global valves, actuators and positioners market - electronics.docx

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IndustryARC GLOBAL VALVES, ACTUATORS AND POSITIONERS MARKET (2015 – 2020) By Application (Aerospace, Automotive, Electronics & Others); By Valve type (Multi turn, quarter turn & others);

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Page 1: Global Valves, Actuators and Positioners Market - Electronics.docx

IndustryARC

GLOBAL VALVES, ACTUATORS AND POSITIONERS MARKET (2015 – 2020)

By Application (Aerospace, Automotive, Electronics & Others); By Valve

type (Multi turn, quarter turn & others); By Actuator type (Hydraulic,

Pneumatic, Electric & others); By Positioner type (Pneumatic and

Electro pneumatic)

Page 2: Global Valves, Actuators and Positioners Market - Electronics.docx
Page 3: Global Valves, Actuators and Positioners Market - Electronics.docx

Table of Contents

1. Global Valves, Actuators and Positioners market overview

2. Executive summary

3. Global Valves, Actuators and Positioners market landscape

3.1. Market share analysis

3.2. Comparative analysis

3.2.1. Product Benchmarking

3.2.2. End-User Profiling

3.2.3. Patent analysis

3.2.4. Top5 Financial analysis

4. Global Valves, Actuators and Positioners- Market Forces

4.1. Market Drivers

4.2. Market Constraints

4.3. Market Challenges

4.4. Attractiveness of the Actuators and Positioners Industry

4.4.1. Power of suppliers

4.4.2. Power of Customers

4.4.3. Threat of New entrants

4.4.4. Threat of substitution

4.4.5. Degree of Competition

5. Global Valves, Actuators and Positioners Market- Strategic Analysis

5.1. Value Chain Analysis

5.2. Pricing Analysis

Page 4: Global Valves, Actuators and Positioners Market - Electronics.docx

5.3. Opportunities Analysis

5.4. Product/Market Life Cycle Analysis

5.5. Suppliers and Distributors

6. Global Valves, Actuators and Positioners Market- by Valve types

6.1. Multi-turn valves

6.2. Quarter-turn valves

6.3. Control valves

6.4. Others

7. Global Valves, Actuators and positioners Market- by Actuators types

7.1. Electric Actuator

7.2. Pneumatic Actuator

7.3. Hydraulic Actuator

7.4. Manual Actuator

7.5. Others

8. Global Valves, Actuators and positioners Market- by Positioner types

8.1. Pneumatic Positioner

8.2. Electro-pneumatic positioner

8.3. Others

9. Global Valves, Actuators and Positioners- by Application

9.1. Aerospace

9.2. Agriculture

9.3. Automotive

9.4. Defense and Marine

Page 5: Global Valves, Actuators and Positioners Market - Electronics.docx

9.5. Mining

9.6. Oil & Gas

9.7. Mining

9.8. Water purifying

9.9. Others

10. Global Valves, Actuators and Positioners -Geographic Analysis

10.1. North Americas

10.1.1.U.S.

10.1.2.Canada

10.1.3.Argentina

10.1.4.Brazil

10.2. Europe

10.2.1.U.K.

10.2.2.France

10.2.3.Germany

10.2.4.Italy

10.3. APAC

10.3.1.China

10.3.2.South Korea

10.3.3.Japan

10.3.4.Australia

10.4. ROW

10.4.1.South Africa

Page 6: Global Valves, Actuators and Positioners Market - Electronics.docx

10.4.2.Middle-east

11. Market Entropy

11.1. New Product Launches

11.2. M&As, Collaborations, JVs and Partnerships

12. Company Profiles(Overview, Financials, SWOT Analysis,

Developments, Product Portfolio)

12.1. Rotork Controls, Inc.

12.2. AUMA Actuators, Inc.

12.3. GE Oil & Gas

12.4. Apollo Valves - Conbraco Industries, Inc.

12.5. Emerson Electric Co.

12.6. Pentair Valves & Controls

12.7. Flowserve Corporation HQ

12.8. Curtiss-Wright Valve Group - Industrial Division

12.9. Cameron International Corp

12.10. Emerson Electric Co.

12.11. Unitorq Actuators & Controls

12.12. Honeywell International Inc.

12.13. Gunric Valve Pty Ltd.

12.14. Crane Co.

12.15. Kingston Valves

12.16. Elliott Manufacturing

12.17. Alfa Laval AB 

Page 7: Global Valves, Actuators and Positioners Market - Electronics.docx

12.18. ABB Ltd.

12.19. ATI

12.20. Beaver Aerospace & Defense, Inc.

13. Appendix

13.1. Abbreviations

13.2. Sources

13.3. Research Methodology

13.4. Bibliography

13.5. Compilation of Expert Insights

13.6. Disclaimer

Page 8: Global Valves, Actuators and Positioners Market - Electronics.docx

LIST OF TABLES

Table 1 Global Valve Actuator and Positioner Market – Pricing Analysis

($)

