According to a new market report published by Transparency Market Research titled Industrial Gas Regulator Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026, the global industrial gas regulator market is expected to reach a value of US$ 18.96 Bn by 2026. In terms of value, the market is estimated to expand at a CAGR of 3.4% during the forecast period from 2018 to 2026. Rising demand for natural gas for power generation and operation of industrial units in various industries is projected to offer lucrative opportunities to the industrial gas regulators market. Governments of different countries globally are promoting the use of natural gas instead of conventional fossil fuel for the generation of power to reduce carbon emissions. Furthermore, growing demand for technologically advanced gas regulators is anticipated to build a new standard of products with high degree of operational ability, safety, and efficiency.
Stringent government safety regulations and guidelines across the globe for the manufacturing and processing sector is expected to be the major factor responsible for the increasing demand for industrial gas regulators globally. Furthermore, the utilization of various gases during R&D and processing requires specific gas regulators to prevent dangerous accidents, which have led to the enhanced demand for industrial gas regulators in the market.
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The pressure reducing industrial gas regulator is expected to grow steadily due to its applications across all end-use industries. Based on gas type, inert gas is expected to witness growth at a CAGR of 3.1% over the forecast period because of its increasing demand from pharmaceutical, oil & gas, and chemical industry. In a bid to follow good manufacturing and safety operation practices, industrial gas regulators are expected to drive the market based on gas type segment. Based on regulator type, single stage regulator segment is expected to dominate the market in terms of revenue and expand at a CAGR of 3.6% during the forecast period. The growth is attributed to its ability of low energy consumption and availability at cheaper prices. These regulators are best suited for all applications with minimal inlet pressure variation.