Valve and actuator market benefits from end-user updates
1 Aug 2002
The industrial valves and actuators market in Europe is set to pick up as the global economy struggles back to life, according to market analysts Frost & Sullivan. An annual growth rate around 2.2 per cent will see that market reach a value of $4.1billion by 2008, the company says.
Much of the revenue will be in the oil and gas application sector, driven by a stabilising oil price and the increasing use of natural gas. The large installed base of valves and actuators will also feed the market, as end-users update their equipment with replacement parts and products.
New technologies will also have an effect, says Frost & Sullivan. With the increasing uptake of fieldbus networks, online systems and remote manufacturing, customers are now much more likely to opt for smart valves, which will become 'an integral part of all improved valve systems,' the report predicts. New technologies will particularly affect the actuators sector, where demand for automated products and a rising uptake of high-price electric models will keep revenues high.
But the more basic aspects of valve technology will also play a part in evolving the market - quarter-turn valves are becoming increasingly popular 'owing to the design's simplicity, ease of use and compatibility with a wider range of chemicals than multi-turn valves.
The valve industry is set to see a period of consolidation, the report predicts.
'End-users are increasingly seeking out manufacturers that can provide complete solutions on a global basis,' says co-author Gabriela Martinho.
Tyco Flow Control's acquisitions of speciality valve manufacturers has led it to domination of the European market, while Invensys Flow Control's acquisition by Flowserve has created an even larger conglomerate, she adds.
