PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1390096
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1390096
The pressure regulator market is estimated to grow at a steady rate during the forecast period. Pressure regulators are crucial in pressure management as they efficiently decrease high input pressures to lower output pressures for both liquids and gases. These regulators find applicability in oil & gas, water treatment, chemicals, pharmaceuticals, and many other sectors. They are broadly classified into two types back-pressure regulators and pressure reduction regulators. The rise of various sectors like pharmaceuticals, chemicals, and oil & gas are the prominent drivers to boost the pressure regulator market size.
Expanding the oil & gas sector enhances the pressure regulator market size.
Pressure regulators are vital for maintaining optimal operating conditions, safeguarding pipelines, refineries, and processing facilities, and ensuring personnel safety and environmental protection. The oil and gas industry is expanding owing to the surge in global oil demand and the implementation of exploration projects. According to the U.S. Energy Information Administration, in December 2021, oil production in the United States stood at 11.6 million b/d which signified an increase of 3.6% from 11.2 million barrels per day (b/d) in December 2020. During the same period, natural gas production also increased from 112.6 billion cubic feet per day (Bcf/d) to 118.7 Bcf/d.
Rising pharmaceuticals sector is driving the pressure gauge market growth.
The pharmaceutical industry's requirements for precise and consistent pressure control in manufacturing processes drive the demand for pressure regulators. These regulators play a vital role in ensuring drug safety, quality, and efficacy by maintaining stable pressure conditions throughout various production stages. As the pharmaceutical industry grows the need for reliable pressure regulators becomes crucial, making it a key driver for the pressure regulator market growth. According to the report of the Centers for Medicare & Medicaid Services In 2021, Medicare spending in the United States witnessed a notable increase of 8.4%, reaching a total of $900.8 billion. This amount accounted for approximately 21% of the total National Health Expenditure (NHE).
The booming chemical industry bolsters the pressure regulator market growth.
The chemical industry involves the handling and processing of various gases and liquids under specific pressure conditions, and the demand for reliable and efficient pressure regulators becomes crucial as they help in maintaining consistent and controlled pressure in chemical processes, ensuring safety. With the growth of the chemical sector and its expanding applications, demand for pressure regulators has increased. According to the Department of Chemicals and Petrochemicals, the annual growth of production for major chemicals between 2019 and 2020 was 3.06% compared to the previous year whereas, on the other hand, basic major Petrochemicals demonstrated an annual growth of 17.04% over the preceding year.
The Asia Pacific region's expansion of oil and gas exploration, production, and refining activities, led to a higher demand for pressure regulators for safe operations, and the region's rapidly growing healthcare sector is further propelling the market growth. For instance, as per the India Brand Equity Foundation. diesel demand in India is projected to double to 163 million metric tons (MT) by 2029-30 and diesel and gasoline are expected to account for 58% of the country's total oil demand by 2045. Meanwhile, China's medical device market is expected to drive the market value to reach $48.8 billion by 2026, according to the International Trade Administration.
Alternative availability is constraining the pressure regulator market growth.
One of the key factors restraining the growth of the pressure regulator industry is the availability of alternative technologies or solutions. Alternative methods for pressure control, such as electronic or digital pressure control systems, may emerge as substitutes for traditional pressure regulators. These alternative technologies may offer advantages such as higher precision, automation capabilities, and integrated control features. For instance, in January 2021, Honeywell introduced a next-generation digital cabin pressure control and monitoring system for aircraft. This advanced system weighs less than six pounds, making it 30% lighter than its previous version. It also features a new, smaller digital controller that enables easy integration of future upgrades.