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IIoT & industry 4.0 and the need for valve replacement and adoption of smart valves to offer improved customer service

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IIoT & industry 4.0 and the need for valve replacement and adoption of smart valves to offer improved customer service

May 28
18:26 2020

The valve controller market size is estimated at USD 1.8 billion in 2020 and is projected to reach USD 2.2 billion by 2025. It is expected to register a CAGR of 3.7% during the forecast period. The rising importance of monitoring and controlling in the process industries for improved efficiency, increasing demand for fuel and power, growing need for a connected network to maintain and monitor various equipment in plants, and surging focus on establishing new nuclear plants and upscaling of the existing ones are the key driving factors for the valve controller market. The introduction of IIoT & industry 4.0 and the need for valve replacement and adoption of smart valves to offer improved customer service are among the other factors fueling the valve controller market.

The world is facing an economic crisis caused by the COVID-19 pandemic outbreak. The pandemic has affected the oil & gas industry negatively, with oil prices slashing like never before. The major producers of oil are running out of storage space for extracted oil, and the demand is on a declining trend. This has resulted in a huge gap between supply and demand. Oil & gas is one of the key industries of valves and valve controllers. Water & wastewater treatment and energy & power are also among the key end-use industries of valve controllers. These industries are also witnessing a setback in demand due to the pandemic situation globally. There is a restriction on foreign trades due to the lockdown of international borders, non-operational distribution channels, and various government laws to take precautionary measures for public health and safety. However, it is expected that there will be an increasing focus on hygiene and sanitation due to the rise in people’s concern for a better and safer lifestyle. An increase in demand from the energy & power sector is also likely to drive the valve controller market for water & wastewater treatment and energy & power segments gradually from 2021 to 2025.

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Digital valve controllers are the most widely used valve controllers due to their several applications across all industry verticals. The feedback-based controlling of the valve operation helps in better performance of the complete valve assembly. Digital valve controllers are more accurate and reliable as compared to traditional valve controllers. They are available with various communication protocols, such as FOUNDATION Fieldbus, PROFIBUS, HART, and CANopen. The use of communication protocols depends on the end-use applications and the facility they are being used at.

The valve controller market in North America is projected to register the highest CAGR during the forecast period. North America is a key market for valve controller as the region is home to a few of the leading market players, such as Emerson, Flowserve Corporation, and SAMSON Controls. The increasing R&D activities in the region, pertaining to the use of valve controllers in automation and the rising demand for safety applications are among the crucial factors driving the market in North America. R&D at industry levels is broadening the application areas of valves and valve controllers in different industries. However, right from the start of 2020, the entire world has been strongly hit by the COVID-19 pandemic, a health crisis, as well as an economic crisis. The US is among the most affected countries in the world. The COVID-19 pandemic has plummeted the oil demand drastically. This drop in demand has affected the valve controller market drastically in 2020.

 

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