The Asia Pacific Valve Positioner Market would witness market growth of 6.1% CAGR during the forecast period (2022-2028).
Increased implementation of smart valve positioners in numerous operations of a plant, as well as an increase in the number of industries in developing economies, are the main drivers of market expansion. Additionally, growth prospects are expected to be brought about by implementing IIoT and growing awareness of digitalization.
A rise in industrialization has been witnessed in many emerging nations. Collectively, businesses have become highly competitive in many sectors, with each company trying different methods to continue in the market. In addition, the need for standard quality products at minimum prices further intensifies the competition. As a result, companies try to improve other facets of businesses to increase their profits. This has derived the demand and implementation of technology in industries, and because of such efforts, the usage of valve positioners has also increased in many sectors.
Even a minute loss of high-energy steam or oil, or specialty chemicals can cost a company a lot. The excess or loss of even 0.5 bar of pressure may induce a loss equivalent to millions of dollars. In this regard, proper valve positioning and functioning are necessary. Furthermore, with the advancements in manufacturing strength and proactive maintenance, the valve positioner is becoming essential.
The manufacturing industry is witnessing significant growth in this region. Countries like Singapore, Indonesia, Malaysia, the Philippines, and Vietnam, are rich in agricultural resources and products, which are frequently processed or packed before being sold in bulk. To that purpose, experts from the ASEAN-5 have identified the food and beverage sector as one of Asia's fastest-growing industries. The Chinese food and beverage sector have also been expanding significantly, and it is expected to continue to grow along with the country's expanding middle class.
The China market dominated the Asia Pacific Valve Positioner Market by Country in 2021; thereby, achieving a market value of $269.7 Million by 2028. The Japan market is registering a CAGR of 5.5% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 6.8% during (2022 - 2028).
Based on Type, the market is segmented into Digital, Pneumatic and Electro-Pneumatic. Based on Actuation, the market is segmented into Single-Acting and Double-Acting. Based on Industry, the market is segmented into Energy & Power, Chemical, Oil & Gas, Food & Beverage, Water & Wastewater Treatment, Metal & Mining, Pharmaceutical, Paper & Pulp and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Valve Positioner Market is Projected to reach USD 2.5 Billion by 2028, at a CAGR of 5.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, Siemens AG, Schneider Electric SE, Emerson Electric Co., Baker Hughes Company, SMC Corporation, Flowserve Corporation, Valmet Oyj, Azbil Corporation and Badger Meter, Inc.
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