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Pressure Reducing Valve Market to be Worth US$ 2,588 Mn by 2028
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The pressure reducing valve market is set to grow at a 4.3% CAGR, reaching $2,588 Mn by 2028, with significant growth in China and the chemical segment.
Future Market Insights delivers key insights on the global pressure reducing valve market in its latest report titled ‘Pressure Reducing Valve Market: Global Industry Analysis 2013–2021 and Opportunity Assessment 20122-2028’. The long-term outlook for the global pressure reducing valve market remains positive with the market value expected to grow at a CAGR of 4.3% during the forecast period (2022 – 2028).
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Among the product type segments, the pilot operating segment is expected to expand at a significant CAGR, in terms of value, over the forecast period. Among the operating pressure segments, the above 800 Psig segment is anticipated to witness a high CAGR, in terms of value, over the forecast period in the pressure reducing valve market. The chemicals segment is expected to hold a major share in terms of value among the end-use industry segments in the global pressure reducing valve market due to the increasing demand for chemicals from various applications.
The global market for pressure reducing valves is estimated to be valued at US$ 1,701.6 Mn by the end of 2022 and is expected to witness a Y-o-Y growth rate of 4.3% over the forecast period. China is estimated to account for a significant value share in the global pressure reducing valve market by 2022 end and is anticipated to remain dominant throughout the forecast period in the pressure reducing valve market.
The pressure reducing valve market has been experiencing significant growth for years now, particularly in Middle East & Africa, India and China. The growing demand for oil & gas, chemicals and power across GCC Countries and India is contributing to the substantial demand for pressure reducing valves in these regions.
However, the global pressure reducing valve market is expected to face certain challenges. Manufacturers have to follow certain regulations pertaining to pressure reducing valves, which include ASME and JIS.
Prominent manufacturers are involved in the introduction of pressure reducing valves while adhering to the international regulations and certification in order to enhance their presence in the market. These is expected to be one of the key trends identified in the global pressure reducing valve market.
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Segmentation Analysis
On the basis of product type, the direct acting segment is anticipated to dominate the pressure reducing valve market over the forecast period
On the basis of material, the ductile iron segment is expected to register the highest growth, in terms of volume as well as value, in the global pressure reducing valve market over the forecast period
On the basis of operating pressure, the 50-200 Psig segment is expected to account for more than 2/5th of the overall incremental opportunity created in the global pressure reducing valve market during the forecast period
On the basis of application, gas and liquid segments, together, are expected to create an incremental opportunity1.7X that of the steam segment’s in the global pressure reducing valve market
On the basis of end-use industry, the chemical segment is pegged to remain dominant in the global pressure reducing valve market throughout the forecast years
Regional Analysis
Western Europe and China together are estimated to have collectively accounted for more than 2/5th of the overall share in the global pressure reducing valve market by the end of 2017. The Middle East & Africa region is a key production base for the oil & gas industry and thus the region is expected to create significant growth opportunities in the global pressure reducing valve market.
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Vendor Insights
The report highlights some of the top companies operating in the global pressure reducing valve market such as Watts Water Technologies, Inc., Spirax Sarco Engineering plc, TLV, Itap Spa, Caleffi S.p.a., HAWE Hydraulik SE, Yoshitake Inc., Genebre, HYDAC, Forbes Marshall, CIRCOR International, Inc., Armstrong International Inc. and Fushiman Co., Ltd.
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The article discusses the growth and trends in the global pressure reducing valve market, projected to reach $2,588 Mn by 2028.
China and Western Europe are leading regions, with significant growth expected in the Middle East & Africa.
Manufacturers face regulatory challenges, needing to comply with international standards like ASME and JIS.
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