The pressure relief valves market size has the potential to grow by USD 937.20 million during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 4.12%.
This report provides a detailed analysis of the market by end-user (oil and gas, chemicals and petrochemicals, power, water and wastewater, and other), geography (APAC, Europe, MEA, North America, and South America), and key vendors.
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The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
Alfa Laval AB
Emerson Electric Co.
General Electric Co.
LESER GmbH. & Co. KG
Parker Hannifin Corp.
The Weir Group Plc
The pressure relief valves market is fragmented and the vendors are deploying growth strategies such as providing industry-specific and standard pressure relief valves to compete in the market. Click here to uncover other successful business strategies deployed by the vendors.
The market players also significantly leverage external market drivers such as increasing periodic replacement activities to achieve growth opportunities. However, factors such as design and installation issues while selecting pressure relief valves will challenge the growth of the market participants. To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Download a free sample of the pressure relief valves market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
This pressure relief valves market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of their future growth opportunities.
Pressure Relief Valves Market: Key Drivers and Trends
The increasing periodic replacement activities are one of the key factors driving the pressure relief valves market growth.
The adoption of pressure relief valves is high in various harsh industries. The performance of the valves need monitoring on a regular basis due to their exposure to harsh conditions.
Vendors carry out the servicing and replacement activity periodically due to the growing need to replace pressure relief valves when they are affected by corrosive liquids and elevated temperatures.
Vendors are introducing products to ensure smooth integration of IoT and pressure relief safety valve, which is identified as one of the key pressure relief valves market trends.
They are developing modern sensors such as positioning sensors that are available at low price and provide accuracy.
Pressure air release valves along with smart monitors communicate independently without interfering with the main process line.
42% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for pressure relief valves in APAC. Market growth in APAC will be faster than the growth of the market in other regions.
The growth in the chemical industry is one of the prime factors that will facilitate the pressure relief valves market growth in APAC over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.
Pressure Relief Valves Market: Segmentation by End-user
Operations in the oil and gas industry are carried out in harsh environments, and the weather condition and the heat generated inside the processing plants affect the performance of the installed equipment. To maintain a safe operable environment, pressure relief valves are installed in the drilling to the pumping processes of oil in offshore facilities. Increasing investments in refining in APAC through new capacity additions and upgrading of existing refineries are expected to drive the growth of the oil and gas segment. However, the pressure relief valves market share growth by the oil and gas segment will be slower than the power and water and wastewater segments.
This report provides an accurate prediction of the contribution of all the segments to the growth of the pressure relief valves market size. Fetch actionable market insights on post COVID-19 impact on each segment.
Alfa Laval AB, Crane Co., Curtiss-Wright Corp., Emerson Electric Co., General Electric Co., IMI Plc, LESER GmbH. & Co. KG, Parker Hannifin Corp., Schlumberger Ltd., The Weir Group Plc are a few of the key vendors in the pressure relief valves market.