The pressure relief valves market is projected to grow at a CAGR of 3.22% during the forecast period.
The electronic, as well as pneumatic, systems are built to control fluid system variables, such as pressure, temperature, and flow. The PRVs are low maintenance, adjustable, and efficient which makes them a ready choice across several industry verticals. The usage of these modern-day mechanisms is factoring in the demand for PRV systems across the globe. Their importance as safety mechanisms in oil and gas industries, and growth in nuclear energy generation are among the key driving factors of the market. On the manufacturing side, the growth of the 3D printing technology to fabricate the safety valves is furthering the growth ahead during the forecast period.
The market has witnessed significant growth over the past few years owing to its advantages and end-uses, which have been derailed after the hit of the global pandemic. The unprecedented effect of the pandemic has hit industries like oil and gas, and power among others. The demand for PRVs from these industries foresaw a contraction of demand as industrial processes were suspended to curb the spread of the virus. However, the demand factored in from the pharma sector helped sustain the market during these uncertain times. On the supply side, the market also faced a lack of raw materials, low investment, and labour shortages leading to a dip in this production scale. Overall, the market for PRV underwent a pessimistic impact but the reopening of the global economy in the latter half of 2020 is aiding the market to rebound and follow the growth tracks.
Increasing use of pressure relief valves in heavy industries.
Pressure relief valves are increasingly used in heavy industries like refineries, chemical plants, and other similar facilities to prevent pressure vessels and other equipment from over-pressurization by relieving excess pressure when necessary. These devices can come in many different sizes and shapes and allow pressurized fluids or gasses to escape through a passage so that pressure cannot build up beyond safe operating limits.
The manufacturing units and industrial setups in today's world are highly reliant on oil, gas, and power. They are an essential cost of any setup. According to the US Energy Information Administration, 98.4 million b/d of petroleum and liquid fuels was consumed globally in August 2021. And this number is expected to grow in the years to come.
Secondly, the incidence of occupational hazards in heavy industries can result in fatal outcomes. Therefore, a well-functioning pressure relief device is required for the protection of plant personnel, as unexpected or undeclared events can cause equipment damage or loss of functioning, loss of containment, and final plant shutdowns.
India is expected to account for a major market share.
This growth is attributed to the low production and labor costs in India, as well as the country's lenient regulations, which are encouraging various end-use vertical players, such as oil and gas, pharmaceuticals, chemicals, and textiles, to expand their manufacturing facilities in the country. The increasing population is boosting the power sector expansion, resulting in a strong demand for pressure valves in this country. The market for pressure relief valves is further being fueled by adoption by major industries such as oil & gas and pharmaceuticals, as well as rising use by power plants. A key element driving growth in the global market for PRVs is the rapid increase in nuclear energy adoption. PRVs are essential for the safe and efficient operation of nuclear power facilities.
| Report Metric | Details |
|---|---|
| Forecast Unit | Billion |
| Growth Rate | 3.22% |
| Study Period | 2020 to 2030 |
| Historical Data | 2020 to 2023 |
| Base Year | 2024 |
| Forecast Period | 2025 – 2030 |
| Segmentation | Type, Set Pressure, End-User, Geography |
| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Companies |
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