Pune, India, Sept. 22, 2022 (GLOBE NEWSWIRE) -- The global valve remote control system market size is set to gain momentum from its high demand from the offshore and marine industries. This information is given by Fortune Business Insights™ in an upcoming report, titled, "Valve Remote Control System, 2020-2027." The report further states that the valve remote control system can surge the operational efficiency and reduce the chances of accidents in harsh sea environments. Also, increasing crude oil production and export activities in several regions would affect growth positively.
Valve Remote Control System Industry Developments:
- December 2019: The U.S. Navy awarded a new contract worth USD 1.96 billion to Lockheed Martin to construct four multimission surface combatants in Saudi Arabia. The contract also includes firm-fixed-price data environment and cost-plus-fixed-fee class design.
- August 2019: PJ Valves (PJV) received three FPSO valve contracts for projects in Nigeria, Mexico, and Brazil. The contract was awarded for its high manufacturing capabilities and standard of design.
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Valve Remote Control System Market Drivers & Restraints:
Increasing Demand from Offshore Hydrocarbon Industry to Bolster Growth
Nowadays, the marine industry is rapidly implementing automation to effectively control and monitor various operations. Besides, as the offshore hydrocarbon industry is very prone to accidents backed by harsh environments, valve remote control systems help to offer a safer work culture for employees and prevent such mishaps. At the same time, these systems play a crucial role in the petrochemical and chemical industry. It would propel the valve remote control system market growth in the near future. However, the requirement of high capital investment may hamper the demand for valve remote control systems.
The COVID-19 pandemic has resulted in lockdown measures worldwide to curb transmission. The demand for electricity has declined. The power mix across all major regions has inclined towards renewables owing to priority access to grids and low operating costs. In multiple European countries, such as Germany, Italy, and Spain, new records were reached in terms of the share of variable renewables. Our research reports provide the best insights into every market associated with the energy and power industry. You can select the right strategy for strengthening your business confidence.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/valve-remote-control-system-market-104029
How Have We Divided This Report?
Our analysts have created various criterions, namely, method of actuation, valve type, application, and geography. By method of actuation, the market is segregated into hydraulic, pneumatic, electro-hydraulic, and electric. In terms of valve type, it is fragmented into ball valve, butterfly valve, gate valve, globe valve, and others. Based on application, it is trifurcated into marine, offshore, and others. Lastly, by geography, the market is split into the Middle East and Africa, Latin America, Europe, Asia Pacific, and North America.
What Does This Report Include?
The Valve Remote Control System Market research report contains a detailed study of various regions present in the valve remote control system industry. It was designed by our highly skilled analysts after studying a wide range of factors that determine regional growth, such as political, technological, social, economic, and environmental status of that region. The competitive landscape section was developed to help our clients better understand the collaborations and strategies that key companies are focusing on to compete with their rivals globally.
Valve Remote Control System Market Regional Insights:
Rising Onshore Exploration and Production Activities to Favor Growth in Europe
Geographically, North America is expected to generate the largest valve remote control system market share throughout the forthcoming years. This growth is attributable to the high demand for automation in petrochemical, chemical, and marine industries. Additionally, numerous American companies are extensively investing in the offshore and marine industry.
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In Europe, the market is set to grow steadily on account of the increasing onshore exploration and production activities by the U.K. and Norway. Also, the expansion of seaborne trade would aid the regional region. On the other hand, Asia Pacific is anticipated to grow significantly stoked by the surging import activities in China and India. Both countries import millions of tons of crude oil globally. It would accelerate the demand for valve remote control systems.
Valve Remote Control System Market Competitive Landscape:
Key Players Aim to Gain New Contracts for Supplying Their In-house Products
The global market for valve remote control systems houses a large number of prominent organizations. Most of them are focusing on achieving new contracts and agreements from regulatory bodies and reputed firms to supply their in-house products.
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A list of all the renowned Valve Remote Control System manufacturers operating in the global market:
- Nordic Group Limited
- KSB Company
- Scana Skarpenord AS
- Sander Marine
- BESI Marine Systems GmbH
- Pleiger Group
- Other key market players
Major table of contents:
- Valve Remote Control System Market Introduction and Market Overview
- Research Regions
- Research Scope and Market Size Estimation
- Industry Trends
- Future Challenges
- Market Restraints
- Market Segmentation
- Research Methodology
- Market Dynamics
- Valve Remote Control System Market Development Trends under COVID-19 Outbreak
- Global Revenue and Growth Rate
- Industry News and Policies by Regions
- Concentration Ratio and Market Maturity Analysis
- Merger, Acquisitions, and Partnerships
- Porter's Five Forces Analysis
- PEST Analysis
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