The global valve remote control system market is estimated to expand at 6.50% CAGR during the forecast period.
Valve remote control system is a centralized managed system, which is used to integrate the functioning of industrial valves from one point. The valve remote control system is majorly used in marine, oil & gas, and piping applications. This system can be classified into four types, which are hydraulic, electric, pneumatic, and electro-hydraulic.
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The growing demand for valve remote control system market can be attributed to the growing demand for industrial valves in the oil & gas industry and the rising adoption of automation across several industries. One of the major restraints for the global valve remote control system market is the high installation cost of the control system.
The key players of the global valve remote control system market are Emerson (US), Honeywell (US), Wartsila (Finland), Danuni Marine (Denmark), KSB (Germany), Nordic Group (Singapore), Rotork (UK), Cyclotech (Singapore), Scana (Norway).
The global valve remote control system market has been segmented based on application into marine, offshore, and others. The offshore segment is expected to be the fastest growing segment in the global valve remote control system market. This is due to the growing production of shale gas fuels, which is expected to drive the valve remote control system market.
Region-wise, in 2018, North America held the largest market share of the global valve remote control system market. It is estimated that Middle East & Africa region would be the fastest growing market during the forecast period. Almost all the countries in the region are increasing their oil production capacity. The UAE, Saudi Arabia, and Oman are investing heavily in their offshore projects. Algeria, Nigeria, and South Africa are also emphasizing on oil production to meet the increasing energy demand for oil and gas. This is expected to drive the growth of the global valve remote control system market.
The valve remote control system market in North America is expected to be primarily driven by the growth in oil production and rising need for remotely operated valves in countries such as US and Canada. The demand from the onshore and offshore fields in the Gulf of Mexico is also expected to positively impact the valve remote control system market during the forecast period.
Scope of the Report
This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the basic assessment of the competitive scenarios and strategies in the global valve remote control system market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both – historical market values and pricing & cost analysis
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