Pressure Relief valves Market Expected to Reach $7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Pressure Relief valves Market," The Pressure Relief Valves Market Size was valued at $4.4 billion in 2021, and is estimated to reach $7 billion by 2031, growing at a CAGR of 4.6% from 2022 to 2031.

Pressure relief valves shield other equipment, such as pressure vessels, from pressures that are too high for them. The valve is used to regulate or control internal pressure that could otherwise result in equipment failure, instrument failure, or fire. By enabling the pressurized fluid to exit through an auxiliary passage, the pressure is reduced.

The rise in the number of industrial infrastructure projects in developing countries is driving the demand of the pressure relief valves market. For instance, the government of China spent $10 billion on a new oil & gas refinery project, Guangdong refinery, which is expected to be completed by March 2022. Such instances are expected to drive the growth of the market. As per pressure relief valves market analysis they are utilized in the oil and gas industry for drilling and workover activities, which increases demand for pressure relief valves and is expected to drive market expansion. key market players are focused on product launch strategy to fulfill rising requirements of consumers.

For instance, in December 2020, Weir Oil & Gas has launched latch back pressure valve system to increase safety, reliability of drill- thru operations. According to ICF International Inc.'s research on North America Midstream Infrastructure through 2035, overall investments in oil and gas infrastructure are expected to range between $685 billion and $895 billion from 2018 to 2035. Developing nations, notably those in the European Union, the U.S., and China, are also largely saturated in the pharmaceutical and food and beverage industries. Pressure relief valves play a significant part in the production of various medical equipment and assist crucial players by providing opportunities during this pandemic circumstance.

Domestic manufacturers offer pressure relief valves ranging from $100 to $200. However, major players offer pressure relief valves in the $100 to $2500 range. Therefore, customers focus on adopting pressure relief valves from domestic manufacturers, which hinders the pressure relief valves industry growth.

In addition, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering growth of the pressure relief valves market. However, this situation is expected to improve as government is relaxing norms around the world for resuming business activities.

Emerging markets such as India, China and Egypt are increasing investments in hydrocarbon projects to encourage more oil and gas exploration. Increasing demand for petroleum and other energy and renewable resources is expected to boost the growth of the pressure relief valves market share. The Egyptian government has invested around US$2.5 billion in building new petroleum refinery projects to process hydrocarbons. Moreover key market players are focused on product launch strategy to strengthen its product portfolio. For instance, in November 2020, Danfoss has launched its new 65bar safety valve, SFA 10H, that offers reduced capacity, high reliability, and high-pressure for applications with CO2 and synthetic oils. The design and manufacturing of this product focuses on preventing leaks, providing perfect reseating after release, and keeping a stable set pressure over time. This is expected to offer lucrative opportunities for pressure relief valves market growth

The global pressure relief valve market is segmented on the basis of valve type, pressure, end user, and region. By valve type, the market is divided into spring loaded, pilot loaded, dead weight, and p and t actuated. By pressure, the market is divided into low, medium, and high. Based on end user, the market is divided into oil & gas, chemical, power generation, food & beverage, manufacturing, and water & wastewater. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

COMPETITION ANALYSIS

The major players profiled in the pressure relief valve market include AGF Manufacturing, Inc., Alfa Laval, Curtis-Wright Corp, Emerson Electric Co., General Electric, Goetze KG Armaturen, IMI PLC, Mercury Manufacturing Company Limited, The Weir Group PLC, and Watts Water Technology, Inc.

 KEY FINDINGS OF THE STUDY

• The report provides an extensive analysis of the current and emerging global pressure relief valves market trends and dynamics. 
• Based on valve type, the pilot operated segment dominated the market in 2021.
• Based on pressure, the medium segment dominated the market in 2021.
• By end user, the power generation segment generated the highest revenue in 2021.
• Region-wise, Asia-Pacific dominated the market in 2021. And LAMEA is anticipated to dominate the global pressure relief valves market exhibiting highest CAGR during the forecast period.
• The report provides an extensive analysis of the global pressure relief valves market trends and emerging opportunities of the market. 
• The global pressure relief valves market forecast analysis from 2021 to 2031 is included in the report.