Offshore Field Projects to Drive Global Valve Remote Control System Market Size

 

Valve control systems are valves used in controlling the fluid flow as per the signal received by a controller. The systems can check for load disturbances in control loops in factors through sensors and transmitters. The global Valve Remote Control System Market Size report by Market Research Future (MRFR) has taken into account of rapid industrialization, the slew of industries, and the impact of the COVID-19 pandemic for the period of 2019 to 2024 (forecast period).

Market Scope

The global Valve Remote Control  System  Market Size  is expected to grow at 6.50 % CAGR during the forecast period. It can touch USD 8.5 billion by 2024.

The massive demand for valves from the oil & gas sector can have an impressionable impact on the market. According to the International Energy Agency (IEA), the U.S. can witness an increased demand for oil due to the growth in oil production. Rex International Holding Limited is likely to produce oil in offshore fields amid growing offshore energy activities. Automation across industries and expansion of the manufacturing sector can fuel the market growth.

The disruption in production caused by the COVID-19 pandemic and the sharp fall in energy demand can negatively affect the market growth.

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Segmentation

The global Valve Remote Control System Market Size has been segmented based on type, valve type, application.

Based on type, the market is segmented into electric, electro-hydraulic, hydraulic, and pneumatic. The pneumatic segment is expected to hold the largest share during the forecast period as valve remote control systems plays a key role in diverting compressed air to pneumatic actuators. On the other hand, the hydraulic segment is expected to be the second largest segment in Valve Remote Control System Market Size due to the increasing use of pressure control valve in various industries. The demand for valves and actuators in oil & gas sector in the Middle East is expected to drive the segment growth in the global Valve Remote Control System Market Size.

By valve type, it is segmented into diaphragm, ball, globe, butterfly, gate, plug, check, and safety.

The global Valve Remote Control System Market Size is segmented by application into marine, offshore, and others. The offshore segment is estimated to register the highest growth rate during the forecast period. This can be attributed to drilling and downhole operations which are used in well construction and subsea projects.

Regional Analysis

The Middle East & Africa (MEA), North America, Latin America, Europe, and Asia Pacific (APAC) are major regions of the global Valve Remote Control System Market Size.

The MEA is expected to be the fastest growing market for valve remote control systems due to the increased investments in grid expansion and offshore oil extraction projects. The increase in the number of petrochemical plants could create growth opportunities for the global Valve Remote Control System Market Size. The UAE, Saudi Arabia, and Oman are the biggest revenue generators of the region.

North America can create a large market for remote valve remote control systems owing to rise of automation and growth in oil production. Establishment of power generation plants for catering to the energy crunch can drive the regional market growth.

Competitive Outlook

Honeywell, Danuni Marine, Cyclotech, Nordic Group, KSB, Wartsila, Emerson, Scana, and Rotork are key players of the global Valve Remote Control System Market Size.

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