Market Size in 2022 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 369.41 million | USD 552.36 million | 5.16% | 2022 |
FrequentlyAsked Questions
The marine sector has contributed considerably towards global trading activities. Furthermore, value remote control systems are utilized in a large number of end-use sectors that include marine and offshore sectors. Apart from this, a marine valve remote control system can ensure safe operations on board any vessel as well as offshore units as marine & offshore operations are susceptible to mishaps in the harsh environment of oceans. Growing demand for customization and automated monitoring of ships has contributed majorly to the demand for value remote control systems in marine & offshore sectors.
The global marine valve remote control system market growth is owing to a prominent increment in trading activities through sea routes and the Industry 4.0 revolution.
According to a study, the global marine valve remote control system industry size was $369.41 million in 2022 and is projected to reach $552.36 million by the end of 2030.
The global marine valve remote control system market is anticipated to record a CAGR of nearly 5.16% from 2023 to 2030.
The North American marine valve remote control system industry is set to register the highest CAGR over the forecasting timeline owing to the presence of key product manufacturers in countries such as the U.S. and a rise in fund allocation to marine & offshore activities in the region. In addition to this, an increase in oil & gas production and exploration activities in the U.S. will further contribute to the regional market size.
The global marine valve remote control system market is led by players such as Emerson, Arkay Electronics & Marine Systems Private Limited, Pleiger Maschinenbau, Hoppe Marine, Nantong Navigation Machinery Group Company Limited, Navim Group, ShipServ, SCANA Korea Hydroric Co., Ltd, LESER Valves, NODIC, iflowvalves, Skarpenord AS, Davis Valve, Wartsila, Thomasnet, CSSC, NUOVACEVA Automation, NAKAKITA, AZoM, and KSB.
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