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.
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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:
On the basis of configuration, the global oil and gas actuators market has been segmented into:
On the basis of operation, the global oil and gas actuators market has been segmented into:
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:
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Some of the key market participants in the global oil and gas actuators market include,
AUMA Riester GmbH & Co. KG,
Emerson Electric Co.
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.
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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.
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