Frequently Asked Questions
The global Oil and Gas Actuators market was valued at USD 7.1 Billion in 2022.
The Oil and Gas Actuators market is expected to grow at a CAGR of 2.90% between 2023 and 2030, reaching USD 8.67 Billion in 2030.
Regarding product type, the Gates category dominates the oil and gas actuators market globally.
By 2022, the 0.25 to 8 inches category is anticipated to hold a market share of more than 40%.
Throughout the anticipated period, the casting segment will continue to be the largest oil and gas actuators market.
By 2022, North America is anticipated to hold a market share of over 40%.
The top players include Emerson Electric Co., Schlumberger Limited, Alfa Laval Corporate AB, Flowserve Corporation, Crane Co., Rotork Plc, Metso Oyj, KITZ Corporation, IMI Critical Engineering, and Samson Controls Inc.
In the upcoming years, the oil and gas actuators industry is anticipated to expand due to various causes, such as the development of novel actuator applications, the penetration of new markets, and the emergence of the IoT.
A variety of market constraints could impede expansion. The high price of actuators, the absence of standards, the erratic nature of the oil and gas sector, and regulatory difficulties are a few of these limitations.
Actuators are now in greater demand due to the complexity and difficulty of offshore oil and gas activities, which are the major opportunities in the Oil and Gas Actuators industry.