Advancements in the technology have brought high-quality smart positioners with cutting-edge features that can deliver effective mechanisms in the mining industry, which involves a great deal of risks that need to be addressed for perfection and to keep production units safe for employees and the surrounding environment. In 2017, world mining production was valued at 16.9 billion metric tons in 2016 and it reached approximately 17.2 billion metric tons. Rising concerns towards the safety of the individual have fueled the deployment of the smart positioners in different verticals such as oil and gas, petrochemical, and mining. On the other hand, increasing production in the mining industry is also boosting the demand for the growth of the smart positioner market. High-capacity and high-precision smart positioners are digital valve control devices with powerful self-calibration software and long lifespan. Growing demand for customizable products is the key factor fueling the demand for smart positioner market. Subsequently, vendors of smart positioners are offering a variety of customizable products to differentiate themselves from counterparts and sustain competition. These customizable options are helping end-users in choosing appropriate products based on requirements. As a result, increasing safety concerns along with high-precision demands of the end-user industries are surging the smart positioner market demand.
The global smart positioner market size was valued at $323 million as of 2018 and is expected to grow with a CAGR of 5.11% throughout the forecast period 2019-2025.
Due to their diagnostic functions such as in-service and out-of-service diagnostics for predictive and easy maintenance programs, which can save time and money, the usage of smart positioners is expected to increase in the upcoming years. These smart valve positioners are capable of collecting data about valves and can be used to analyze the functioning of valves and manufacture analytical models that increase operational efficiency of production in manufacturing plants. These intelligent positioners can help to overcome high valve friction that is occurred during processes. The auto-calibration feature of this digital positioner eliminates the need to rely on the technicians adjusting the mechanical parts. Therefore, the demand for these reliable features of smart positioners market is thriving in the global marketplace.
APAC Holding Major Share of the Smart Positioner Market
The APAC generated 37.7% of the smart positioner market global revenue in 2018. The growing consumerism, rising literacy, modern retailing practices, and the increasing use of documentation will keep demand for paper and pulp industry in this region. Application of smart positioner in the paper and pulp industry include regulating pressure and temperature, measuring pH, boiler control and flow measurements. India’s paper demand is set to increase by 53% by 2020. The increase in demand for paper in the Indian market, which in turn, positively impact the growth of the smart positioner market. Secondly, the energy and power sector is another prominent end-user industry of smart positioners with applications including energy production, boiler startups, steam conditioning, and cold reheat isolation in coal-fired plants. Around 40% of electricity is generated from coal. And, China and India are global leaders in terms of coal production. Asia-Pacific region hosts numerous coal-fired plants such as Beilun power plant with 5,000 MW total capacity in China, Vindhyachal Thermal Power plant with 4,760 MW and Mundra Power plant with 4,620 MW capacities in India are creating ample opportunities that are capitalized by the smart positioner market.
Harsh Environments and Rising Energy Demands of the Oil and Gas Sector Amplifying the Smart Positioner Market Growth
The application segment that will be creating the most lucrative opportunities for the smart positioner market is the oil & gas sector. This application segment is projected to grow at a CAGR of 5.7% through to 2025. Extraction and processing of the raw materials often occur in the rough or extreme environmental conditions which require significantly reliable and anti-corrosive instruments in the oil and gas industry. Harsh environments require control devices to function in severe service applications, requiring more reliable components with the ability to withstand extreme pressure and temperature fluctuations. So, innovative control instruments such as smart positioners are used for integral attachment in the equipment ensuring safe exchange of data in the process while enabling predictive maintenance in the tough offshore conditions. In 2018, oil and gas fuels more than 50% of the global energy demand with oil production exceeding 100 million barrels per day. These increased demands in the oil and gas production, which in turn, spur the growth of the smart positioner market.
The Major Players in the Smart Positioner Market:
Prominent players in the smart positioner market include Actuant Corporation, Danaher Corporation, Emerson Electric Co., Hilti Corporation, Hitachi Koki Ltd., Makita Corporation, Robert Bosch GmbH, SKF, Stanley Black & Decker, Inc., and Techtronic Industries.
Mergers and acquisitions are the other key strategies adopted by the players to stay ahead of their competitors. On Feb 1, 2019, Emerson Electric Co., an American-based technology and engineering company has announced its acquisition with General Electric’s Intelligent Platform business. With this acquisition, Emerson has expanded its machine control capabilities and growth opportunities across discrete industries such as food and beverage, packaging, mining, and life sciences. Secondly, Danaher Corporation, an American-based science and technology innovator has announced its acquisition with biopharma business of American-based General Electric Company, a leading provider of instruments and consumables that support process development and manufacturing workflows on Feb 25, 2019. With this acquisition, Danaher Corporation has enhanced its product portfolio, providing an excellent accompaniment to its current biologics workflow pattern. Such mergers and acquisitions aid the market players to expand their geographical boundaries and accentuate their footprint into the global smart positioner market.