Wilmington, Delaware, Aug. 15, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Accumulator Charging Valves Market by Type (Single Accumulator Charging Valve, Dual Accumulator Charging Valve and Others) and Application (Heavy Machinery and Equipment, Oil and Gas, Automotive, Construction and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the accumulator charging valves market was valued at $1.4 billion in 2023, and is estimated to reach $2.1 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033.
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Prime determinants of growth
The global accumulator charging valves market is experiencing growth due to several factors such as increasing use of heavy machinery and equipment in the construction industry, increasing government incentives for infrastructure development, and rise in construction activities across the globe. However, maintenance and service requirements hinder market growth to some extent. Moreover, digitalization and IoT integration in the construction industry offers remunerative growth opportunities for the global accumulator charging valves market throughout the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $1.4 billion |
| Market Size in 2033 | $2.1 billion |
| CAGR | 4.3% |
| No. of Pages in Report | 312 |
| Segments Covered | Type, Application, and Region. |
| Drivers |
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| Opportunities |
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| Restraint |
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The dual accumulator charging valve segment is expected to dominate the market throughout the forecast period.
Dual accumulator charging valves are used in systems with two accumulators. Dual accumulator charging valves help in achieving load sensing options, provides increased in-built relief valve to limit hydraulic system pressure. Additionally, dual accumulator charging valves provide redundancy by allowing two separate accumulators to be charged independently from a single valve unit. Such advantageous properties over single dual accumulator charging valves is expected to increase sales of dual accumulator charging valves segment throughout the forecast period.
However, others segment is expected to grow at highest CAGR throughout the forecast period. Typically, others segment includes load sensing charging valves, high-performance accumulator charging valves etc.
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The heavy machinery and equipment segment is expected to grow faster throughout the forecast period.
There is increased spending from big corporations in the advanced machinery for use in automation and automotive industries. The application of accumulator charging valve in such machineries and equipment and further R&D activities for the same offers lucrative opportunities for the accumulator charging valves industry growth. However, others segment is expected to grow at highest CAGR throughout the forecast period.
North America to maintain its dominance by 2033.
Accumulator charging valves are widely used for pressure control, leakage compensation, energy storage, noise reduction, and other applications. The utilization of accumulator charging valves in sectors, such as oil & gas, power plants, and others, is the key market trend in the North America region. The massive urbanization and industrialization have surged the demand for energy sectors, which, in turn, has pushed the sales of accumulator charging valves in parts of the U.S. Moreover, refineries in Canada are constantly engaged in maximizing their refining capacity where accumulator charging valves plays a major role in energy storage, pressure control, leakage compensation, and other purposes. This may propel the growth of the accumulator charging valves market in the region.
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Key Players:
- ZF Off-Highway Solutions Minnesota Inc.
- Poclain Group
- HYDAC International
- Bosch Rexroth Africa Group of Companies
- Bucher Hydraulics
- Hydrotechnik Test Engineering Ltd
- HAWE Group
- Motorimpex
- Weber Hydraulic GmbH
- Leader Hydraulics
The report provides a detailed analysis of these key players in the global accumulator charging valves market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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