At 3.8% CAGR, North America Valve Actuator Market is Projected to be Worth US$ 5,301.97 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America valve actuator market was valued at US$ 3,943.06 million in 2023 and is expected to reach US$ 5,301.97 million by 2031, registering a CAGR of 3.8% from 2023 to 2031. Miniature actuators and rising development of water & wastewater treatment plants are among the critical factors attributed to drive the North America valve actuator market growth.

The miniaturization of electronic components and systems plays an important role in the electronics industry. It helps reduce the size of the electronic components used in several applications, such as consumer electronics, healthcare, and automotive. In addition, it helps save space for the incorporation of more technologies or reduce the overall size of the electronic device. For example, the reduced size of batteries helps in powering computer miniaturizations. Moreover, miniaturization helps save the cost of the overall material used in the products or components, which can reduce the overall cost of components and devices. Thus, the miniaturization of the actuators will play a crucial role in integration with the miniatured electronic systems. Market players are engaged in innovating valve actuators. For example, in February 2021, Siemens announced its latest range of actuators for valves, which provide low-noise operation for automation use. The SSA range of actuators by Siemens was designed for small valve systems (such as central heating controls and water flow). The actuators include IP54 protection for more flexible installation. The actuators have an integrated LED display for status indication, and they utilize feedback signals to the controlling device to create a closed-loop design. According to Bennett University's blog in May 2022, micro-electromechanical systems (MEMS) will use actuators to combine mechanical and electrical components in micrometer or millimeter-sized integrated devices or systems. These devices or systems can sense physical stimulus, control a process or system and actuate or drive micro or mega-scale devices. In addition, with the integration of IoT, many sensors and actuators are required for constant monitoring of these devices. Hence, there will be a large requirement for small, low-powered, wireless sensors and smart actuators in the upcoming years, which will drive the valve actuator market during the forecast period.

On the contrary, economic slowdown hampers the growth of North America valve actuator market.

Based on end user, the North America valve actuator market is segmented into mining, LNG, chemical, oil & gas, water & wastewater, and others. The oil & gas segment held 29.1% market share in 2023, amassing US$ 1,147.06 million. It is projected to garner US$ 1,699.97 million by 2031 to register 5.0% CAGR during 2023-2031.

In terms of product type, the North America valve actuator market is categorized into electrical, manual, hydraulic, and pneumatic. The electrical segment held 47.9% share of North America valve actuator market in 2023, amassing US$ 1,887.89 million. It is anticipated to garner US$ 2,502.35 million by 2031 to expand at 3.6% CAGR during 2023-2031.

Based on country, the North America valve actuator market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 82.2% share of North America valve actuator market in 2023. It was assessed at US$ 3,239.62 million in 2023 and is likely to hit US$ 4,449.41 million by 2031, registering a CAGR of 4.0% during 2023-2031.

Key players operating in the North America 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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