Gas pressure regulator market is forecasted to be growing at a CAGR of 5.12% between 2023 to 2028 and worth USD 19.8 billion by 2028.
Gas pressure regulators control the pressure of a gas flowing through a system. It is designed to maintain constant pressure in the system by adjusting the gas flow as needed. Gas pressure regulators are used in industrial and commercial settings, as well as in homes and businesses. Gas pressure regulators consist of a valve, a spring, and a diaphragm or piston. Each component performs a specific duty, such as the valve controlling the flow of gas through the system, the spring, and the diaphragm or piston working together to maintain a constant pressure.
The growing demand for natural gas is predicted to propel the gas pressure regulator market growth. In addition, natural gas is a clean and more efficient fuel, and the usage of gas pressure regulators is increasing in the process, further reflecting in the market growth. Gas pressure regulators control the pressure of natural gas in a gas distribution system. They are typically used in residential, commercial, and industrial settings to ensure that the gas is delivered at a safe and consistent pressure to appliances and other natural gas equipment. The growing gas usage in industrial and commercial applications further promotes the gas pressure regulator market growth. Recently, a spike in gas usage has been noticed in industrial and commercial applications, such as power generation, chemical processing, and heating and cooling.
Government regulations and policies are anticipated to favor the growth rate of the gas pressure regulator market. Various governments worldwide are imposing numerous policies and regulations to increase the utilization of natural gas, which is anticipated to result in the more significant usage of gas pressure regulators and drive market growth. In addition, the growing adoption of technological developments to manufacture more advanced gas pressure regulators is expected to fuel the market growth further. Across the world, the concerns around energy security are increasing, which is expected to boost the growth of the gas pressure regulator market. In addition, the growing concerns around energy security propel the need to find new and alternative energy sources.Furthermore, rising urbanization and industrialization from emerging economies and growing investments from the oil and gas industry are expected to support the growth rate of the gas pressure regulator market during the forecast period.
High costs associated with establishing gas pressure regulators in industrial settings hamper the market growth. The initial costs of installing gas pressure regulators can be high and are not affordable to some consumers. In addition, the limited availability of natural gas is further inhibiting the growth rate of the gas pressure regulator market. In some of the world's geographies, natural gas resources are limited, reducing demand for gas pressure regulators in such regions and pulling back the overall market’s growth rate. Furthermore, factors such as competition from alternative energy sources, complex installation processes, costs associated with maintenance and repair costs, and volatility in the oil and gas industry are expected to hinder market growth.
Gas Pressure Regulator Market Opportunities
The growing demand for clean energy sources is expected to offer growth opportunities in the market. The increasing demand for clean energy sources is estimated to promote the need for natural gas and other gases. Therefore, it is expected to demand more gas pressure regulators to control the gas pressure while supplying it to the end-users for consumption. In addition, the growing adoption of gas-powered vehicles is expected to provide growth opportunities to market participants. Throughout the world, vehicles that run on gas are growing and are expected to fuel the demand for gas pressure regulators. Furthermore, the expansion of gas distribution networks and increasing use of gas in industrial processes are anticipated to provide lucrative market growth possibilities during the forecast period.
COVID-19 impact on the gas pressure regulator market
The COVID-19 pandemic has had a significant negative impact on the gas pressure regulator market. To control the spread of the coronavirus, many countries announced lockdowns and imposed various restrictions. Due to this, industrial and commercial activities were slowed down, resulting in reduced demand for gas pressure regulators. Due to COVID-19, many companies and industries have stopped manufacturing, including gas pressure regulators. The COVID-19 pandemic has also disrupted global supply chains, leading to delays in the production and distribution of gas pressure regulators. This has resulted in shortages of some gas pressure regulators, affecting the gas pressure regulator market. However, due to the new normalization and uplifting of the restrictions imposed earlier, the market is anticipated to recover quickly and register a healthy CAGR during the forecast period.
Key developments in the market
Colfax Corporation launched a new product in the gas regulator segment. The launch of this new product is expected to help Colfax Corporation expand its market share across the globe. This means that the company hopes the new product will successfully attract more customers and increase its sales in various countries around the world.
By Product
Toxic Gases
Corrosive Gases
Inert Gases
Based on the product, the toxic gases segment is estimated to dominate the gas pressure regulator market during the forecast period. Toxic gases can seriously impact human health, the environment, and overall quality of life. Some potential impacts of toxic gases include respiratory problems, eye irritation, headaches, nausea, death, environmental effects, and quality of life.
By Application
Oil & Gas
Chemical
Healthcare
Power Generation
Other
Based on the application, the oil and gas segment accounted for the largest share of the global gas pressure regulator market in 2021. Furthermore, the segment's domination is anticipated to continue throughout the forecast period. This is because gas pressure regulators maintain consistent, stable pressure in a gas line or system, regardless of fluctuations in demand or gas volume. Therefore, gas pressure regulators play a vital role in the oil and gas industry, as they help to ensure the safe and efficient distribution and use of gas, due to which the usage of gas pressure regulators is increasing in the oil and gas industry and resulting in the growth of the segment.
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
The North American region is estimated to register the fastest CAGR during the forecast period owing to a wide range of applications in the oil and gas, chemical, and other industries. The demand for gas pressure regulators in North America is driven by factors such as the increasing use of natural gas and other gases for heating, power generation, and other applications, as well as the growing demand for gas-fired power plants and other gas-based infrastructure. In addition, the presence of key market participants such as Emerson, Fisher Controls, Parker Hannifin, Honeywell, and Johnson Controls is further propelling the market growth in the North American region. However, the gas pressure regulator market growth in North America is expected to be challenged by the changing regulatory environments and competition from alternative energy sources.
On the other hand, regions such as Europe and Asia-Pacific are anticipated to register a healthy CAGR during the forecast period. As a result, the gas pressure regulator market in Europe is highly competitive. Emerson, Honeywell, Parker Hannifin, IMI Precision Engineering, and Rotarex are a few of the notable companies in the European gas pressure regulator market. These companies have a strong presence in the market and offer a wide range of gas pressure regulators for various applications.
Honeywell International
Itron Inc.
Air Liquide SA
Emerson Electric Co.
Xylem
Frequently Asked Questions
Between 2022 to 2027, the global gas pressure regulator market is anticipated to grow at a healthy CAGR of 5.12%.
The increasing need for natural gas and government policies propel the gas pressure regulator market growth.
The global gas pressure regulator market is segmented by product into Toxic Gases, Corrosive Gases, and Inert Gases.
North America played a vital role in the global gas pressure regulator market in 2021.
Honeywell International, Itron Inc., Air Liquide SA, Emerson Electric Co., and Xylem are a few of the noteworthy companies in the gas pressure regulator market.
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