Global Pressure Relief Valves Market Report 2023: Sector is Expected to Reach $7 Billion by 2031 at a CAGR of 4.6%

Dublin, May 16, 2023 (GLOBE NEWSWIRE) -- The "Pressure Relief valves Market By Valve Type, By Pressure, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

The global pressure relief valves market was valued at $4,430.5 million in 2021, and is projected to reach $7,038.1 million by 2031, registering a CAGR of 4.6% from 2022 to 2031.

Key Market Players

• General Electric
• Watts Water Technologies, Inc.
• The Weir Group PLC
• Curtis-Wright Corp
• AGF Manufacturing, Inc.
• Mercury Manufacturing Company Ltd.
• IMI plc
• Alfa Laval
• Emerson Electric Co.
• Goetze KG Armaturen

Pressure relief valve (PRV) is also called as a relief valve. Pressure vessels and other equipment are protected by pressure relief valve from being subjected to pressures that exceed their design limits. The valve is used to control or limit the pressure built inside the equipment which may cause equipment or instrument failure, or fire. The pressure is relieved by allowing the pressurized fluid to flow from an auxiliary passage out of the system.

Developing countries, especially those in the European Union, the United States and China, are also saturated with pharmaceutical, food and beverage industries. Pressure relief valves play a vital role in the manufacturing of various medical devices and support key players by providing opportunities during these pandemic situations. The need for pressure relief valves is being driven by the increase in industrial infrastructure developments in developing nations.

For instance, the Chinese government invested $10 billion on the Guangdong refinery, a brand-new oil and gas refinery project that is planned to be finished by March 2022. It is anticipated that situations like these would fuel market expansion. Drilling and workover operations in the oil and gas sector use pressure relief valves, which raises their demand and is anticipated to propel market growth.

Overall investments in oil and gas infrastructure are anticipated to range between $685 billion and $895 billion from 2018 to 2035, according to ICF International Inc.'s analysis on North America Midstream Infrastructure through 2035. All such instances are expected to drive pressure relief market industry during the forecast period.

The cost of pressure relief valves from domestic manufacturers ranges from $100 to $200. However, prominent competitors offer pressure relief valves ranging in price from $100 to $2500. Customers therefore prioritise adopting pressure relief valves from domestic producers. This in turn restrains the pressure relief valves market expansion.

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.

Increasing promotion of oil and gas exploration, emerging economies like Egypt, China, and India are boosting their investments in hydrocarbon projects. The market for safety valves is anticipated to expand in response to rising demand for petroleum, other forms of energy, and renewable resources. To process hydrocarbons, the Egyptian government has invested over US$2.5 billion in new petroleum refinery facilities.

Moreover, key market players are focused on product launch to strengthen their 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 anticipated to present profitable chances for the expansion of the pressure relief valve industry.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the pressure relief valves market analysis from 2021 to 2031 to identify the prevailing pressure relief valves market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the pressure relief valves market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global pressure relief valves market trends, key players, market segments, application areas, and market growth Strategies.

Key Attributes:

Key Market Segments

By Valve Type

• Spring Loaded
• Pilot Operated
• Dead Weight
• P and T Actuated

By Pressure

• Low
• High
• Medium

By End User

• Oil and Gas
• Chemical
• Power Generation
• Food and Beverage
• Manufacturing
• Water and Wastewater

For more information about this report visit https://www.researchandmarkets.com/r/e792uy

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• Global Pressure Relief Valves Market