The global 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%. An increased need for an industrial valve for oil & gas production along with demand automation and predictive maintenance from manufacturing industries are factors driving the valve remote control system market.
The valve remote control system market is dominated by a few major players that have a wide global presence. The leading players in the valve remote control system market include Emerson (US), Rotork (UK), Wartsila (Finland), KSB (Germany), and Nordic (Singapore).
The major strategies adopted by the players include new product developments, contracts & agreements, investments & expansions, and mergers & acquisitions. Contracts & agreements was the most commonly adopted strategy from March 2014 to November 2018. The key industry players also adopted mergers & acquisitions, which was the second most critically followed strategy during the same period.
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Emerson designs and manufactures valves, analytical instruments, and process control systems, and its solutions are used in commercial, industrial, and consumer markets globally. The company has adapted itself to meet the requirements of growing industries and other sectors. It operates through 2 business segments, namely, automation solutions and commercial & residential solutions. It offers valve remote control systems under the marine systems and solutions subsegment, which falls under the automation solutions business segment. It offers all types of marine valve actuations with high-quality, robust, and compact actuators providing high torque in any condition. It earns a 61.7% share of the overall business revenue from the automation solution segment. It has 220 manufacturing locations worldwide and operates in over 150 countries. It has undertaken various contracts and agreements as a part of the inorganic strategy to grow in the valve remote control system market. For instance, in February 2018, Emerson completed the multiyear automation project for BP’s Glen Lyon Floating Production, Storage and Offloading (FPSO) vessel in the west of Shetland, Scotland.
Wartsila serves the marine, oil & gas, and energy sectors. The company operates through 3 segments, namely, services, marine solutions, and energy solutions. It offers valve remote control systems under the marine solutions segment. The system is suitable for controlling electrohydraulic actuated valve systems and is a self-diagnostic and cost-effective solution by the company. Under the marine and oil & gas systems, the company also provides valve remote control systems for various processes such as automation, ballast water management, compressors, communication safety and security systems, fresh water generation, hybrid solutions, gears and propulsions, valves, and exhaust gas cleaning. In October 2017, Wartsila acquired Guidance Marine Limited, a privately-owned company with offices in the UK, Singapore, and the US. Guidance Marine is recognized as a technology leader in the marine industry for sensor solutions relating to dynamic positioning and other vessel control systems.
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
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