As per Future Market Insights, the portable valve actuator market is anticipated to attain a value pool of US$ 107 billion by 2023-end. Global demand for portable valve actuators is expected to rise at a CAGR of 6.5% to US$ 200 billion in 2033.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value of Portable Valve Actuators in 2023 | US$ 107 billion |
| Projected Market Value of Portable Valve Actuators in 2033 | US$ 200 billion |
| Growth Rate (2023 to 2033) | 6.5% CAGR |
The market for Portable Valve Actuator is expected to grow due to a focus on increasing productivity, versatility, safety with precision and better efficiency for actuating manual industrial valves.
There more benefits of using a portable actuator in a plant or factory such as saves time and money, mobility, safety and others. Manual valves which are operated by hand wheel are difficult to open and requires more effort from the labour.
Since advancement technologies allows us to open the valve easily through portable valve actuator. In restricted space areas where a person couldn’t actuate a valve manually, in this case direct or offset type of the device plays a vital role.
Use of the device is compulsory in large diameter hand wheel valves where a person can’t open or close the valve manually. Thus estimated to drive the portable valve actuator sales. Surging demand of manually actuated industrial valves expected to push the consumption of portable valve actuator in the forecast period 2021-2031.
Growth in end use industries such as oil&gas, water & wastewater, power plants and others projected to upsurge the potential of global portable valve actuator market. Regular maintenance of industrial valves to ensure proper functioning of it requires regular actuation repetitively bring out augmented sales of portable valve actuators.
At present, several countries are concentrated developing its onshore and offshore infrastructure. Also these countries have been identified to possess a significant quota of natural gas hubs in concern with limiting the dependency on fossil fuels.
This factor is anticipated to augment the demand of portable valve actuator market. For large diameter gas transmission pipelines portable valve actuator are ideal for controlling the flow rate of gases.
Sales of the device is also associated with demand of pipeline integrity management which ensures safe and reliable operations for oil&gas transmissions.
Increasing population from urban to rural areas requires high demand of new energy projects enhances the production and related supply of the device by the manufacturers. This will eventually propel the market growth in terms of volume and value.
Adoption of new technologies in North America region is likely to drive the obligatory sales of the device. Increased shale oil production by North America region is expected to demand more no. of units for actuating manual valves. Along with this propelling demand of portable valve actuator from end use industries such as Chemical, Pharmaceutical, Food industries, etc., is estimated to push the potential of North American regional market.
Consequently, a number of new mid-stream, upstream and downstream exploration contracts in North America region anticipated to intensify the new sales.
In Middle East & Africa region where industrial valves market is mature, expected to have a substantial growth in the regional market. The countries of Northern and Western Coast of Africa are expected to offer abundant opportunities in upstream and midstream processes. Furthermore, the rising demand of liquefied natural gas (LNG), may propel the demand of the device in the Middle East & Africa region.
Energy transition surges new plea of the device demand in this region. Disruption in oil&gas sector of Middle East & Africa region might drift down the sales of new units. Drastically increase in shale oil production from other countries disturbing the regional end use sector demand.
Some of the leading manufacturers and supplier includes
Many leading manufacturers and supplier have longstanding contracts with end-users to supply Fu el Dispensers. Further, manufacturers are focused on establishing their manufacturing facilities in the countries such as United Kingdom, USA, and China to cater increasing demand in the region.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Portable Valve Actuator Market
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