Valve Actuator Market Set to Surge: $24.62B by 2031 Driven by Oil & Gas Boom

The global valve actuator market, estimated at $17.25 billion in 2024, is anticipated to grow at a 5.3% compound annual growth rate  to reach $24.62 billion in 2031, as pressures build due to growing automation and oil & gas business needs. Key drivers are lightweight technology trends, intelligent actuators, and predictive capability, which enhance precision and communication with automation.

 

Oil & gas expansion remains at the forefront, with projects like ExxonMobil's $221 million Turrum Phase 3 expansion in Australia fueling demand for cost-reducing flow control solutions. It also draws strength from environmental control tightening and IoT adoption, which enable real-time monitoring and energy-saving operation.

 

Electric actuators gain popularity for their energy efficiency, while North America and Asia-Pacific dominate regional growth due to industrial modernization and infrastructure spending. Challenges are high initial costs and cybersecurity threats, but advancements in AI-based control and digital twins hold out prospects for sustained momentum.

 

Sources: The Insight Partners, Global Growth Insights, Market Report Analytics