Portable Valve Actuator Market Trends

Growth Drivers

• Growing Trend for Industrial IoT –The real-time monitoring and control of valves is made possible by the integration of portable valve actuators with IoT technologies, which increases productivity and decreases downtime. The market for portable valve actuators is anticipated to rise as IoT technologies are being adopted in sectors like water treatment, chemicals, and oil and gas. Also, in 2030, it is anticipated that there will be close to 30 billion IoT devices in use worldwide.
• Development in Renewable Energy Sector – For valve control, portable valve actuators are frequently employed in hydroelectric power plants, solar power plants, and wind turbines. The supply of renewable energy from solar, wind, hydro, geothermal, and ocean sources increased by over 8% in 2022. The demand for portable valve actuators in renewable energy is anticipated to rise as the demand for renewable energy sources rises.
• Incorporation of Artificial Intelligence – The market is expecting an increase in the incorporation of AI in portable valve actuators. Predictive maintenance, defect finding, and energy optimization of valve actuators are all possible using AI. Artificial intelligence (AI) enables portable valve actuators to analyse real-time data and anticipate future faults, minimizing downtime and increasing productivity.

Challenges

• High Initial Investment - For small and medium-sized businesses, the initial expense of purchasing portable valve actuators might be a considerable barrier. This factor may hamper the market growth.
• Lack of Awareness
• Maintenance and Service Costs