Table 2 Global Valve Actuator Market Revenue, By Valve Type, 2014-

2020 ($M)

Table 3 Global Valve Actuator Market Volume, By Valve Type, 2014-

2020 (Units)

Table 4 Global Valve Positioner Market Revenue, By Actuator Type,

2014-2020 ($M)

Table 5 Global Valve Positioner Market Volume, By Actuator Type, 2014-

2020 (Units)

Table 6 Global Valve Positioner Market Revenue, By Positioner Type,

2014-2020 ($M)

Table 7 Global Valve Positioner Market Volume, By Positioner Type,

2014-2020 (Units)

Table 8 Global Valve Actuator and Positioner Market Revenue, By

Application, 2014-2020 ($M)

Table 9 Global Valve Actuator and Positioner Market Volume, By

Application, 2014-2020 (Units)

Table 10 Global Valve Actuator and Positioner Market Revenue, By

Geography, 2014-2020 ($M)

Table 11 Global Valve Actuator and Positioner Market Volume, By

Geography, 2014-2020 (Units)

Table 12 Global Multi-turn valve Market Revenue, By Application, 2014-

2020 ($M)

Table 13 Global Multi-turn valve Market Volume, By Application, 2014-

2020 (Units)

Table 14 Global Quarter-turn valve Market Revenue, By Application,

2014-2020($M)

Page 9: Global Valves, Actuators and Positioners Market - Electronics.docx

Table 15 Global Quarter-turn valve Market Volume, By Application,

2014-2020 (Units)

Table 16 Global Self-Actuated valve Market Revenue, By Application,

2014-2020 ($M)

Table 17 Global Self- Actuated valve Market Volume, By Application,

2014-2020 (Units)

Table 18 Global Other valve Market Revenue, By Application, 2014-2020

($M)

Table 19 Global Other valve Market Revenue, By Application, 2014-2020

(Units)

Table 20 Global Hydraulic Actuator Market Revenue, By Application,

2014-2020 ($M)

Table 21 Global Hydraulic Actuator Market Volume, By Application,

2014-2020 (Units)

Table 22 Global Pneumatic Actuator Market Revenue, By Application,

2014-2020 ($M)

Table 23 Global Pneumatic Actuator Market Volume, By Application,

2014-2020 (Units)

Table 24 Global Electric Actuator Market Revenue, By Application, 2014-

2020 ($M)

Table 25 Global Electric Actuator Market Volume, By Application, 2014-

2020 (Units)

Table 26 Global Mechanical Actuator Market Revenue, By Application,

2014-2020 ($M)

Table 27 Global Mechanical Actuator Market Volume, By Application,

2014-2020 (Units)

Table 28 Global Other Actuator Market Revenue, By Application, 2014-

2020 ($M)

Table 29 Global Other Actuator Market Volume, By Application, 2014-

2020 (Units)

Page 10: Global Valves, Actuators and Positioners Market - Electronics.docx

Table 30 Global Pneumatic Positioner Market Revenue, By Application,

2014-2020 ($M)

Table 31 Global Pneumatic Positioner Market Volume, By Application,

2014-2020 (Units)

Table 32 Global Electro Pneumatic Positioner Market Volume, By

Application, 2014-2020 (Units)

Table 33 Global Electro Pneumatic Positioner Market Revenue, By

Application, 2014-2020 ($M)

Table 34 Global Other Positioner Market Revenue, By Application, 2014-

2020 ($M)

Table 35 Global Other Positioner Market Volume, By Application, 2014-

2020 (Units)

Table 36 Americas Valve Actuators & Positioners Market Revenue, By

Type, 2014-2020 ($M)

Table 37 Americas Valve Actuators & Positioners Market Volume, By

Type, 2014-2020 (Units)

