- On the basis of type, the pneumatic segment is expected to hold the largest share of the market.
- The offshore voltage segment is expected to be the fastest growing valve remote control system market, by application type, during the forecast period.
- Middle East & Africa is expected to be the leading valve remote control system market, by region, during the forecast period.
The valve remote control system market is expected to grow from an estimated $6.4 billion in 2018 to $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. Market growth can be attributed to the rise in industrial valve from oil & gas industries across the glob.
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.
The offshore segment, by application, is expected to dominate the valve remote control system market by 2023. 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.
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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.
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.