According to the research study, the global pressure relief valves market is estimated to witness noteworthy growth during the forecast period, owing to factors such as rising demand from pharmaceutical and chemical, oil and gas, and power generation industries.
The global pressure relief valves market was pegged at US$ 4,207.3M in the year 2017, and is expected to expand at a CAGR of 3.5% during the slated period of 2018 to 2028.
Growing production of pharmaceuticals, chemicals, fertilizers, pesticides, textiles, and oil and gas, among others, has resulted in a drastic growth in the demand for pressure relief valves, which are used to protect a pressure vessel from over-pressure in steam, gas, air, and liquid lines. This explains the projected growth of the pressure relief valves market during the forecast period.
South Asia Expected to Project Significant Growth Opportunities for Global Pressure Relief Valves Market Players
The global pressure relief valves market is significantly consolidated, with the top 5 players accounting for around one-fourth share of the overall market. There are a few players in the market that have established themselves at global as well as domestic levels. These players are engaged in expanding into high-growth regions, and are also expanding their manufacturing capacities to cater to the increasing demand.
East Asia is expected to be a prominent region in the global pressure relief valves market throughout the forecast period, because of the increasing production and consumption of pressure relief valves in China. Besides East Asia, South Asia, which includes countries such as India and the ASEAN region, is also projected to be an attractive region for the global pressure relief valves market. Increasing disposable income of the population, developing economies, and industrialization in this region are some of the major factors driving the growth opportunities in the pressure relief valves market in South Asia.
Spring Loaded PVR to witness Prominent Sales; Oil & Gas and Chemical Processing Industries to Raise Significant PRV Demand
The global pressure relief valves market has been segmented on the basis of product type, set pressure, and end-use industry, besides the seven regions.
- On the basis of product type, spring loaded products are expected to be the most commonly sold product, accounting for a prominent share in the global pressure relief valves market throughout the forecast period. However, in terms of growth rate, the pressure & temperature actuated segment is considered to project relatively higher growth in the coming years.
- Based on set pressure, the medium pressure relief valves segment is estimated to account for nearly one-half of the market size, owing to their vast application in various end-use verticals
- Pressure relief valves find significant application in various end-use industries such as oil & gas, chemical processing, power generation, paper & pulp, food & beverage, pharmaceuticals, and mining, among others. The oil and gas segment is estimated to be one of the prominent end-use industry segments in the pressure relief valves market, and is expected to account for more than one-fourth of the total pressure relief valves market throughout the forecast period.
- Besides oil and gas, pressure relief valves also find important application in the chemical processing industry, which is also expected to create significant revenue for the global pressure relief valves market. This is driven by the introduction of chemical plants for the manufacturing of crude oil bi-products across the Latin American region.
Pressure Relief Valves Market: Vendor Insights
The report highlights some of the market players that are prominent and have established themselves as leaders in the global pressure relief valves market. Some of the examples of the key players in this market are General Electric, Emerson Electric Co., Watts Water Technologies, Inc., Weir Group Plc., Alfa Laval Corporate AB, Curtiss-Wright Corp., Flow Safe, Inc., CIRCOR International, Inc., AGF Manufacturing, Inc., Mercury Manufacturing Company, IMI Plc., and Goetze KG Armaturen, among others.
These insights are based on a report on Pressure Relief Valves Market by Persistence Market Research.