Table 38 Americas Valve Actuators & Positioners Market Revenue, By

Application, 2014-2020 ($M)

Table 39 Americas Valve Actuators & Positioners Market Volume, By

Application, 2014-2020 (Units)

Table 40 Americas Valve Actuators & Positioners Market Revenue, By

Country, 2014-2020 ($M)

Table 41 Americas Valve Actuators & Positioners Market Volume, By

Country, 2014-2020 (Units)

Table 42 APAC Valve Actuators & Positioners Market Revenue, By Type,

2014-2020 ($M)

Table 43 APAC Valve Actuators & Positioners Market Volume, By Type,

2014-2020 (Units)

Table 44 APAC Valve Actuators & Positioners Market Revenue, By

Application, 2014-2020 ($M)

Page 11: Global Valves, Actuators and Positioners Market - Electronics.docx

Table 45 APAC Valve Actuators & Positioners Market Volume, By

Application, 2014-2020 (Units)

Table 46 APAC Valve Actuators & Positioners Market Revenue, By

Country, 2014-2020 ($M)

Table 47 APAC Valve Actuators & Positioners Market Volume, By

Country, 2014-2020 (Units)

Table 48 Europe Valve Actuators & Positioners Market Revenue, By Type,

2014-2020 ($M)

Table 49 Europe Valve Actuators & Positioners Market Volume, By Type,

2014-2020 (Units)

Table 50 Europe Valve Actuators & Positioners Market Revenue, By

Application, 2014-2020 ($M)

Table 51 Europe Valve Actuators & Positioners Market Volume, By

Application, 2014-2020 (Units)

Table 52 Europe Valve Actuators & Positioners Market Revenue, By

Country, 2014-2020 ($M)

Table 53 Europe Valve Actuators & Positioners Market Volume, By

Country, 2014-2020 (Units)

Table 54 RoW Valve Actuators & Positioners Market Revenue, By Type,

2014-2020 ($M)

Table 55 RoW Valve Actuators & Positioners Market Volume, By Type,

2014-2020 (Units)

Table 56 RoW Valve Actuators & Positioners Market Revenue, By

Application, 2014-2020 ($M)

Table 57 RoW Valve Actuators & Positioners Market Volume, By

Application, 2014-2020 (Units)

Table 58 RoW Valve Actuators & Positioners Market Revenue, By

Country, 2014-2020 ($M)

Table 59 RoW Valve Actuators & Positioners Market Volume, By Country,

2014-2020 (Units)

Page 12: Global Valves, Actuators and Positioners Market - Electronics.docx

Table 60 Global Multi-turn Valve Market Revenue, By Geography, 2014-

2020($M)

Table 61 Global Multi-turn Valve Market Volume, By Geography, 2014-

2020 (Units)

Table 62 Global Quarter-turn Valve Market Revenue, By Geography,

2014-2020 ($M)

Table 63 Global Quarter-turn Valve Market Volume, By Geography, 2014-

2020 (Units)

Table 64 Global Self-actuated Valve Market Revenue, By Geography,

2014-2020 ($M)

Table 65 Global Self-actuated Valve Market Volume, By Geography, 2014-

2020 (Units)

Table 66 Global Other Valve Market Revenue, By Geography, 2014-2020

($M)

Table 67 Global Other Valve Market Volume, By Geography, 2014-2020

(Units)

Table 68 Global Hydraulic Actuator Market Revenue, By Geography,

2014-2020 ($M)

Table 69 Global Hydraulic Actuator Market Volume, By Geography, 2014-

2020 (Units)

Table 70 Global Pneumatic Actuator Market Revenue, By Geography,

2014-2020 ($M)

Table 71 Global Pneumatic Actuator Market Volume, By Geography,

2014-2020 (Units)

Table 72 Global Electric Actuator Market Revenue, By Geography, 2014-

2020 ($M)

Table 73 Global Electric Actuator Market Volume, By Geography, 2014-

2020 (Units)

Table 74 Global Mechanical Actuator Market Revenue, By Geography,

2014-2020 ($M)

Page 13: Global Valves, Actuators and Positioners Market - Electronics.docx

Table 75 Global Mechanical Actuator Market Volume, By Geography,

2014-2020 (Units)

Table 76 Global Other Actuator Market Revenue, By Geography, 2014-

2020 ($M)

