Portable Valve Actuator Market Share

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 2037. 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 2037.