According to a study conducted by Persistence Market Research, the global pressure relief valves market is estimated to witness noteworthy growth during the forecast period, owing to factors such as a rising demand from the pharmaceutical, chemical, oil and gas and power generation industries.
The global pressure relief valves market was estimated at $4.2 billion in 2017 and is expected to expand at a compound annual growth rate (CAGR) of 3.5% during the period of 2018 to 2028.
Growing production of pharmaceuticals, chemicals, fertilizers, pesticides, textiles and oil and gas resulted in a growth in the demand for pressure relief valves, which are used to protect a pressure vessel from over pressure in steam, gas, air and liquid lines.
East Asia is expected to be a prominent region in the global pressure relief valves market throughout the forecast period because of increasing production and consumption of pressure relief valves in China. South Asia, which includes countries such as India and the Association of Southeast Asian Nations (ASEAN) region, is also projected to be an attractive region for the global pressure relief valves market. Increasing disposable income of the population, developing economies and industrialization in this region are some of the major factors driving the growth opportunities in the pressure relief valves market in South Asia.
The global pressure relief valves market has been further segmented on the basis of product type, set pressure and end-use industry.
On the basis of product type, spring loaded products are expected to be the most commonly sold product, accounting for a prominent share in the global pressure relief valves market throughout the forecast period. However, in terms of growth rate, the pressure and temperature actuated segment is considered to project higher growth in the coming years.
Based on set pressure, the medium-pressure relief valves segment is estimated to account for nearly half of the market size, owing to their vast application in various end-use verticals.
Pressure relief valves find significant application in various end-use industries such as oil and gas, chemical processing, power generation, paper and pulp, food and beverage, pharmaceuticals and mining. The oil and gas segment is estimated to be one of the prominent end-use industry segments in the pressure relief valves market, and is expected to account for more than a fourth of the total pressure relief valves market throughout the forecast period.
Besides oil and gas, pressure relief valves also find important application in the chemical processing industry, which is also expected to create significant revenue for the global pressure relief valves market. This is driven by the introduction of chemical plants for the manufacturing of crude oil byproducts across the Latin American region.
The report highlights some of the market players that are prominent and have established themselves as leaders in the global pressure relief valves market. Some of the examples of the key players in this market include: