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The marine and offshore industries face several challenges due to the harsh environmental condition. Both industries play a pivotal role in driving the global economy. Marine industry assists in leveraging international trade as seaborne trade accounts for a considerable share in global trading. Valve remote control system is a proven technology that allows a high degree of customization while delivering performance on all fronts. A remote control allows the user to effectively control and monitor the system, which ensures reliable, efficient, and safe operation on board any ship and offshore unit. Marine and offshore operations are quite prone to accidents due to the harsh sea environment. The introduction of a valve remote control system dampens the chances of accidents and increase operational efficiency. Spurring demand for automation to effectively monitor and control the system set to bolster the market.
The global valve remote control system market is segmented into the method of actuation, valve type application, and others. The method of actuation is further divided into hydraulic, pneumatic, electro-hydraulic, and electric. Pneumatic and hydraulic valve control system is projected to account for a considerable share in the market. Both the actuation method is crucial for cargo control and monitoring system, bilge system, fuel oil system with temperature control, cranes and hoist, automated storage, and retrieval system. Different valves are used in operations, which mainly consist of a ball valve, butterfly valve, gate valve, globe valve, and others. The ball valve is most widely used in steam, water, oil & gas, air, and corrosive fluid. It is used in shutoff applications. A butterfly valve is gaining popularity due to its superior advantages and varied application in multiple industries.
Rising uptake for automation in the marine industry to effectively monitor and control the operations likely to provide impetus to the market. Moreover, the offshore hydrocarbon industry is more prone to accidents due to harsh environments and remote valve control systems set to curtail the accidents and provide a safer place for personnel. Also, a remote valve control system plays a pivotal role in the chemical and petrochemical industry set to boost the growth of the market.
High capital investment is a major factor restraining the growth of the market. Several companies are looking for cost-effective solutions that deter investment in the market.
Key Market Driver -
Rising demand for automation
Key Market Restraint -
High capital investment
The valve remote control system market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The growing demand for automation in marine, chemical, and petrochemical industries to enhance the performance set to barge the market in North America. Growing investment in the offshore and marine industry by American companies likely to provide impetus to the market. Europe is experiencing steady growth on account of the expansion of onshore exploration and production by Norway and the UK. Moreover, the growing seaborne trade across European countries set to strengthen market prospects. Asia Pacific is one of the emerging players in the world, owing to the presence of rapidly growing India and China. Both countries import millions of tons of crude oil to meet the growing energy demand. Rising seaborne trade seems to be beneficial for the market prospects in Asia Pacific. The gulf countries are playing a pivotal role in driving the market owing to growing investment in oil and gas industries by Saudi Arabia, Kuwait, UEA, and Oman. Middle East & Africa projected to account for slight growth due to slow adoption automation technology.
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By Method of Actuation
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