Table 77 Global Other Actuator Market Volume, By Geography, 2014-

2020 (Units)

Table 78 Global Pneumatic Positioner Market Revenue, By Geography,

2014-2020 ($M)

Table 79 Global Pneumatic Positioner Market Volume, By Geography,

2014-2020 (Units)

Table 80 Global Electro-Pneumatic Positioner Market Revenue, By

Geography, 2014-2020 ($M)

Table 81 Global Electro-Pneumatic Positioner Market Volume, By

Geography, 2014-2020 (Units)

Table 82 Global Other Positioner Market Revenue, By Geography, 2014-

2020 ($M)

Table 83 Global Other Positioner Market Volume, By Geography, 2014-

2020 (Units)

Table 84 M&A, Product Launches, 2010-2015

Page 14: Global Valves, Actuators and Positioners Market - Electronics.docx

LIST OF FIGURES

Figure1 Global Valve Actuator and Positioner Market, By Geography,

2014 - 2020 ($M)

Figure2 Segmentation of Global Valve Actuator and Positioner Market

Figure3 Global Valve Actuator and Positioner Market Competitive Share

Analysis, 2014(%)

Figure4 Global Valve Actuator and Positioner Market Share, By Type of

valve, 2014 (%)

Figure5 Global Valve Actuator and Positioner Market Share, By Type of

actuator, 2014 (%)

Figure6 Global Valve Actuator and Positioner Market Share, By Type of

positioner, 2014 (%)

Figure7 Global Valve Actuator and Positioner Market Share, By

Application, 2014 (%)

Figure8 Global Valve Actuator and Positioner Market Share, By

Geography, 2014 (%)

Figure9 Americas Valve Actuator and Positioner Market Share, By

Country, 2014 (%)

Figure10 Europe Valve Actuator and Positioner Market Share, By

Country, 2014 (%)

Figure11 APAC Valve Actuator and Positioner Market Share, By Country,

2014 (%)

Figure12 RoW Valve Actuator and Positioner Market Share, By Country,

2014 (%)

Figure13 Global Valve Actuator and Positioner Market Recent

Developments, By Year, 2012-2015

Page 15: Global Valves, Actuators and Positioners Market - Electronics.docx

REPORT SCOPE

A Valve is a device which is used to control or regulate the flow of liquid

and gases. Based on the type of movement Valves can be classified as Multi-

turn valves, Quarter-turn valves, Self-actuated valves and others. The

movement of Multi- turn valve is generally linear causing linear

displacement of the valve. Quarter turn cause rotary motion which is

capable of rotating from 0 degree to 90 degree. Self-actuated valve is a

valve which can be operated remotely without human intervention. An

actuator is fitted into the valve which controls the movement of the valve

based on predefined conditions.

Actuator is a device which is responsible for performing certain actions

such as to control or to move a system. Generally to operate an actuator a

source of energy is necessary where in the source of energy can be in the

form of hydraulic, pneumatic, electric or mechanical. Hydraulic actuator

consists of fluid motor which uses hydraulic power to facilitate mechanical

action. Pneumatic actuators convert energy formed by vacuum or high

pressure air to linear or rotatory motion. Electric actuator is an electric

motor which converts electric energy into mechanical energy. Mechanical

actuators also called as Manual actuators are used to convert mechanical

energy to linear or rotary motion.

Positioner is a component which controls the activities of an actuator. Based

on the type of energy source provided to a positioner, an positioner can be

classified into either pneumatic or electro-pneumatic positioner.

The regional segmentation of Global Valves, Actuator and Positioner market

is by identifying the countries that are leading in the utilization of Valves

and actuators. The major countries include the U.S. and Canada in North

America; U.K., France and Germany in Europe; India, China, Japan,

Australia and South Korea in Asia-Pacific region.

Page 16: Global Valves, Actuators and Positioners Market - Electronics.docx

Some of the key players in Valves Actuator and Positioner industry are:

Rotork Controls Inc, Honeywell Inc, Ati, Moog Inc, Saab Group, Emerson

Electric Co, Unitorque, Crane co., Cameron, Curtiss Wright Corp, Pentair

Ltd, Rockwell Collins Inc and Woodword, Inc.

