NEW YORK, March 12, 2019 /PRNewswire/ -- The valve remote control system market is projected to grow at a CAGR of 4.73% from 2018 to 2023.
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The valve remote control system market is projected to reach USD 8.0 billion by 2023 from an estimated USD 6.4 billion in 2018, at a CAGR of 4.73%. This growth is primarily due to the increased demand for automation and predictive maintenance from manufacturing industries, and an increased need for industrial valves from the oil & gas industry. The high installation cost can act as a restraint for the valve remote control system market.
The butterfly valve segment is expected to grow at the highest CAGR from 2018 to 2023.
The butterfly valve segment is expected to grow at the highest CAGR from 2018 to 2023.The market is primarily driven by the rapid improvement in the power, oil & gas, and chemical sector.
The equipment is mainly used by the core sector, power generation, offshore, chemical, petrochemical, and marine industries.It is used in various kinds of piping system vessels such as ballast water system, cargo piping system, and bunker ping system.
Factors such as an increase in industrialization and urbanization; the discovery of new reserves in the Great Australian Bight, the Gulf of Thailand, Turkmenistan, and the South China Sea; and the need for enhanced oil recovery in Indonesia, India, and Australia are expected to drive the butterfly valve market in the region.
Middle East & Africa is the largest valve remote control system market from 2018 to 2023.
The Middle East & Africa is expected to account for the largest share of the valve remote control system market in 2018.This trend is projected to continue until 2023.
It is the most populated region in the world and consequently witnesses a high demand for electricity.Countries such as Saudi Arabia, UAE, and Oman are investing in the offshore and marine industry.
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 production capacity during the forecast period.UAE, Saudi Arabia, and Oman are investing heavily in their offshore projects.
Algeria, Nigeria, and Angola are also emphasizing on the oil & gas production to meet their increasing energy demand. This has led to a rise in investments in the power, oil & gas, and chemical sectors, which is expected to drive the growth of the Middle East & Africa valve remote control system market.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants among other experts to obtain and verify critical qualitative and quantitative information as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 70%, Tier 2- 20%, and Tier 3- 10%
• By Designation: C-Level- 50%, Director Level- 20%, and Others- 30%
By Region: North America- 40%, Asia Pacific- 21%, Europe- 15%, the Middle East & Africa- 13%, and South America- 11%
Note: Others includes product engineers, product specialists, and engineering leads
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: >USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:
The leading players in the valve remote control system market include Emerson (US), Rotork (UK), Wartsila (Finland), KSB (Germany), and Nordic (Singapore).
Research Coverage:
The report defines, describes, and forecasts the global valve remote control system market, by type, application, valve type, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.
These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the valve remote control system market.
Key Benefits of Buying the Report
The report will provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall valve remote control system market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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