Valve Remote Control System Market Scenario

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. 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.

The surging demand for industrial valves from oil & gas sector is anticipated to propel the valve remote control system market over the assessment period. 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.

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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.

Industry Segmentation

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.

Based on application, the global market is segmented as marine, offshore, and others. The offshore segment is estimated to dominate the market during the forecast period due to the high demand for industrial valves in oil and gas production.

Based on type, the global market is segmented into hydraulic, pneumatic, electric, and electro-hydraulic.

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Leading Players

The key players operating in the global valve remote control system market are Honeywell (US), Emerson (US), Wartsila (Finland), Nordic Group (Singapore), Rotork (UK), Cyclotech (Singapore), Danuni Marine (Denmark), Scana (Norway), KSB (Germany).

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.

Also Report at: https://www.marketwatch.com/press-release/valve-remote-control-system-market-2019-business-statistics-rapid-growth-size-share-competitive-analysis-regional-trends-and-global-forecast-2024-2019-08-19

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