NEWARK, Del, July 08, 2024 (GLOBE NEWSWIRE) -- Smooth water flow and prevention of leakage across various industrial piping systems to push the growth of the pressure reducing valves market, acquiring US$ 2,484.10 million by 2024. A CAGR of 4.70% is forecast for the market through 2034 and a valuation of US$ 3,932.20 million.
A rise in demand for renewable energy sources like solar and wind power is one factor propelling the market. Pressure reducing valves are becoming more and more important parts of energy generating and storage systems as the need for sustainable energy develops. They provide ideal operating conditions and fluid flow regulation, which enhances the dependability and efficiency of the infrastructure supporting renewable energy sources and drives market demand.
Players in the market have an opportunity to develop valves, especially for use in developing industries like hydroponics and aquaculture. These industries need exact control over water pressure and flow for plants and aquatic species to develop to their best potential. Market players might capitalize on a niche by customizing valves to match the distinct requirements of these sectors.
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Key Takeaways from the Market Analysis
- In 2019, the pressure reducing valve market was estimated to be worth US$ 2,186.20 million worldwide.
- The market attained a CAGR of 1.68% between 2019 and 2023.
- From 2024 to 2034, the pressure reducing valve ecosystem in the United States is expected to rise at a 4.50% CAGR.
- Direct acting pressure reducing valves will become more popular with a 55.2% market share in 2024.
- By 2024, stainless steel pressure reducing valves will hold a 48.30% market share, indicating their growing popularity.
“The need for modern infrastructure solutions, such as smart water management systems, is rising as cities work to become more sustainable and efficient. Pressure reducing valves are critical components of these systems since they optimize water distribution networks, reduce leaks, and ensure effective resource usage. This results in market development in metropolitan contexts that embrace smart city principles," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Country-wise Analysis
Will China Provide a Lucrative Setting for the Pressure Reducing Valve Industry?
Stable economic conditions and consistent growth in end-use industries, such as chemical, power generation, pulp & paper, and oil & gas, will drive growth in demand for industrial valves including pressure reducing valves in the region.
Increasing industrialization and urbanization will create a robust platform for the growth of the pressure reducing valve market. In the contemporary era, China is the world's largest manufacturing powerhouse, producing nearly 50% of all major industrial goods, including crude steel, cement, coal and oil respectively.
Furthermore, it is also one of the largest producers of specialty and industrial chemicals around the world. This is stimulating the need to deploy robust pressure reducing valves, as recent amendments to enhance better safety at chemical manufacturing plants have become more pronounced.
Why Should Manufacturers of Pressure Reducing Valves Focus on India?
India has been seeing rapid urbanization and industrialization over the past couple of decades. The nation is now becoming a major name in the manufacturing world, while its government is backing initiatives to develop its oil and gas sector.
Like all other emerging economies, India is also expected to exhibit a wide array of opportunities for manufacturers of pressure reducing valves as it develops and establishes itself as one of the more prominent industrial nations.
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Competitive Landscape
Market players implement IoT (Internet of Things) technologies to improve pressure reducing valves. Sensors and networking capabilities that allow for remote monitoring, real time data collecting, and predictive maintenance are included in IoT enabled valves.
This technology makes it possible to minimize downtime, optimize valve performance, and identify problems proactively. IoT integration also makes it possible for valves to interact with other systems, making integrating them into smart infrastructure networks easier and improving control and efficiency in fluid management systems overall.
The objective of startups in the pressure reducing valve market is to provide novel, tiny, and energy efficient valve solutions for specialized uses such as medical devices, small scale industrial operations, and microfluidics. These firms offer scalable valve solutions that focus on precise control, dependability, and scalability to meet the changing demands of developing industries. Their goal is to address unique issues in these areas.
Top 10 Key Players in the Pressure Reducing valve Market
- Xylem Inc.
- Spirax Sarco Engineering Plc
- CIRCOR International Inc.
- Watts Water Technologies Inc.
- TLV
- Cla Val
- Itap Spa
- Caleffi S.p.a.
- HYDAC
- Forbes Marshall
Key Development
- In 2024, Emerson recently introduced the Fisher 63EGLP 16 Pilot Operated Relief Valve, which is designed for use on pressurized bullet tanks that contain liquid propane and anhydrous ammonia.
- The tanks manufactured by original equipment manufacturers (OEMs), who sell them to end users, engineering companies, or contractor clients, are usually equipped with this pressure release valve (PRV). The American Society of Mechanical Engineers (ASME) Section VIII and UL132 certifications have been granted to the new valve.
How does the Steam Segment Dominate the Pressure Reducing Valve Market?
The steam application segment is expected to dominate the global pressure-reducing valve market, both in terms of volume as well as value, during the forecast period. Pressure reducing valves are most widely adopted for steam applications owing to the various advantages associated with them, such as their ability to control pressure through fully-automatic, self-contained operation and no need for external power sources.
Among the application segments, the liquid segment is expected to register 1.5x growth over the forecast period in the global pressure reducing valve market. The gas segment, on the other hand, is expected to register high growth in the pressure reducing valve market between 2024 and 2024.
Why is the Chemical Industry a Key Beneficiary of Pressure Reducing Valves?
The chemical industry is likely to emerge as the primary end-user of pressure reducing valves, accumulating a revenue share of 24.3% until 2028. Because the use of chemicals, especially hazardous ones, is such a precise process, use of pressure reducing valves becomes important to reduce chances of accidents.
These valves are generally controlled electronically, hydraulically, pneumatically or manually by trained operators. The valves are used to add a controlled dosage of chemicals to another set at certain levels and under certain circumstances.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the pressure reducing valve market, providing historical data for 2019 to 2023 and forecast statistics from 2023 to 2033.
To understand opportunities in the pressure reducing valve market, the market is segmented on the basis of product type (direct acting (residential, commercial, industrial), pilot operating), material type (cast steel, stainless steel, carbon steel, cast iron, ductile iron, bronze, plastics, others), operating pressure (50 to 200 Psig, 201 to 500 Psig, 501 to 800 Psig, Above 800 Psig), Application (gas, steam, liquid), end use (residential, commercial, industrial (power generation, pharmaceuticals, pulp and paper, chemicals, food and beverages, oil and gas, others) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East & Africa).
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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