Dublin, Dec. 09, 2020 (GLOBE NEWSWIRE) -- The "Pressure Relief Valves - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
As Manufacturing PMI Dips, it Takes Down All Hopes for Normalcy in the Pressure Relief Valves Market. On the Cards is a $657.5 Million Erosion in Revenues
The global market for Pressure Relief Valves is expected to decline by -15.3% in the year 2020 and thereafter recover and grow to reach US$4.6 billion by the year 2027, trailing a post COVID-19 CAGR of 3.4% over the analysis period 2020 through 2027.
Manufacturing industries ranging from oil & gas, processing to paper & pulp, capital goods industry has been massively impacted by economic disruptions of COVID-19. Global economic activity is slumping with GDP growth forecast to dip as low as -4.9% in the year 2020. The manufacturing industry, which is the largest end-user of pressure sensitive valves, is the worst affected given its complex supply chains, labor intensive processes, and inter-dependencies. Division of labor, modular manufacturing strategies, outsourcing to reduce costs and increase the efficiency, consistency, and quality of each operations have made the manufacturing sector most vulnerable amid the lockdown restrictions.
An indication of the grim state of affairs is the fact that global manufacturing PMI is already declining and will fall to an estimated all-time low in 2020 as compared to the 53.8 in 2019. With roots in China, the world's supply chains are facing unprecedented disruption and shutdown. Interwoven with a demand crisis, the supply chain shocks are exerting a compounded blow to manufacturing companies worldwide. A combination of all the aforementioned macro-economic issues alongside more specific factors such as suspension of the transportation and changes in demand patterns have dealt a debilitating blow to the manufacturing industry.
The falling PMI indices indicates severe contraction of manufacturing activity including new orders, production, employment, supplier deliveries, inventories, customers' inventories, commodity prices, order backlog, new export orders, and imports. Business investment confidence is tumbling amidst poor demand, falling profits, liquidity crunch and a reeling global economy. The great lockdown of 2020 has crushed the global economy and with it the manufacturing sector.
The COVID-19 pandemic will have lasting long-term economic, social and political impact. As upstream, midstream and downstream sectors of manufacturing feel the ripple effect of disruption, pressure sensitive valves also a key part of the value chain is expected to feel the heat.
Expenditure in the oil & gas and energy sector in 2020 is expected to decline by over $88.9 billion and $365 billion, while chemicals, mining, will see reductions of -30% and -27% respectively. Most CAPEX reductions have been to protect balance sheets, maintain shareholder pay-outs & preserve liquidity. As capital spending cuts sweeps through all industries, demand scenario for pressure relief valves, a vital safety component & feature in most processing equipment, remains poor.
In the post COVID-19 period, stringent regulations on energy efficiency, several industries such as food processing, chemicals and other process industries will generate long term demand for pressure relief valves. Moreover, stringent government guidelines on industrial safety will also drive the market for pressure relief valves.
In addition to process industries, the power generation industry is one of the major users of pressure relief valves. In the thermal power plants, pressure relief valves help in maintaining the pressure within the system, thereby averting costly accidents. As energy efficiency and industrial safety continue to garner interest among all stakeholders, demand for pressure relief valves is expected to grow steadily in future, after a temporary lull in 2020 and 2021.
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- COVID-19 Outbreak Poised to Dent Market Prospects in the Immediate Term
- Prevailing Weak Global Economic Environment & Negative Tide in GDP Forecasts Discourage the Pressure Relief Valves Market in Short Term
- Established Use Case Across Diverse Sectors to Renew Market Demand in Post COVID-19 Period
- An Introduction to Pressure Relief Valve
- Evolution of PRVs
- Key Components of Pressure Relief Valve
- Parameters to Consider for Selecting PRVs
- Identifying Failure of Pressure Relief Valves
- Select Technical Terms Associated with PRV Operation
- Standards and Codes for Pressure Relief Valves
- Pressure Relief Valves (PRV) vs. Pressure Safety Valves (PSV)
- Product Types of Pressure Relief Valves
- PRV Types by Set Pressure
- Key End-Uses of PRVs
- Pressure Relief Valves: Global Market Overview and Outlook
- Spring Loaded PRVs: Largest Product Segment
- Regional Market Analysis
- Competition
- Recent Market Activity
- Select Global Brands
2. FOCUS ON SELECT PLAYERS
- Alfa Laval AB
- Bopp & Reuther Messtechnik GmbH
- Curtiss-Wright Corporation
- Emerson Electric Company
- Flowserve Corporation
- GE Healthcare Life Sciences
- IMI Precision Engineering
- LESER GmbH & Co. KG
- NEWAY VALVE (SUZHOU) CO., LTD.
- Pentair PLC
- Valvitalia SpA
- Velan, Inc.
- Watts Water Technologies, Inc.
- Weir Group PLC
3. MARKET TRENDS & DRIVERS
- Thrust Towards Digitalization and Automation across Industries Augurs Well for Long-Term Growth
- Rise of Industry 4.0 & Smart Factory Mandates Technology Adjustments to Pressure Relief Valve Technology
- IIoT to Stir Adoption of Pressure Relief Valve Digitalization
- Despite the Current Depressive Scenario, Oil & Gas Sector to Remain Dominant End-Use Sector
- Relevance in Power Industry
- Sustained Opportunities in Nuclear Power Sector
- Widespread Use in Chemicals Industry
- Water & Wastewater Industry: Infrastructure Development Drives Demand
- Pulp & Paper Industry: Unique Needs of Mills Set Demand Trends
- Urban Sprawl Extends Broad-based Opportunities
- Smart City, the New Urban Infrastructure Concept, to Fuel Fresh Wave of Growth
- Technology Innovations & Advancements
- Technology Improvements Augment Product Design & Efficiency
- Cartridge Valves: A Key Development in Pressure Relief Valve Segment
- Regulations, Codes and Standards
- Issues & Challenges
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- GEOGRAPHIC MARKET ANALYSIS
IV. COMPETITION
- Total Companies Profiled: 82
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