Recent Release | 01 Nov 2022

The Global Valve and Actuator Market Outlook

Industry Services Team

Oxford Economics

In partnership with the British Valve and Actuator Association this latest edition of our annual Global Valve and Actuator Market Outlook highlights that across most markets, fundamental demand conditions for valve and actuator consumption weakened considerably.

Global nominal growth in demand for valves is set to slow to 3.4% next year, following an expected spike of 16.3% in 2022. This year’s forecast is exaggerated by the spike in prices thanks to record-high inflation, so it is more significant that 2023’s growth is set to underperform last year’s outturn of 4.3%. A similar downbeat picture can be seen for actuators where a forecast of 3.8% growth in 2023 underperforms this year’s 15.7% rise and only marginally outperforms 2021 growth of 3.3%.

The full report contains forecasts for consumption of valves and actuators (also often referred to as the market size) across 85 countries at a granular level (valve types include pressure reducing, check, safety/relief, other) out to 2026. Alongside a detailed report which outlines the findings of our analyses by key end-use sector (e.g., oil & gas and chemicals) and country, we also deliver an online Power BI data tool that permits easy visualisation of the data and charts as well as the ability to export them to other applications.

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About the team

Our Industry Team analyses and forecasts industries’ performance. They combine their expert insight with our state-of-the-art economic models and tools to answer the crucial questions facing our clients. Lead consultants on the project were:

Alexandra Hermann

Senior Economist

+44 (0) 203 910 8042

Alexandra Hermann

Senior Economist

London, United Kingdom

Alexandra is a Senior Economist on the Industry team where she is responsible for sectoral forecasts for the chemicals and pharmaceuticals industry and helps develop the team’s view on the global industrial outlook. She has also supported macroeconomic consulting projects such as developing scenario analyses for Accenture. Her role also involves contributing to bespoke industry consulting projects across a range of sectors such as chemicals, machinery, and energy.

Prior to joining Oxford Economics, Alexandra worked as an economic consultant for Cornerstone Research for over two years. At Cornerstone Research, she was involved in conducting qualitative research and quantitative analyses to support expert testimony in high-stakes litigation cases across a variety of sectors including energy, pharmaceuticals, and financial markets. Alexandra holds an MPhil in Economics from Oxford University and a BSc in Economics from the University of Mannheim. Alexandra is fluent in English and German.

Jeremy Leonard

Managing Director of Global Industry Services

+44 (0)207 910 8032

Jeremy Leonard

Managing Director of Global Industry Services


Jeremy Leonard is responsible for overseeing the work of the industry forecasting team and managing the operation and output of Oxford Economics’ Global Industry Model as well as related consultancy work.

Jeremy’s knowledge and past experience span a broad range, including competitiveness and offshoring/reshoring, commodity price modelling, and applied economic research on sectors ranging from biotech to heavy manufacturing to telecoms. In addition to numerous recurring bespoke sales and output forecasts for industries as diverse as machine tools and consumer packaging, recent consulting assignments have included the drivers of competitiveness in the chemical sector, forward-looking analyses of high-growth sectors across a range of emerging economies, and the ways in which digital technologies are transforming economic activity across manufacturing and service sectors.

Prior to joining Oxford Economics, Jeremy ran his own consulting firm based in Montreal, Canada providing a variety of economic analysis and forecasting services related to commodity prices, competitiveness, and the Canadian and US economic outlooks for the Washington, DC-based Manufacturers Alliance for Productivity and Innovation, as well as serving as economic research director for the Montreal-based Institute for Research on Public Policy.

Born and raised in Washington, DC, Jeremy was educated at the University of Pennsylvania and McGill University, where he received his MA in Economics summa cum laude. He also speaks fluent French.

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