ID: MRFR/E&P/6454-HCR | 111 Pages | Published By Chitranshi Jaiswal on April 2023
The global Valve Remote Control System Market size is estimated to be valued at USD 8.52 billion by 2030, at a 6.88% CAGR from 2022-2030
The valve remote control system market size is expected to reach approximately USD 8.52 billion, projected to register a CAGR of 6.88% from 2022 to 2030.
Valve remote control systems are essential in the oil, gas, and marine industries. It is a device that runs on pneumatic pressure, electricity, or hydraulic oil pressure. The system achieves remote centralized control and displays the position of piping system valves via a control console. The remote-control system for valve is built on a cost-effective modular design that allows for high customization and performance across all verticals. The increasing demand for predictive and automatic maintenance in various chemical and pharmaceutical industries is viewed as a key growth factor driving the market. These control systems include, among other things, power sources, control stations, actuators, distribution control, and valves. They aid in efficiently maintaining the air supply and the smooth operation of the vessel through simple remote control.
These systems reduce labor costs and are simple to maintain, which increases their market demand. As a result of the growth in power production, increasing investments in petrochemicals and chemical infrastructure, and increasing demand for automation and predictive maintenance by manufacturers. Moreover, this trend can be attributed to several factors, including the increasing use of automation throughout all industries, the increase of seaborne trade and oil production activities, and the ever-improving manufacturing industry.
The government of several countries around the world has imposed strict lockdowns to stem the spread of Coronavirus. As a result of delays caused by supply chain, logistics, and related disruptions, many multinational development projects and production activities have either slowed down or been halted. As a result of the COVID-19 pandemic, several projects in end-user industries have been suspended, resulting in adverse impacts on the market on remote control system for valves.
Due to robust demand for remotely controlled valves from oil & gas industry and growing investments in the marine and offshore industries, the market is expected to grow in the forecast period. Additionally, automation and predictive maintenance are expected to drive market growth in manufacturing industries. However, the high installation cost of remote-control system for valves is a barrier to the market's growth over the forecast period. In contrast, the increasing number of refineries and petrochemical plants provides key players in the market with significant opportunities.
Automation is rapidly being implemented in the marine industry to manage and monitor various operations effectively. Additionally, remote control system for valves help to prevent accidents in the offshore hydrocarbon industry, which is highly prone to accidents due to harsh environments. The market is expected to grow shortly due to the critical role these systems play in the petrochemical and chemical industries. However, the high capital investment required may hinder the market's growth.
Several companies are seeking cost-effective solutions to discourage market investment due to the high capital investment required. The oil & gas industry uses remote control system for valve widely since the industry is prone to accidents. This prevents accidents and breakdowns by keeping an eye on the valves. Hence, installing this valve in the oil & gas industry requires a high investment which restricts the demand for this market.
The marine industry will likely see an increase in automation to monitor and control operations, providing impetus to the market. A remote valve control system will help curtail accidents in the offshore hydrocarbon industry resulting from harsh environments. This system will provide a safer working environment for personnel and curtail accidents. In addition, a remote valve control system is important in the chemical and petrochemical industries, which is expected to boost market growth.
The valve remote control system market segmentation, based on type, is hydraulic, pneumatic, electric, and electro-hydraulic. The valve remote-control system market growth was prominently high under the pneumatic remote-control system for valve category in 2021. As compressed air is diverted to pneumatic actuators through a remote-control system for valve, the demand for the connected valve to open/close systems increase. However, the increasing usage of pressure control valves in various industries makes the hydraulic segment the second largest market segment.
Valve Type Insights
The valve remote control system market segmentation, based on valve type, is ball, globe, butterfly, gate, diaphragm, plug, check, and safety. In 2021, the butterfly remote control system for valve accounted the largest market share of the market. As a result of rapid improvements in the power, oil & gas, and chemical industries, the market is primarily driven by these sectors. These machines are mostly used in the power generation, offshore, chemical, and petrochemical industries. Various types of piping systems are used in shipping, including ballast water systems, cargo piping systems, and bunker ping systems.
Based on application, the market is divided into marine, offshore, and others. The offshore category dominated the market of remote control system for valves in 2021. Oil & gas play a crucial role in the offshore industry as oil & gas production grows across the globe. The offshore segment is driven primarily by the increase in oil & gas production. In North America, the increasing production of oil sands and shale gas fuels the demand of remote control system for valves. The increased natural gas exploration investments are expected to further boost these systems' demand.
By region, the valve remote control system market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the valve remote control system market share in 2021. Several plants are automating the remote-control system for valve in North America to increase reliability and safety for marine and oil & gas operations. The demand for automation is expected to drive the installation of remote-control system for valve. North America is expected to have a strong market of remote control system for valves. North American companies are likely to invest in the offshore and marine industries to supply the market with impetus as the demand for technology increases in the marine, chemical, and petrochemical industries.
Asia-Pacific will exhibit the highest CAGR in the market during the forecast period due to the rapid growth of India and China in Asia-Pacific, one of the world's emerging markets. These countries import millions of tons of crude oil to meet the growing energy demands. A rise in seaborne trade in the Asia-Pacific appears to affect market prospects positively.
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Honeywell (US), Emerson (US), KSB (Germany), Nordic Group (Singapore), and Wartsila (Finland) dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.
Prominent players in the valve remote control system market research include Honeywell (US), Emerson (US), Wartsila (Finland), KSB (Germany) , Nordic Group (Singapore), Danuni Marine (Denmark), Rotork (UK), Cyclotech (Singapore), and Scana (Norway) among others.
Valve Type Outlook
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Valve Remote Control System Market Forecast & Size:
To identify and estimate the market size for the valve remote control system market report segmented by type, valve type, and application by value (in US dollars). Also, to understand the consumption/ demand created by consumers valve remote control system market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the valve remote control system market growth (Profitability, Benchmarking, Volume, Value, Macro-Economic Factors, Y-o-Y Growth Analysis)
Market Influencing Factors:
To find out the factors which are affecting the valve remote control system market size among consumers (Gross Margin, Sales Footprint, Strategy, Channels, Economic Outlook, Growth Projections)
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 8.52 billion|
|CAGR||6.88% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Valve Type, and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Honeywell (US), Emerson (US), Wartsila (Finland), KSB (Germany), Nordic Group (Singapore), Danuni Marine (Denmark), Rotork (UK), Cyclotech (Singapore), and Scana (Norway)|
|Key Market Opportunities||Rising automation in the marine industry|
|Key Market Drivers||A growing offshore hydrocarbon industry|
The valve remote control system market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~6.88% over the next 10 years, according to the valve remote control system market research.
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 8.52 billion by 2030.
Honeywell (US), Emerson (US), Wartsila (Finland), KSB (Germany), Nordic Group (Singapore), Danuni Marine (Denmark), Rotork (UK), Cyclotech (Singapore), and Scana (Norway) are the major companies operating in the market.