Compressor Valves Market to Grow at a CAGR of 5.2% until 2031, reaching US$ 591.5 million: TMR Study

WILMINGTON, DE / ACCESSWIRE / March 21, 2023 / Transparency Market Research Inc. - The global compressor valves market is likely to stand at US$ 376 million in 2023 and the global market is projected to reach US$ 591.5 million in 2031. The global industry is anticipated to expand at a CAGR of 5.2% between 2023 and 2031.

The presence of local compressor valve producers will create fierce competition in the market. This is because the fragmented character of small producers changes according to the demand and expectations of the end user. Therefore, in a price-competitive market, revenue per unit decreases whereas, the small, unorganized businesses will tend to focus more on price reductions to gain market share, which will thereon lead to a drop in overall revenue.

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The shape of compressor valves is circular and consists of a series of rings or plates that are infused between the valve cover and seat where the rings help to regain their initial position when the pressure returns to its normal range. Henceforth, according to the latest market trends when calculated, the ring valves type segment is said to dominate the industry during its forecast period. This is so because the demand for ring valves is increasing due to the advantages over the other types of compressor valves that are available in the market. These ring valves comparatively have a longer lifespan as a result of other valves as they help in reducing maintenance costs and downtime.

The oil & gas sector remains the world's most reliable source of energy as it relies mainly on the pipeline system for the transportation of crude oil, natural gas, and other hydrocarbons from their production sites to distribution terminals, refineries, and processing plants. Currently, according to the latest reports by TMR, North America is assumed to account for a major share of the compressor valves market. Whereas, the industries in the Asia Pacific are projected to grow in the coming future not only because of the increasing energy demand but also for the rise in power projects that are boosting the market statistics in the region.

Key Takeaways of Market Report

• Manufacturers investing in the research and development of the creation of new and improved compressor valves offering better performance, reliability, and durability.
• Expansion of operations by the manufacturers to new regions to capitalize on the rising demand for compressor valves
• Oil & gas to emerge as the principal application area for compressor valves

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Global Compressor Valves Market: Growth Drivers

• Since compressor valves are a major part of the compressors that are used in various end-use industries, therefore, they are projected to dominate the industry during the forecast period. These ring valves provide a tight seal helping to prevent gas & oil leakage ensuring efficient compressor operation.
• Also, industrial valves are the most crucial components in the safe management of oil & gas pipelines where they control the flow of fluids within the pipeline, thus, playing a crucial role in maintaining the safety of the pipeline and preventing the occurrence of accidents.

Global Compressor Valves Market: Regional Landscape

• According to TMR, North America accounts have the major share in the compressor valves market.
• Substantial growth in demand for energy and power projects will boost the industry in the Asia Pacific region at the highest CAGR.

Global Compressor Valves Market: Key Players

Some of the key market players in the global compressor valve market are

• Burckhardt Compression -

Strategies:

1. Improvisation in product competitiveness
2. Increase in efficiency via automation and digital processes
3. Growth in the Services Division as a full-service provider by focusing on coverage of installed base, USA & Marine

Success:

1. Short switch-over time
2. Integration with other systems
3. Database and standards creation

• Compressor Engineering Corporation (CECO)-

Strategies:

1. Organic growth strategies like product launches, product approvals, and others (patents and events).
2. The inorganic growth strategy activities that were observed in the market were acquisitions, partnerships, and, collaborations where these activities will pave the way for an expansion of the businesses and customers of the market players.

Opportunities:

1. While CECO is known for its compressor valves and continues to make a name for itself with its polymer wear parts providing services to its customers. It will also work on repair services, field service, and pipeline integrity and thus make headlines for the service offerings.

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Compressor Valve Market Segmentation

Type

• Ring Valves
• Plate Valves
• Poppet Valves

Application

• Oil & Gas
• Power Plants/ Stations
• Metal & Mining

Distribution Channel

• Direct
• Indirect

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

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