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Pressure Reducing Valve Market Surge Towards Solid Growth by 2024
The pressure reducing valve is a device that helps in reducing or maintaining the pressure of the gas, fluid, and steam on the outlet side. Pressure reducing valves decreases the highly unstable pressure to a pressure that is adjustable by using the spring mechanism.
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Global Pressure Reducing Valve Market: Segmentation
The market for the pressure reducing valve is globally fragmented into body material, application, pressure, temperature, and end-use industry. On the basis of body material, the global market is segregated into cast steel, stainless steel, carbon steel, cast iron, ductile iron, and bronze. On the basis of application, the market is categorized into the gas application, steam application, and liquid application. On the basis of pressure, the market is divided into 201–500 psig, > 800 psig, 50–200 psig, and 501–800 psig. On the basis of temperature, the market is bifurcated into 10–100 F, 251–400 F, 551–700 F, 101–250 F, 401–550 F, and above 700 F. On the basis of end use industry, the market is classified into power generation industry, pharmaceuticals industry, pulp & paper industry, chemical industry, hospitality industry, food & beverage industry, and oil & gas industry.
Global Pressure Reducing Valve Market: Growth Factors
The pressure reducing valve gives protection against leakage and brings down the pressure of the gasses and the fluid that is majorly utilized in various industries. In the household and commercial purpose, the valves are used in order to reduce the water pressure. These are the key factors that are driving the growth of the pressure reducing valve market. The pressure reducing valves also helps in preventing the overheating of the pipes. Moreover, the development of the oil and gas industry is another prime factor that is driving the growth of the market. In the oil and gas industry, the pressure reducing valves are used in order to maintain the pressure in the pipeline so that the pipes do not burst. The growing use of the pressure reducing valves in the fire safety trucks for the pressure controlling mechanism is driving the market.
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Global Pressure Reducing Valve Market: Regional Analysis
The global pressure reducing valve market is regionally diversified into Eastern Europe, Latin America, the Middle East & Africa, Western Europe, North America, and Asia Pacific. North America is the region that is dominating the global pressure reducing valve market due to its wide application in the oil and gas sectors for maintaining the pressure inside the pipes. The second place in the pressure reducing valve market is held by Europe owing to the wide growth of the processing industries which require the pressure reducing valves for their applications. The market growth in Asia Pacific region is also significant owing to the usage of the pressure reducing valves in both industrial and commercial sectors.
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Global Pressure Reducing Valve Market: Competitive Players
The key market players that are involved in the pressure reducing valve market include Forbes Marshall, Armstrong International Inc., Richards Industries Brands, Honeywell International Inc., Spirax-Sarco Limited, Nutech Controls, Conbraco Industries, WATTS Industries, and Apollo Valves.
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