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Valve Remote Control System Market Revenue to Hit $8.0 billion by 2023

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Valve Remote Control System Market Revenue to Hit $8.0 billion by 2023

The report “Valve Remote Control System Market by Type (Hydraulic, Pneumatic, Electric, & Electro-Hydraulic), Application (Marine and Offshore), Valve Type (Ball, Globe, Butterfly, Gate, Diaphragm, Plug, Check, and Safety), and Region – Global Forecast to 2023”,

The Valve Remote Control System Market is expected to grow from an estimated USD 6.4 billion in 2018 to USD 8.0 billion by 2023, at a CAGR of 4.73%. An increased need for industrial valves from oil & gas production is likely to drive the Valve Remote Control System Market.

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Browse 63 market data Tables and 26 Figures spread through 113 Pages and in-depth TOC on “Valve Remote Control System Market” 

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in the Valve Remote Control System Market include,

Some of the key Players in Valve Remote Control System Market: 

  • Emerson (US),
  • Rotork (UK),
  • Wartsila (Finland),
  • KSB (Germany),
  • Nordic (Singapore), etc…

The Middle East & Africa is estimated to be the fastest growing valve remote control system market during the forecast period. The countries that have been studied under the Middle East & Africa region are Saudi Arabia, Oman, the UAE, Algeria, Angola, and the rest of Middle East & Africa. The demand for valve remote control system market in the region is primarily driven by the increase in the industrial valve in the oil & gas industry across the globe. The valve remote control system market in the region is majorly driven by the growth in the oil & gas and mining industries. According to World Energy Scenarios, nearly 30% of the global oil & gas discoveries were conducted in the past 4–5 years in Sub-Saharan Africa, which would positively impact the growth of the valve remote control system market in the region.

The valve remote control system market, by valve type, is segmented into ball, globe, butterfly, gate, diaphragm, plug, check, and safety valves. The butterfly segment is estimated to be the fastest growing market during the forecast period. The butterfly valve of the valve remote control system market is likely to grow at a faster rate due to rising awareness amongst the power and oil & gas industry about valve remote control system because of their advantages over the ball valve. The butterfly valve can be installed in remote locations, which can help the integration of oil production.

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 The report segments the valve remote control system market, by type, into hydraulic, pneumatic, electric, and  electro-hydraulic. The pneumatic segment is expected to grow at the fastest CAGR during the forecast period. Pneumatic is primarily driven by cranes and hoists, palletizers and de-palletizers, conveyors, automated storage, and retrieval systems. The valve remote control system plays a vital role to divert compressed air to individual pneumatic actuators and thus drive the connected valve to open/close in the system. Moreover, the pneumatic is used for reliability and the protection of oil & gas production.

The valve remote control system market is also classified on the basis of application. Based on the application, the market is segmented into marine, offshore, and other that includes the power, petrochemical, and chemical industry. The offshore industry is expected to be growing at the fastest rate owing to rising investments in the oil & gas sector. The oil-proven reserves in the region such as the Middle East & Africa have constantly been increasing from 106.2 thousand million barrels in 2003 to 128.0 thousand million barrels in 2016, as per the BP Statistical Review of World Energy 2017. Moreover, the distribution companies face high prices and lack of standardized certifications. This, in turn, creates opportunities for the valve remote control system in the offshore segment.

Recent Developments:

  • In December 2018, Emerson acquired Advanced Engineering Valves, a leading manufacturer of innovative valve technology that helps LNG customers operate more efficiently. This would enable Emerson, a global leader in automation solutions and technology, to provide its customers with the world’s broadest portfolio of valves to improve process performance and reliability.
  • In February 2018, Emerson completed its multiyear automation project for BP’s Glen Lyon Floating Production, Storage and Offloading (FPSO) vessel in the west of Shetland in Scotland.
  • In August 2017, Rotork received a contract from Hyundai Heavy Industries to provide 220 pneumatic actuators for the UAE.

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