Energia
Pressure Reducing Valve Market to Reach $3.61 Billion, Globally, by 2026 at 4.5% CAGR: Allied Market Research
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.
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.
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.
Based on geography, the Asia-Pacific region accounted for more than one-third of the global 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.
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