Pressure Relief Valves Market Size, Share, Growth Report 2032

Pressure Relief Valves Market Insights

According to a report from Zion Market Research, the global Pressure Relief Valves Market was valued at USD 5.19 Billion in 2023 and is projected to hit USD 8.15 Billion by 2032, with a compound annual growth rate (CAGR) of 4.6% during the forecast period 2024-2032. This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Pressure Relief Valves Market industry over the next decade.

Pressure Relief Valves Market: Overview

Pressure valves are used for pressure relieving in the event of equipment failure; these valves are used to control the pressure in the system. An auxiliary passage releases the extra pressure in the systems. A pressure relief valve is designed to function at a predetermined set of pressure to help protect other equipment and vessels from dangerous pressure. If the pressure in the system exceeds a certain threshold, the relief valve automatically switches to the path of least resistance, assisting in pressure retention.

COVID-19 Impact Analysis

With the rapid spread of COVID-19, the healthcare and pharmaceutical industries are leading the fight against the pandemic. The surge in the production of critical medical devices essential to cure COVID-19 patients is increasing. Pressure safety valves are used in the production of a variety of medical devices, and several key industry players have seized the opportunity to contribute to the fight against the pandemic.

Pressure Relief Valves Market: Growth Factors

 The reviving oil and gas and chemical industries, combined with rapidly rising industrialization efforts in the developing world, are the primary factors propelling the growth of the global pressure relief valves market. Demand for pressure relief valves is expected to rise as companies are relocating their manufacturing plants and establishing new units across geographies in response to the supply-demand scenario. The growing preference for nuclear energy generation, particularly in countries such as India and China, will drive demand for pressure relief valves. Furthermore, with the majority of refineries planning capacity expansion in the near future, demand for pressure relief valves is expected.

Pressure Relief Valves Market: Report Scope

Set Pressure Segment Analysis Preview

Medium pressure relief valves accounted for 50% of demand by set pressure in 2020. Pressure relief valves with a medium pressure range are widely used in a variety of end-use industries such as oil and gas, chemicals, and others. This trend is expected to continue through the forecast period.

End Use Industry Segment Analysis Preview

In 2020, the oil and gas sector accounted for more than 26% of the total value. The growth and expansion of this industry around the world have resulted in high demand for pressure relief valves. Beside oil and gas, chemicals and wastewater management industries are seeing significant growth in the coming years. Oil and gas along with petrochemical developments will make South Asia, Russia, and South America emerging markets for pressure relief valves.

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Pressure Relief Valves Market: Regional Analysis Preview

North America is expected to dominate the global market for pressure relief valves, owing to the region's large number of chemical processing industries and rapidly expanding oil and gas production. Demand for pressure relief valves in the area is expected to increase, owing to the surging exploration of energy resources by oil and gas companies in the region.

Europe is projected to grow at a CAGR of over 7.8% during the forecast period. Being a global leader in the chemical production European region is expected to continue providing vast opportunities for pressure relief valve manufacturers. Additionally, as the manufacturers focus more on producing chemicals domestically and relying less on imports, the demand for pressure relief valves in the region is evident.

Pressure Relief Valves Market: Key Players & Competitive Landscape

Some of the key players in the Pressure Relief Valves market are:

• General Electric
• Emerson Electric Co.
• Watts Water Technologies, Inc
• Weir Group Plc.
• Alfa Laval Corporate AB
• Curtiss-Wright Corp
• AGF Manufacturing, Inc.
• Mercury Manufacturing Company
• IMI Plc
• Goetze KG Armaturen, among others.

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The pressure relief valves market is segmented as follows:

By Product Type

• Pilot Operated
• Spring Loaded
• Dead Weight
• Others

By Set Pressure

• Low
• Medium
• High

By End Use Industry

• Textile
• Oil & Gas
• Energy & Power
• Chemical Plants
• Leather
• Food and Beverage
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa