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Cape Town, South Africa, 2009/10/30 - New analysis from Frost & Sullivan, South African Valves and Actuators Market in the Chemicals and Petrochemicals Industry, finds that the industry earned revenues of $78.2 million in 2008 and estimates this to reach $170.6 million in 2015.
Despite the impacts of the global financial crisis, leading companies within the petrochemicals industry in South Africa are continuing to implement planned capital expenditure projects. These sizeable initiatives are set to contribute to growth in sector demand for valves and actuators in South Africa from 2010 to 2015.
New analysis from Frost & Sullivan (industrialautomation.frost.com), South African Valves and Actuators Market in the Chemicals and Petrochemicals Industry, finds that the industry earned revenues of $78.2 million in 2008 and estimates this to reach $170.6 million in 2015. The following technologies are covered in this study: on/off valves, control valves and actuators.
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"Leading chemicals and petrochemicals companies, such as SASOL and PetroSA, are going ahead with their capital expenditure programmes to increase production capacity, despite the global financial crisis," notes Frost & Sullivan Research Analyst, James Fungai Maposa. "The implementation of these projects is expected to contribute to a higher demand for valve and actuator products within the sector."
In addition to the construction of new plants and refineries, challenges such as energy shortages and stricter environmental concerns are other factors that have prompted end users within the sector to upgrade their existing facilities to reduce energy consumption. Part of the upgrade activity will include the replacing of obsolete valves and actuators with automation compatible valve and actuator products.
However, a few user companies within the chemicals and petrochemicals end user sector have announced cuts of their planned capital and operational expenditure budgets of up to 40 per cent due to the impact of the global financial crisis.
"The budget cuts are expected to affect short- and mid-term growth of the valve and actuator market within the petrochemicals industry," states Maposa, "Operational expenditure will be limited to critical purchases, as end-user companies try to save as much as they can to avoid major losses during the financial downturn. A rise in operational expenditure is however expected over the long term, due to most end-user companies focusing on replacing obsolete valve and actuator equipment in older process plants to improve process efficiency and contribute to substantial energy savings."
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