Compressor Valves Market is projected to expand at a CAGR of 5.4% during forecast period between 2018 to 2026 and expected to reach US$ 327.2 Mn by 2026.
Albany, NY -- (SBWIRE) -- 02/14/2019 -- Global Compressor Valves Market - Snapshot
Compressor valves are circular and include a series of rings or plates put between the valve cover and seat. With every pressure difference, the rings or plates are pulled toward the greater pressure area and therefore use springs to come back to their initial position when pressure returns to normal range. The rings or plates are pulled toward the high pressure area and use springs to get back to their position when pressure normalizes. Compressor valves are used to allow gas flow to and from the cylinder area within any compressor. These valves operate when a pressure difference occurs.
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Compressor valves are an integral part of compressors used in various end-use industries. Following the rising demand in Asia Pacific, manufacturers are shifting their base to this region which is one of the main reasons for the growth of the compressor valves market in the Asia Pacific region. The market in Asia Pacific is expected to expand at a CAGR 5.8% over the forecast period.
The compressor valves market is expected to grow over the forecast period due to the revival of stalled infrastructure projects, the demand for eco-friendly products, and technological innovations. Vendors in the industry are allocating major portion of their revenue for R&D to differentiate them from competition. Application of new corrosion-resistant materials in manufacturing, use of ultra-high speed motors, and increased focus on extending lifetime are some of the key innovations of the market. Industries that heavily rely on reciprocating compressor valves include natural gas industry, petrochemicals industry, hydrogen stations, refrigeration industry, and petroleum refining.
However, the presence of local manufacturers of compressor valves leads to strong competition in the market. The fragmented nature of small manufacturers varies with the demand and expectation from the end-user. A price-competitive market leads to decreased revenue per unit. Unorganized, small companies tend to focus on price reduction to capture the market share which further results in decreased overall revenues of the companies.
The compressor valves market is segmented by type, application, and geography. By type, the market is divided into ring valves, plate valves, poppet valves, and others (concentric valves, channel valves etc.). Growing economies and continued non-viability of alternative energy sources are projected to drive the demand for power and energy across the globe. These factors have resulted in increased use of compressor valves in various industries. By application, the market is classified into oil and gas, power plants/stations, metal and mining, and others (food and beverage, ships, chemical, pharmaceutical etc.). The oil and gas segment is expected to experience a CAGR of 5.7% over the forecast period.
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The demand for compressor valves in the oil & gas industry is majorly due to their exhaustive applications in upstream, downstream, and midstream oil field services. The oil & gas industry remains the most significant primary source of energy, and demand for oil & gas products is increasing at a significant rate. In 2016, the agreement among the Organization of the Petroleum Exporting Countries for cutting the production of crude oil helped in ensuring the initial stabilization of prices. This has led to rising investment in oil & gas production. As crude oil price decreased in Europe, the region has become one of the most significant sales market for companies.