Portable Valve Actuator Market size is expected to cross USD 241 Billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of portable valve actuators was over USD 100 Billion. The market is expecting a shift towards energy-efficient solutions. Manufacturers are developing energy-efficient valve actuators in an effort to lower the plant's overall energy usage. In the upcoming years, there will likely be a rise in demand for portable valve actuators that are energy-efficient because of the increased attention being paid to sustainability and environmental preservation.
Additionally, the employment of wireless technology enhances the precision and effectiveness of valve management, resulting in improved performance and less downtime. Around 740 million mobile subscriptions were available globally in the year 2000. This number is predicted to reach 8.65 billion subscriptions by the end of 2021. Therefore, a significant market development is the incorporation of wireless communication technology in portable valve actuators.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 7% |
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Base Year Market Size (2023) |
~ USD 100 Billion |
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Forecast Year Market Size (2036) |
~ USD 241 Billion |
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Regional Scope |
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Type (Electric, Pneumatic)
Portable valve actuator market from the pneumatic segment is expected to hold a share of 56% during the forecast period. The growth can be accredited to the increasing sales of pneumatic actuators and advancements in the manufacturing sector. Pneumatic actuators are also employed in a variety of industries, including railways, aviation, and packaging, which is projected to spur market expansion. For instance, between 2009 and 2019, the worldwide aviation industry's revenue increased at a compound annual growth rate of about 5.3 %, reaching 838 billion USD in 2019. Thus, the growing demand for these actuators is accelerating the market growth at a rapid rate.
Application (Oil & Gas, Water and Wastewater Treatment, Power Plant)
The oil & gas segment in the portable valve actuator market is expected to hold a share of 54% during the foreseen period. The market growth can be attributed to the extensive application of portable valve actuators in crude oil extraction, and refining processes. Global crude oil production was estimated to be 4.4 billion in 2022. The United States was the world's largest oil producer in 2020. Additionally, about 10% of installed valves are replaced each year due to the increasingly strict safety criteria. These factors are bolstering the market growth.
Our in-depth analysis of the global market includes the following segments:
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Duty Type |
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Length |
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Mounting Point |
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Application |
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North American Market Forecast
The portable valve actuator market in North America is expected to hold a share of 38% during the forecast period. The growing sales of portable valve actuators are driven by the uptake of new technology in North America. Additionally, these valves are anticipated to be needed due to the increased shale oil production in the region. According to a report, in the US, tight oil reserves produced 2.84 billion barrels of crude oil in 2022. The new sales are therefore expected to increase as a result of several new mid-stream, upstream, and downstream exploration contracts in the North American region.
APAC Market Statistics
The portable valve actuator market in Asia Pacific is projected to hold a share of 30% by the end of 2036. The growth can be attributed to the growing investments in new plants, power chemicals, and petrochemicals. For instance, China, India, and South Korea have the biggest active complex capabilities, accounting for 77% of the region's total petrochemical capacity. The region is becoming more suitable for industrial expansion as a result of political stability and increased government support for the development of new industries. These factors will propel the market growth by the end of 2036.
Author Credits: Rushikesh, Richa Gupta
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