According to the new research report, the “Valve Driver Market with COVID-19 Impact, by Function (Solenoid, Proportional), Valve Type (Conventional Control Valve, Expansion Valve), End-User (Commercial & Residential, Industrial, and Motion Equipment), Region – Global Forecast to 2025”, published by MarketsandMarkets™, the Valve Driver Market size is expected to grow from USD 421 million in 2020 to USD 519 million by 2025, at a CAGR of 4.3%. The growth of this market is driven mainly by several factors, such as increase in government regulations and policies for saving energy and Increase in focus on enhancing efficiency and power consumption.
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Commercial & residential end user to hold the largest share of the valve driver market during the forecast period
Residential and commercial include apartments, homes, offices, industrial facilities, and others. The increased adoption of HVAC/R systems in the residential segment has led to the growth of the valve drivers market. In situations where the government has set new performance norms to save energy as there focus is to make the machineries or operations more efficient, manufacturers of HVAC/R systems are encouraged to manufacture new versions of those systems, which will increase the demand for the HVAC/R systems. Thus, driving the growth of the market for valve drivers in residential and commercial end users. In Europe, under the UK government’s domestic Renewable Heat Incentive (RHI) scheme, end users who install or have already installed an eligible renewable heating system receive quarterly cash payments for seven years. This government financial incentive program is expected to boost the demand for heating equipment in Europe, which in turn will increase the demand for valve drivers in Europe.
Valve driver market for proportional valve driver to grow at highest CAGR from 2020 to 2025
The proportional valve drivers are technologically more advanced, which act as an interface for the valve. This allows the benefits of setting up different parameters for the functioning of the valve. In this, the operator can set up the values of the temperature, pressure, or flow of the liquid or gas being passed by the valve. All these setups can be done on the valve drivers themselves; with the help of the valve drivers, the different parameters are applied in the process. The proportional valve drivers find applications in several end uses, such as commercial & residential, motion equipment, and industries, which include oil & gas, pharmaceuticals, metals & mining, energy & power, chemicals, water & wastewater, and food & beverages. Due to its more advanced features and wide usage across many industries, the market for proportional valve drivers will see a significant increase.
Browse in-depth TOC on “Valve Driver Market“
132 – Tables
39 – Figures
154 – Pages
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Rising adoption of valve drivers across different end-user such as commercial & residential, industrial and motion equipment to boost demand for valve drivers in APAC during the forecast perio
APAC is expected to dominate the valve driver during the forecast period. The rapid urbanization and industrialization are increasing the demand for valve driver in the region. However, COVID-19, a global health emergency and an economic crisis, which has impacted the growth of the valve driver market in 2020 adversely. The valve driver market is projected to witness a significant decline as a few of the major end-users are adopting valve drivers. These end users are non-operational due to stringent measures, which include lockdown, restrictions on foreign trade, and a halt in the supply of non-essential products and services taken by several governments across the world as precautionary measures for the safety of people. There is also a huge supply-demand gap due to the decline in global demand.
Danfoss (Europe), Parker Hannifin (US), Emerson Electric Co. (US), Eliwell Controls (Europe), Carel Industries (Europe), MKS Instruments (US), Hydraforce Inc. (US), Hussmann Corporation (US), Sanhua (Spain), and Fujikoki Corporation (Japan) are among a few major players in the valve driver market.
Industrial Valves Market With COVID-19 & Oil Price Crisis Impact Analysis By Function (On-off/Isolation, Control), Material, Type, Size, End-User (Oil & Gas, Energy & Power, Water & Wastewater Treatment), and Region – Global Forecast to 2025