Surge in demand from the oil & gas industry, rise in industrial processes, and increase in number of industrial infrastructures drive the growth of the global pressure reducing valve market
PORTLAND, Oregon, Dec. 13, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Pressure Reducing Valve Market by Type (Direct Acting, and Pilot Operated), Operating Pressure (Below 300 Psig, 301-600 Psig, and Above 600 Psig), and End-User (Oil & Gas, Power Generation, Chemical, Water & Wastewater, Metals & Mining, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global pressure reducing valve industry was estimated at $2.50 billion in 2018 and is expected to hit $3.61 billion by 2026, registering a CAGR of 4.5% from 2019 to 2026.
Drivers, restraints and opportunities-
Rise in demand from the oil & gas industry, surge in industrial processes, increase in number of industrial infrastructures, and upsurge in need for automation in the process industries propel the growth of the global pressure reducing valve market. On the other hand, competition from domestic manufacturers and rise in prices of raw materials curtail down the growth to some extent. However, investments in oil & gas industry from emerging economies are anticipated to create an array of opportunities in the near future.
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The pilot-operated pressure reducing valve segment to dominate by 2026-
Based on type, the pilot-operated pressure reducing valve segment contributed to nearly three-fifths of the global pressure reducing valve market share in 2018, and is anticipated to maintain the lion's share by the end of 2026. This is due to these valves reduces the flow of fluids. Simultaneously, the direct-acting pressure reducing valve segment would cite the fastest CAGR of 5.0% throughout the forecast period. Features like easy pressure setting, compact design, simple operation, accurate control, and others drive its demand for small scale operation, which has boosted the growth of the segment.
The oil & gas segment to retain the lion's share during the estimated period-
Based on end-user, the oil & gas segment held the major share in 2018, generating nearly two-fifths of the global pressure reducing valve market in 2018, and is expected to retain its dominance during the study period. New oil & gas exploration activities coupled with heavy investments in refineries and pipelines in the Americas, the Middle East, Africa, and APAC are the major factors that drive the market growth. The chemical segment, on the other hand, would register the fastest CAGR of 5.6% from 2019 to 2026. This is attributed to increase in consumption, rapid urbanization in developing countries, and rise in demand for chemicals used in the various levels of applications in oil & gas industry such as fracking.
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Asia-Pacific, followed by Europe and North America, to rule the roost-
Based on geography, the Asia-Pacific region accounted for more than one-third of the global pressure reducing valve market revenue in 2018, and is projected to maintain its top status by 2026. At the same time, the region would also showcase the fastest CAGR of 5.6% throughout the estimated period. This is due to emerging countries such as China and India are facing the need to diversify and increase their energy sources. However, North America held the third largest share in 2018.
Key players in the industry-
- WATTS Industries
- TALIS Management Holding GmbH
- Reliance Worldwide Corp. Ltd.
- Singer Valve
- Apollo Valves
- Spirax-Sarco Engineering plc.
- Honeywell International Inc.
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SOURCE Allied Market Research