The pressure reducing valve is an equipment which primarily designed to reduce the overall pressure generated by fluid, incoming gas, and the steam pressures. Moreover, it is important to monitor the downstream pressures in preventing the variations in the changing conditions. One of the key properties of using pressure reducing valve consists of spring mechanism that permits the stability of highly unstable pressure to adjust the pressure. The pressure reducing valve benefits the overall system by providing energy efficiency, ease of maintenance, rugged reliability, and cost-effectiveness.
According to study, “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”. Some of the key companies operating in the global pressure reducing valve market are TALIS Management Holding GmbH, Apollo Valves, Honeywell International Inc., Eaton, KSB, Parker, Singer Valve, Reliance Worldwide Corp. Ltd., Spirax-Sarco Engineering Plc., and WATTS Industries.
Based on type, pressure reducing valve market is segmented as pilot operated and direct acting. Based on operating pressure, market is segmented as below 300 Psig, 301-600 Psig, and above 600 Psig. Based on temperature, market is segmented as 10 – 100 F, 101-250 F, 251-400 F, 401-550 F, 551-700 F and above 700 F. Based on application, market is segmented as gas application, steam application and liquid application. Steam application segment dominates the market owing to their capability to control pressure via fully automatic and no external power source. Additionally, liquid application segment is expected to exhibit higher growth rate due to wide scale adoption of valve among wastewater management application during the forecast period. In addition, based on end-user, market is segmented as power generation, chemical, oil & gas, water & wastewater, metals & mining, and others.
The pressure reducing valve market is driven by surge in industrial processes & rise in number of industrial infrastructures, followed by increase in demand from the oil & gas industry and gradual increase in the need for automation in the process industries. However, rise in prices of raw materials and competition from domestic manufacturers may impact the market. Moreover, increase in investments in oil & gas industry from emerging economies is a key opportunity for market.
Based on geography, the Asian-Pacific region holds largest share in global pressure reducing valve market owing to expansion of the oil and gas sector in the region. Whereas, the North-American and European regions are estimated to witness higher growth rate due to rise in investment in the new refineries, coupled with modernization of the existing facilities over the forecast period. In upcoming years, it is expected that future of the market will be optimistic on account of rise in usage of the pressure reducing valves in both industrial and commercial sectors during the forecast period. The global pressure reducing valves market size was valued at US $2,501.7 million in 2018, and is estimated to reach US $3,617.7 million by 2026, registering a CAGR of 4.5% from 2019-2026.
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Ankur Gupta, Head Marketing & Communications