According to a new market research report published by Credence Research “Global Pressure Reducing Valve Market (Material (Bronze, Carbon Steel, Cast Iron, Cast Steel, Ductile Iron, Stainless Steel); Pressure (50-200 PSIG, 201-500 PSIG, 501-800 PSIG, Over 800 PSIG); Application (Steam Application, Gas Application, Liquid Application); Industry Verticals (Chemical, Food & Beverage, Hospitality, Oil & Gas, Pharmaceuticals, Power Generation, Pulp & Paper)) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the pressure reducing valve market is set to grow with a CAGR of 4.2% during the forecast period, up from US$1.50 Bn in 2018.
The global pressure reducing valve market is driven by the increasing automation across the industrial facilities. As the competition among the market players is increasing and the profit margins are reducing, the organizations are moving towards the automation to reduce the operation cost and gain operational efficiency. This is encouraging the adoption of the pressure reducing valve to maintain a constant pressure across the pipelines and refineries. Furthermore, the integration for the IoT sensors into the pressure reducing valve is further accelerating the demand in the market. Additionally, the increasing number of oil & gas exploration activities across the globe is augmenting the market growth.
The pressure reducing valve market is segmented based on the application into chemical, food & beverage, hospitality, oil & gas, pharmaceuticals, power generation, and pulp & paper. The chemical industry is leading the market with the majority share of 35% in the pressure reducing valve market. Furthermore, the pressure reducing valves are extensively used in the oil & gas industry to monitor and maintain constant pressure. Furthermore, the stringent government regulations across the countries regarding the safety standards are driving the market growth.
Based on geography, North America generated the largest revenue by holding approximately 38% of the market share. Rapid developments in the industrial sector is the major factor attributed to this high market share. However, Asia Pacific is estimated to grow substantially during the projected timeline. The growth of the market is driven by increasing industrialization across the region. The growing public and private investment in the oil & gas industry also propels the growth of the market. Moreover, the increasing trend of automation across the industry verticals is accelerating the adoption of the pressure reducing valve.
Some of the prominent vendors in the pressure reducing valve market are Fushiman Co. Ltd., Caleffi S.P.A., Armstrong International Inc., Forbes Marshall, Genebre SA, CIRCOR International Inc., HYDAC, Itap Spa, TLV, Spirax Sarco Engineering PLC, Watts Water Technologies Inc., Yoshitake Inc., and HAWE Hydraulik SE.
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