Compressor Valves Market Expected to Reach US$ 327.2 Mn by 2026
According to a new market report published by Transparency Market Research titled “Compressor Valves Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global compressor valves market is expected to reach US$ 327.2 Mn by 2026, expanding at a CAGR of 5.4% from 2018 to 2026. Europe held the highest market share in the compressor valves market in 2017.
Compressor valves are valves used within a compressor to allow gas flow to and from the cylinder area. They operate based on pressure difference. Compressor valves are circular and consist of a series of plates or rings sandwiched between the valve seat and cover. When a pressure difference occurs, the rings or plates are pulled toward the area of greater pressure and use springs to return to their closed position when pressure normalizes.
Requirement for compressor valves in the oil & gas industry is largely attributable to their extensive usage in upstream, downstream, and midstream operations. The oil & gas industry remains the most significant primary source of energy and the demand for oil and gas products is increasing at a significant rate. Growth of the compressor valves market is directly related to the performance of end-use industries such as oil & gas, power, and metal & mining. Demand for compressor valves is expected to rise in the near future, due to expansion of downstream networks and increase in the adoption of pipelines for transportation. Asia Pacific has been identified as one of those regions in the world that have witnessed high growth of the oil & gas industry.
This is because of favorable demographic profiles, low-cost labor, and economic growth of countries in the region, with a focus on manufacturing with advanced technologies. The Asia Pacific market is expected to grow at a CAGR of 5.8% over the forecast period. This growth is attributed to growing manufacturing facilities and infrastructure spending. The growth of the compressor valves market in Asia Pacific is attributed to increasing population and rising focus of emerging economies to invest in various end-use industries in which compressor valves are used. Rising demand for power as well as better wastewater management facilities are also expected to positively impact the compressor valves market.
Moreover, incorporation of advanced technologies is helping various small- and medium-sized enterprises to gain popularity in the global compressor valves market. Governments of countries across different regions are taking initiatives to introduce and develop new and advanced technologies. This is compelling key manufacturers of compressor valves to produce specialized valves, which are relatively expensive.
The compressor valves market is now at a mature stage, and the degree of increase in consumption will witness a smooth curve. The compressor valve is mainly used to support the production and maintenance of the compressors. Hence, its usage is primarily concentrated in Europe and North America. European consumption accounts for about 32% of the total market. Asia Pacific is witnessing significant growth due to the growth of various end-use industries in this region.
By type, the plate valves segmentis expected to have the highest CAGR of 5.6% from 2018 to 2026. This growth is attributed to its increased resistance power in various applications involving high temperature and higher durability. Burckhardt Compression AG, a key player in the global market has a unique advantage of converting metallic plate valves to non-metallic plate valves. Poppet valves segment is expected to have a CAGR of 5.5% over the forecast timeframe.