At 3.5% CAGR, Middle East & Africa Valve Actuator Market is Projected to be Worth US$ 1,046.75 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa valve actuator market was valued at US$ 796.91 million in 2023 and is expected to reach US$ 1,046.75 million by 2031, registering a CAGR of 3.5% from 2023 to 2031. Growth of oil & gas industry and rising development of water & wastewater treatment plants are among the critical factors attributed to drive the Middle East & Africa valve actuator market growth.

The oil & gas industry has played a significant role in this industrial revolution and the economic transformation of the world. The major factor driving the evolution of this industry is the growing demand for heat, mobility, and light worldwide, owing to the rapidly growing population. The oil & gas industry accounted for the largest share of global consumption of energy resources. Natural gas is estimated to be the fastest-growing fossil fuel used in the coming years. Globally, the new oil supplies are expected to add continually to cater to the increase in energy demand. Per the International Energy Agency (IEA), the worldwide oil demand will rise by 6% between 2022 and 2028 to reach 105.7 million barrels per day, with a significant requirement from the petrochemical and aviation divisions. Precision control of the product flow through system valves is essential in the oil, gas, and petrochemical industries, and valve actuators modulate that flow. Under the most extreme circumstances-such as extreme highs and lows, drought or heavy precipitation, isolated locations in deserts or the Arctic, and the corrosive effects of chemicals, high humidity, or salinity for prolonged periods-these vital pieces of equipment must function dependably and safely. Explosion protection is necessary in potentially explosive environments, and fireproof operation is essential in some applications. Thus, the need for valve actuators to perform the core function of opening and closing valves in the growing oil & gas industry fosters the valve actuator market growth.

On the contrary, economic slowdown hampers the growth of Middle East & Africa valve actuator market.

Based on end user, the Middle East & Africa valve actuator market is segmented into mining, LNG, chemical, oil & gas, water & wastewater, and others. The oil & gas segment held 25.1% market share in 2023, amassing US$ 200.10 million. It is projected to garner US$ 300.10 million by 2031 to register 5.2% CAGR during 2023-2031.

In terms of product type, the Middle East & Africa valve actuator market is categorized into electrical, manual, hydraulic, and pneumatic. The electrical segment held 60.5% share of Middle East & Africa valve actuator market in 2023, amassing US$ 482.09 million. It is anticipated to garner US$ 645.67 million by 2031 to expand at 3.7% CAGR during 2023-2031.

Based on country, the Middle East & Africa valve actuator market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 39.1% share of Middle East & Africa valve actuator market in 2023. It was assessed at US$ 311.62 million in 2023 and is likely to hit US$ 447.56 million by 2031, registering a CAGR of 4.6% during 2023-2031.

Key players operating in the Middle East & Africa valve actuator market are Emerson Electric Co; Schlumberger NV; Alfa Laval AB; Flowserve Corp; Crane Company; Rotork Plc; Valmet Oyj; KITZ Corp; IMI Plc; and Tolomatic, Inc. among others.

• In January 2024, Emerson Electric Co launched a new eco-friendly electric valve actuator used for ensuring accurate process control in adverse conditions. This eco-friendly electric valve actuator performs accurately and reliably under the extreme conditions found in many heavy industries, particularly oil & gas installations in cold remote locations. These actuator/valve assemblies increase uptime, improve performance, and reduce the risk of emissions posed by gas-operated systems locations.
• In March 2023, Flowserve Corp launched FlowSync Bluetooth Actuator App deployed with Limitorque electric actuators for delivering reliable valve control in a variety of applications. The cross-platform mobile application provides plant operators with a smarter way to commission, monitor, control, and update actuators safely and conveniently.

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