Oil and Gas Actuators Market
Oil And Gas Actuators Market Analysis Report By Product Type (Pneumatic Actuators ,Electrical Actuators ,Hydraulic Actuators ), By Configuration (Linear Actuators ,Rotary Actuators ), By Operation (Double Acting ,Spring Return ) & By Region Outlook- Global Market Insights 2021 To 2031
Oil and Gas Actuators Market Forecast and CAGR
Newly released data from Fact.MR opines global demand for oil and gas actuators to grow slightly in 2021. As COVID-19 induced slowdown gradually declines, momentum in oil and gas industry is increasing.
The industry analysis report tracks oil and gas actuator offers historical analysis for 2016-2020, while offering forecast for 2021-2031.
Key Developments by Oil and Gas Actuator Manufacturers
Curtiss-Wright, is focusing on covering various sectors to provide different actuators. The end users demand for integrated and electromechanical has increased.
Thus, the company provides actuators that can be used in the aerospace sector and Ground & Naval defense sector. In addition to this, the company focuses on compact and high force electromechanical actuators.
Another key player, Rotork, is focusing on removing integration issues of multi vendors. Thus the company has joined hands with Endress Hauser’s open integration programme.
The company tends to focus on adding expertise to their actuators that will give the customers freedom of choice to choose from their integrated programme.
The global oil and gas actuators market is a matured market where innovations are limited; however, automation is the key factor that drives the growth of the global oil and gas actuators market.
In addition to that, the developments in products such as electric actuators, and pneumatic actuator (quarter-turn rack & pinion) are keeping the oil and gas actuators market to have a positive growth trend. The adoption of modern instrumentation solutions such as remote monitoring in oil and gas actuators is growing at a faster rate.
Currently, electric actuators are replacing hydraulic actuators in the oil and gas industry as electric actuators are perfectly suited to move, regulate and control valves with better performance and low cost maintenance.
Customized and advanced actuators that guarantee process reliability even when operating in harsh climatic conditions and extreme temperatures impart a steady growth trend to the oil and gas actuators market.
Oil and gas actuators play pivotal roles in refineries, depending on the level of automation deployed in them.
In a refinery, storage and export operations have a high requirement for oil and gas actuators as multiple products need to be managed between tanks and loading facilities.
Key Factors Driving Demand for Oil and Gas Actuators
The global oil and gas actuators market is driven by the shale gas production where the US, China, Canada and Argentina have deployed oil and gas actuators for natural gas production from tight oil.
As oil and gas operators focusing towards shale gas production the adoption of oil and gas actuators will drive the sales among the manufacturers and suppliers.
Subsea electric actuators are gaining traction due to investments in offshore operations, which will support the oil and gas actuators market.
In addition to this, customized oil and gas actuators or tailor-made solutions are experiencing a strong trend, which will pose major growth momentum in the forecast period.
The adoption electro-hydraulic technology in the oil and gas actuators with extremely rugged design and construction to avoid airline problems in varying temperatures is keeping the global oil and gas actuators market to have a positive growth trend.
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Oil and Gas Actuators Market: Regional Outlook
North America, followed by Asia, is the leading consumer of oil and gas actuators. Production and pipeline operations are expected to witness robust growth as crude oil prices are recovering, which in turn is driving investments for new oil and gas operations.
Greenfield and brownfield offshore operations, which were halted, are expected to gain momentum and thus, drive the adoption rate of oil and gas actuators.
Refining operations are gaining traction in countries such as China and India, which in turn will increase market opportunities for the sales of oil and gas actuators over the forecast period.
Manufacturers from the U.S., Germany and the U.K. will concentrate their market scope towards these counties during the forecast period, which will drive the global oil and gas actuators market.
Developing countries in Asia and Africa will pose a higher growth rate for the global oil and gas actuators market during the forecast period.
Some of the key market participants in the global oil and gas actuators market include,
- QTRCO, Inc.
- AUMA Riester GmbH & Co. KG,
- Bray International
- Emerson Electric Co.
- Agromatic Stellantriebe
- Ametek Inc.
- Zoedale Ltd.
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast.
Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study.
Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on
- Market Dynamics
- Market Size
- Market Segments
- Demand & Supply Trends
- Current Issues and Challenges
- Companies and Competitor Landscape
- Value Chain
An Adaptive Approach to Modern-day Research Needs
Regional Segments Analyzed Include
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain.
Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed.
Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
Highlights from the Report
- Elaborated scenario of the parent market
- Transformations in the market dynamics
- Detailed segmentation of the target market
- Historical, current and forecast market size based on value and volume
- Historical, current and forecast market size based on value and volume
- Latest industry developments and trends
- Competition landscape
- Strategies adopted by the market players and product developments made
- Potential and niche segments, along with their regional analysis
- Unbiased analysis on performance of the market
- Up-to-date and must-have intelligence for the market players to enhance and sustain their competitiveness
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The global oil and gas actuators market can be segmented on the basis of type, configuration, operation, application and end use.
On the basis of type, the global oil and gas actuators market has been segmented into:
- Pneumatic actuators
- Electrical actuators
- Hydraulic actuators
On the basis of configuration, the global oil and gas actuators market has been segmented into:
- Linear actuators
- Rotary actuators
On the basis of operation, the global oil and gas actuators market has been segmented into:
- Double acting
- Spring return
On the basis of application, the global oil and gas actuators market has been segmented into:
On the basis of end use, the global oil and gas actuators market has been segmented into:
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of Fact.MR