.
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