Portland,OR, Feb. 28, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global pressure relief valves market was valued at $4.4 billion in 2021, and is projected to reach $7.0 billion by 2031, registering a CAGR of 4.6% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 | |
| Base Year | 2021 | |
| Market Size in 2021 | $4.4 Billion | |
| Market Size in 2031 | $7.0 Billion | |
| CAGR | 4.6% | |
| No. of Pages in Report | 228 | |
| Segments Covered | Type, Pressure, End User and Region. | |
| Drivers | Growth in oil & gas and power industries | |
| Demand for pressure relief valve in pharmaceutical and food & beverages industries | ||
| Restraints | Competition from domestic manufacturers | |
| Opportunities | Increase in investments on hydrocarbons by emerging economies |
Covid-19 scenario -
- Several restrictions on industrial activities during the pandemic impacted the global pressure relief valves market negatively.
- The supply chain of raw material of pressure relief valves was hampered during the outbreak of the pandemic. This led to disperuption of the pressure relief valves market and eventually retrained the growth of the market. However, the market has now got back on track by the end of 2021.
The global pressure relief valves market is analyzed across type, pressure, end user, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By type, the pilot operated segment held the largest share in 2021, garnering nearly two-third of the global pressure relief valves market revenue, and is projected to maintain its dominance by 2031. The P and T actuator would showcase the fastest CAGR of 5.6% during the forecast period.
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By pressure, the low pressure segment contributed to nearly 35% of the global pressure relief valves market share in 2021, and is projected to rule the roost by 2031. It would display the fastest CAGR of 5.2% throughout the forecast period.
By end user, the power generation segment accounted for the highest share in 2021, generating nearly 25% of the global pressure relief valves market revenue. The food and beverage segment would portray the fastest CAGR of 5.3% during the forecast period.
By region, the market across Asia-Pacific held the major share in 2021, garnering nearly half of the global pressure relief valves market. LAMEA, on the other hand, would showcase the fastest CAGR of 5.7% from 2022 to 2031.
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Key Players:
The key market players analyzed in the global pressure relief valves market report include 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. These market players have embraced several strategies including acquisition, partnership, product and business expansion, to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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