A valve positioner is a device in a control valve assembly which positions the actuator as per the input signal received and helps control the valve for monitoring and controlling processes in the industry. MarketsandMarkets expects the global valve positioners market to grow from USD 1.7 billion in 2019 to USD 2.2 billion by 2024, at a CAGR of 5.3% during 2019–2024. The growth of the valve positioners market is propelled by factors such as high demand for valve automation solutions to manage process industries and increasing demand for energy efficiently.
The market for digital valve positioners is expected to grow at the highest CAGR during the forecast period due to its economical installation and automatic collaboration for accurate control over the positioning of an actuator. Also, the digital valve positioners are capable of inserting software commands into memory, which makes them different from electro-pneumatic valve positioners. Therefore, digital positioners are expected to have lucrative growth opportunities in the future with the highest growth rate.
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Based on the actuation, single-acting positioners accounted for the highest market share in 2018, and the trend is expected to be continued during the forecast period. The growth of single-acting positioners is ascribed to factors such as economical pricing and simplified the working operation of the positioner, which makes it a preferable type as compared to double-acting positioners.
The valve positioners market for the oil & gas industry is expected to contribute to the largest market size during the forecast period. Oil & gas processing has complex and crucial operations that have to be monitored time-to-time. Also, the efficient operations of oil & gas plants are necessary to obtain productive output. This encourages the need for valve positioners in the control valve assemblies that greatly support in predictive maintenance of the plants.
In terms of regional coverage, APAC is likely to be the fastest-growing market for valve positioners from 2019 to 2024. Growing population and increasing standard of living in developing economies have led to the rising demand for energy. It has been estimated that APAC could account for approximately 65% of the global energy demand by 2035; China and India collectively are expected to fulfill 40% of the demand. It has been observed that oil and gas companies in the Americas and Europe have started investing in APAC to fulfill the growing demand for energy. The increasing demand for electricity would lead to the development of the energy sector, which includes oil & gas and power. This, in turn, would generate the demand for valve automation solutions such as digital positioners in the APAC region.