Process industries such as oil & gas, chemical, and power generation are undergoing digital transformation to gain the competitive edge. With a focus on digital transformation, there is an equal emphasis on improving reliability and efficiency of assets on site. In addition, a surge in unplanned maintenance of applications and process systems is largely due to failure of equipment such as valves, motors, pumps, and other rotating equipment. Companies are investing in remote condition monitoring services and valve diagnostics, thereby, addressing unmet maintenance needs. In addition, refurbishment of aging infrastructure and public investment in renovation, coupled with growth of power generation and desalination, will aid demand for valves and services. Given the focus of end markets on environmental issues, enhanced safety regulations and stricter emission norms will drive the need to upgrade existing refineries and increase demand for valve monitoring. From a geographic perspective, Asia-Pacific (APAC) will continue to be the largest end-market geography, driven by the economic growth in nations such as India and Indonesia. Thirty companies were analyzed and evaluated for growth penetration and innovation leadership. Companies include large- and medium-size valve manufacturers, pure play service providers, and technology start-up companies in the asset and process remote monitoring market.The list of valve manufacturers with greater market penetration included Emerson; Flowserve Corporation; Baker Hughes, a GE Company (BHGE); Cameron International; and Metso. Medium-size valve manufacturers include Crane Fluid Systems, CIRCOR Energy, IMI Critical Engineering, Burkert Fluid Control Systems, Bray International, GEA, Quadax Valves Inc., Neway Valve, Velan, and Norriseal-Wellmark. Small-size valve manufacturers include Habonim, OMB Valves, KITZ Corporation, and Arrow Valves. Services companies offering aftermarket valve services such as turning, boring, milling, drilling, grinding, polishing, welding, and other advanced solutions such as remote monitoring of operating parameters and the assets for critical valve applications include MRC Global, SAMSON Controls, Bonney Forge, Trisense AS, Stork B.V., and United Valve Services. AUMA and Rotork Controls are involved in advancement in positioners and actuators. Some of the key takeaways include how use of sensor-based technologies by end users to tackle the surge in unplanned maintenance, increase in downtime, and rise in maintenance costs is driving leaders of the valves market, such as Emerson; Baker Hughes, a GE Company (BHGE); Metso; and Flowserve Corporation to invest and lead innovation in smart positioners, remote monitoring solutions, and other services. In addition, demand for one-stop solution providers for maintenance and spare part optimization is creating the opportunity for technology-based contenders such as Trisense AS, Quadax Valves Inc., MRC Global, Samson Controls, and Habonim. Finally, diversification in served end markets and a shift from conventional maintenance to complete valve solution providers will propel the growth of companies such as L&T Valves, Arrow Valves, Burket Fluid Control Systems, and United Valve Services. The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.