Press release
Valve Remote Control Systems Market Is Likely to Grow At 6.5% CAGR from 2019 to 2024 | | Top Leaders: Emerson, Honeywell, Scana, KSB, Wartsila, Danuni Marine, Nordic Group, Cyclotech, and Rotork
Market Research Future has conducted a detailed study on the global valve remote control system. The study reveals that by 2024, the market size is expected to be valued at USD 8.5 billion. The market is likely to grow at an approximate CAGR of 6.5% from 2019 to 2024. The surging demand for industrial valves from oil & gas sector is anticipated to propel the valve remote control system market over the assessment period.
Valve remote control systems are extensively applied in managing the valves in different applications in end-use verticals, such as oil & gas, piping, and marine. These are centralized systems that are incorporated to control the closing and opening of remotely mounted valve actuators. They consist of valves, control cabinet, power sources, actuators, control station, associated accessories, and distribution component.
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The worldwide valve remote control system market is predicted to expand substantially over the review period, owing to the growing adoption of automation across the different verticals. The rapidly spurring manufacturing sector is also likely to drive the global valve remote control system market. Furthermore, the surge in oil production activities coupled with the increasing offshore energy and power activities across the world rises the demand for valve remote control systems.
Market Segmentation
The global valve remote control system market is segmented based on valve type, type, region, and application.
Based on type, the market is categorized into pneumatic, hydraulic, electro-hydraulic, and electric. The pneumatic segment is anticipated to represent the primary share over the forecast period as the valve remote control system plays a significant role in diverting the constricted air to pneumatic actuators, leading to surging demand for associated valve to close/ open system. Hydraulic is estimated to be the second largest segment in valve remote control system market owing to the growing application of pressure control valve in different verticals.
Based on application, the market is segmented into offshore, marine, and others. The offshore segment is projected to record the highest growth rate over the assessment period.
Regional Analysis
Geographically, North America market represented the largest share of the global valve remote control system demand in 2018. The market in North America is expected to be primarily driven by the development in oil production and increasing demand for remotely operated valves in economies such as Canada and US. The International Energy Agency (IEA) stated in their findings that the US is expected to observe a surged demand for oil between 2018 and 2023 owing to the increasing oil production.
The Ministry of Energy and Mineral Resources of the Republic of Indonesia revealed that the outlay in oil and gas production operations attained USD 120 billion in 2017, which has expanded the need for valve remote control systems in the economy. Furthermore, Europe is also a significant market for valve remote control systems in the oil & gas sector. For example, the Norwegian Petroleum Directorate announced that in July 2018, 20 new development projects have been sanctioned in North Sea basin. Operation on these sites are likely to begin by April 2020. This is anticipated to develop the demand for valve remote control systems in Norway.
It is likely that Middle East & Africa region would be experiencing the swiftest development over the review period. All the economies in the region are spurring their oil production capacity. Saudi Arabia, Oman, and The UAE are investing severely in their offshore projects. Nigeria, South Africa, and Algeria are also highlighting on oil production to meet the surging energy demand for oil and gas. This is anticipated to drive the growth of the global valve remote control system market.
Key Players
Global valve remote control systems market is dominated by key players such as Emerson (US), Honeywell (US), Scana (Norway), KSB (Germany), Wartsila (Finland), Danuni Marine (Denmark), Nordic Group (Singapore), Cyclotech (Singapore), and Rotork (UK).
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