CHICAGO, March 6, 2019 /PRNewswire/ -- According to the new market research 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", published by MarketsandMarkets, 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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On the basis of type, the pneumatic segment is expected to hold the largest share of the market.
The pneumatic segment is projected to grow at the highest CAGR during the forecast period. The pneumatic segment 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. Increase in demand for valves & actuators for the oil & gas production is likely to boost the Middle East & Africa pneumatic Valve Remote Control System Market due to the largest petroleum reserves holding countries in the region.
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The offshore voltage segment is expected to be the fastest growing Valve Remote Control System Market, by application type, during the forecast period.
The offshore valve remote control system is expected to grow at the highest CAGR from 2018 to 2023. The market is primarily driven by the increased need for industrial valves from oil & gas production. The growing production of oil sands and shale gas fuels increased the demand for valve remote control systems in North America. Moreover, the increased investments in natural gas exploration and refineries are likely to boost the offshore Valve Remote Control System Market. Also, the increased drilling activities in countries such as Saudi Arabia, the UAE, and Algeria would positively impact the offshore market during the forecast period.
Middle East & Africa is expected to be the leading Valve Remote Control System Market, by region, during the forecast period.
In this report, the Valve Remote Control System Market has been analyzed with respect to 5 regions, namely, Asia Pacific, North America, South America, Europe, and the Middle East & Africa. The Middle East & Africa led the global Valve Remote Control System Market in 2018. Saudi Arabia, UAE, and Oman are the largest Valve Remote Control System Markets in the region. These countries are investing in their grid expansion projects to increase distribution grid reliability. Saudi Arabia accounted for the largest share of the Middle East & Africa Valve Remote Control System Market in 2017 and is estimated to have the highest installed valve remote control systems during the forecast period. Almost all the countries in the region are augmenting their oil & production capacity. UAE, Saudi Arabia, and Oman are investing heavily in their offshore projects. Algeria, Nigeria, and Angola are also emphasizing on the oil & production to meet their increasing energy demand. This has led to a rise in investments in the offshore sector to drive the growth of the Middle East & Africa Valve Remote Control System Market.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Valve Remote Control System Market. The key players include Emerson (US), Rotork (UK), Wartsila (Finland), KSB (Germany), and Nordic (Singapore). The leading players are adopting various strategies to increase their share in the Valve Remote Control System Market.
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