United States, Rockville MD, July 07, 2022 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global pressure pilot market is estimated at US$ 1.23 billion in 2022 and is expected to expand at an impressive CAGR of 6.1% during the forecast years of 2022-2032. The market is poised to grow due to remarkable use case and safety provided by pressure pilots.
Pressure pilot systems are integrated into pressurised vessels or systems to protect them in the case of an overpressure occurrence. Owing to government standards and safety requirements in critical end-user operations, pressure pilots are in high demand, not just in new installations but also in retrofits.
Use of pressure pilot systems have increased significantly in the operations of oil & gas and chemical companies for fluid management. In 2020, global revenue of the chemical industry stood at US$ 3.9 trillion. Pressure pilots are a crucial piece of equipment in the chemical industry. As such, growth of the chemical industry is directly proportional to the demand growth of pressure pilots.
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Key Takeaways from Market Study
- The global pressure pilot market is projected to expand at an impressive CAGR of 6.1% and be valued at US$ 2.22 billion by 2032.
- The market witnessed 0.6% CAGR for the period of 2017-2021.
- Under type, spring-loaded pressure pilots dominate the market and are valued at US$ 925.6 million in 2022.
- Europe dominated the market with 27% market share in 2021.
- Together, the oil & gas and chemical industries are likely to represent 40.4% market share in 2022.
- Based on region, demand for pressure pilots is expected to increase at CAGRs of 4.7% and 7.8%, respectively, in Europe and South Asia & Oceania.
Market Development
The business environment in the pressure pilot valves market continues to reflect a rollup within the industry despite difficult economic conditions. To gain a solid hold in the market, prominent manufacturers are employing organic and non-organic strategies, such as the acquisition of Flow Safe by Dresser Natural Gas Solutions.
Furthermore, market players are taking efforts to increase their customer base by focusing on diverse end-users as well as regions. Moreover, market participants are focusing on expanding their product offerings by making R&D investments to offer advanced and smart products.
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Competitive Landscape
Prominent pressure pilot manufacturers are Alfa Laval AB, Apollo Valves, Baker Hughes Company, Crane Co, Curtiss-Wright Corporation, Emerson Electric Co., Flow Safe, Inc., Flowserve Corp, Forbes Marshall, GE Co., Goetze KG Armaturen, IMI plc, LESER GmbH and Co. KG., Pentair plc, The Weir Group PLC, Valvitalia Group SpA, Velan, Inc., and Watts Water Technologies Inc.
Moreover, expertise and professionalism in planning, designing, and providing optimal pressure control solutions are at the backbone of their marketing strategies.
- In Jan. 2021, The ASCO 141 series advanced redundant control system (ARCS) from Emerson was designed to come up with a solution for a range of emergency failures in valve applications in the oil & gas, chemical, power & energy industries.
- In Nov. 2020, Flow Safe, a manufacturer of pilot-operated and spring-operated pressure relief devices, was acquired by Dresser Natural Gas Solutions, a manufacturer of instrumentation, electronics, measurement, and distribution repair equipment for the gas utility market.
- In May 2020, Baker Hughes released off-the-shelf conversion kits to upgrade to higher-performing pilot-operated pressure relief valves from API 526 direct spring safety relief valves.
Segmentation of Pressure Pilot Industry Research
- by Type :
- Spring-loaded Pressure Pilots
- Air-loaded Pressure Pilots
- by Operation :
- Relief Valves
- Pressure Reduction Valves
- by Pressure Range :
- Less than 250 psi
- 250-500 psi
- 500-1000 psi
- 1000-2000 psi
- Above 2000 psi
- by Sales :
- by Application :
- Oil & Gas
- Chemicals
- Power & Energy
- Pharmaceuticals
- Food & Beverages
- Plastics & Materials
- Industrial Manufacturing
- Others
- by Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global pressure pilot market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of type (spring-loaded, air-loaded), operation (relief valves, pressure reduction valves), pressure range (less than 250 psi, 250-500 psi, 500-1000 psi, 1000-2000 psi, above 2000 psi), sales (new installation, retrofit), and application (oil & gas, chemicals, power & energy, pharmaceuticals, food & beverages, plastics & materials, industrial manufacturing, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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