Stakeholders

Actuators system manufacturer

Valve manufacturers

Positioner manufacturers

Actuators and positioner components suppliers

Component and Sub-component manufacturers

Test Rig Manufacturers

Distributors

Associations

Page 17: Global Valves, Actuators and Positioners Market - Electronics.docx

EXECUTIVE SUMMARY

Over the past few years many Industries have seen a dramatic change in the

use of sophisticated technologies. One of the common devices used by

almost all the industries is a Valve. A Valve is a device which is used to

regulate the flow of liquid or gases by performing actions such as opening

or closing of the port. It acts as a gateway to any system which requires

regulated and directed flow activities. A valve is generally made up of 3

main components which include an actuator, a positioner and a valve body.

An actuator is a component which is responsible for inducing mechanical

movements to a device by converting energy from a source into mechanical

movements. Whereas a positioner is a component generally fitted into a

control valve which helps in controlling the activities of an actuator,

generally opening and closing of actuator, based on predefined conditions.

When it comes to uses of Valves, actuators and Positioners in the Global

market, North America and Europe by far have the largest base for the

valves and actuators market mainly because of developed economy and

having related expertise. About 35% of global demand is satisfied by

American valve and actuator market. On the other hand, in the Asia-Pacific

region the growth of Valves and actuators market is the highest and will

continue to grow due to industrialization and technological advancement.

According to U.S Department of Commerce, in the year 2014, the import of

hydraulic actuators from the major trade partners was recorded to be about

$ 7.2 billion where in the major trade partners were Germany, Japan,

Mexico, Canada, China and many others. While the export of hydraulic

actuators to major trade partners was recorded to be about $5.5 billion

where in the major trade partners for export were Canada, Mexico, China,

Brazil, Germany and many others.

Page 18: Global Valves, Actuators and Positioners Market - Electronics.docx

U.S. Hydraulic Actuators Export Market Share, By Trading Countries, 2013 (%)

SOURCE: National Fluid Power Association (NFPA), IndustryARC Analysis

One of the leading consumers of actuator and positioner market is the

Aerospace industry. In the year 2013 the aerospace industry saw a

remarkable growth which in turn resulted in increase in demand for

actuators and positioners in the U.S., European and Asian markets. The

operating profits and the revenue of aerospace industry was the highest in

the history. Top Aerospace companies like Airbus, Boeing, Bombardier and

many others set a record by earning highest operating profit and revenue.

Page 19: Global Valves, Actuators and Positioners Market - Electronics.docx

SAMPLE TABLE: GLOBAL VALVES, ACTUATORS & POSITIONERS MARKET REVENUE, BY ACTUATOR PRODUCT TYPE, 2014-2020 ($M)

Product Type 2014 2015 2016 2017 2018 2019 2020 CAGR (2015-2020)%

Hydraulic xx xx xx xx xx xx xx xx%

Pneumatic xx xx xx xx xx xx xx xx%

Electric xx xx xx xx xx xx xx xx%

Mechanical xx xx xx xx xx xx xx xx%

Others xx xx xx xx xx xx xx xx%

Source: IndustryARC Analysis, Expert Insights

Since the number of civil passengers are increasing, the civil aerospace

market is forecast to grow remarkably in the coming years and is expected

to double between 2015- 2030. The driving force for this growth is not only

because of the need to replace the aging aircrafts with more efficient and

environmental friendly one’s, but also because there is global increase in

the air traffic, which is suspected to grow at the rate of 4.7% between 2015-

2030. Thus, the increasing demand for new aircrafts in civil aerospace

market will remain a key driver for the actuators and positioners market in

the coming years.

When it comes to valve market, the major consumer for valve market is the

Oil & Gas industry. The sales in Middle east for valves is the highest as

there are a number of Oil extracting industries where in valve is an

important component for Oil extraction. As countries like U.S. and Canada

are investing in Oil Shale and Tar Oil exploration, the demand for valve,

which is the key driver for such explorations, will increase substantially.

Page 20: Global Valves, Actuators and Positioners Market - Electronics.docx

KEY MARKET INSIGHTS

Valves, actuators and positioners are widely being used in oil and gas,

aerospace industry followed by automotive and mining industry.

Rapid industrialization in developing countries like India and China is

the major driving force for valves, actuators and positioner market

Automated valves are widely being used as a solution to problem of

safety and security in an operational plant

In Robotics, Piezoelectric actuators are widely being used which takes

electric signals as inputs and converts it into mechanical motion.

