Portable Valve Actuator Market Segmentation:
Type Segment Analysis
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 Segment Analysis
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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Mounting Point |
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Application |
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