Positioners are now being equipped with sensors to detect failures

and faults precisely which up till now were being identified indirectly.

Page 21: Global Valves, Actuators and Positioners Market - Electronics.docx

RESEARCH METHODOLOGY

The quantitative and qualitative data collected for the valves actuators and

positioner market report is from a combination of secondary and primary

sources. Research interviews were conducted with senior executives and/or

managers of leading actuator and positioner solution providers. These Key

Opinion Leaders (KOLs) were then provided a questionnaire to gather

quantitative and qualitative inputs on their operations, performance,

strategies and views on the overall market, including key developments and

technology trends. Data from interviews is consolidated, checked for

consistency and accuracy, and the final market numbers are again validated

by experts. The global market was split by types, application and geography

based on different factors like primary and secondary sources,

understanding of the number of companies operating in each segment and

also KOL insights.

We have used various secondary sources such as directories, articles, white

papers, newsletters, annual reports and paid databases such as OneSource,

Hoovers and Factiva to identify and collect information for extensive

technical and commercial study of the actuator and positioner market.

The key players in the market and its value chain were identified through

secondary research and their market opinions were also gathered in a

similar way through telephonic interviews and questionnaires. We have also

studied the annual reports of these top market players. Interviews with key

opinion leaders such as directors, managers, and marketing personnel were

used extensively in understanding the need and emergence of the actuator

and positioner market.

Page 22: Global Valves, Actuators and Positioners Market - Electronics.docx

THE ARC ADVANTAGE

An analytical model lies at the core of our process, ensuring logical consistency throughout our research. We complement the model with secondary data and interviews with industry experts to reflect the latest trends. With our final expert validation, we provide you with only the most accurate and actionable intelligence.

THE ARC PROCESS

ANALYTICAL MODEL BASE MODEL CONSOLIDATED MODEL ARC MODEL

Analytical Method

Base Method

Consolidation Method

Delphi Verification

1. Granular breakdown of drivers into factors

2. Validate all factors in terms of their present impact on the market

3. Assign weights to these factors in terms of their relevance and impact on the market

1. Get a top-down estimate of the market

2. Follow it up with a bottom-up estimate of the market

3. Check forconsistency and new growth factors that are relevant over the next 10 Years

1. Granular breakdown of drivers into factors

2. Validate all factors in terms of their present impact on the market.

3. Assign weights to these factors in terms of their relevance and impact on the market.

1. Verify the findings of the model with experts from across the value chain

2. Verify the findings with players across small and large enterprises

3. Tweak the model and add new factors

Page 23: Global Valves, Actuators and Positioners Market - Electronics.docx

ABOUT US

IndustryARC was started by a group of young, passionate professionals

along with extensively experienced industry veterans across various

business segments. Our focus and expertise is mainly in the field of

analytics, market research and consulting. Our singular goal is to

provide accurate and affordable research to our clients.

Our research team has expertise in diverse fields like Automotive,

Chemicals,Consumer Product & Services, Electronics, Food &

Beverages, Healthcare etc., However diverse the expertise maybe,

everyone in our team shares one common trait - we love data and we

love providing solutions to clients using that data even more! Seeing

your business flourish based on our solutions and strategy is what we

love the most!

IndustryARC publishes more than 30 reports on an annual basis in the

mentioned Industries. Our reports are in-depth and high quality reports

that can help decision makers frame better strategies for their business

requirements. These reports can be further customized as per your

needs.

Disclaimer:

The reports sold by IndustryARC are limited publications

containing valuable market information provided to a select

group of customers in response to orders.

Page 24: Global Valves, Actuators and Positioners Market - Electronics.docx

Our customers acknowledge and agree that any report bought

from IndustryARC is for their own internal use and not for

general publication or disclosure to third parties.

Our reports or part of the reports, information contained in the

report, cannot be shared or resold to any other third party.

Disclosure to third parties, usage of data in a public document,

article or blog by the customer can be done with prior permission

taken from IndustryARC.

For information regarding permissions and sales, contact:

[email protected] | [email protected]

Page 25: Global Valves, Actuators and Positioners Market - Electronics.docx

Copyright ©2014 IndustryARCAll Rights Reserved. This document contains highly confidential information and is the sole property of IndustryARC. No part of it may be circulated, copied, quoted, or otherwise reproduced without the approval of IndustryARC.

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