The pressure relief valves market is projected to witness a compound annual growth rate of 4.03% to grow to US$5.429 billion by 2026, from US$4.118 billion in 2019. 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, growth in nuclear energy generation is 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 labor 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.
The pressure relief valves market had been growing at a healthy pace before the outbreak of the COVID-19 pandemic. The rising demand from end-user industries such as oil & gas and power generation has been one of the major drivers of the market growth. However, the pandemic had a negative impact on the pressure relief valves market due to slower demand from the end-use industries. According to IEA, the consumption of oil stood at 99.7 million barrels per day in 2019, but it decreased to 91 million barrels per day in 2020. As the oil and gas industry is a major end-use industry for pressure relief valves, the decreased consumption led to a negative impact on the growth of the pressure relief valves market. Furthermore, as various industries were shut down, and transportation was restricted, the demand for power generation witnessed a decline as well, which further harmed the pressure relief valves market growth. Moreover, the supply chain disruptions that occurred as a result of trade and transport restrictions negatively impacted the market growth as well. Thus, the projection for the pressure relief valves market in the COVID-19 scenario is significantly revised downwards.
Increasing use 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 setup in today's world are highly reliant on oil, gas, and power. They are an essential cost of any setup. According to 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 to have a major 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. Increasing population is boosting the power sector expansion, resulting in 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.
|Market size value in 2019||US$4.118 billion|
|Market size value in 2026||US$5.429 billion|
|Growth Rate||CAGR of 4.03% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Set Pressure, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Emerson Electric Co., General Electric, Groth Corporation, AGF Manufacturing Inc., Mercury Manufacturing Company, Curtiss-Wright, LESER, Flow Safe, Valvitalia, Forbes Marshall|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the pressure relief valves market?
A1. The global pressure relief valves market is projected to grow at a CAGR of 4.03% over the forecast period.
Q2. What will be the pressure relief valves market size by 2026?
A2. The pressure relief valves market is projected to reach a market size of US$5.429 billion by 2026.
Q3. What is the size of the global pressure relief valves market?
A3. Pressure Relief Valves Market was valued at US$4.118 billion in 2019.
Q4. Which region holds the largest market share in the pressure relief valves market?
A4. Geographically, the Asia Pacific region is expected to hold a significant share in the pressure relief valves market.
Q5. What factors are anticipated to drive the pressure relief valves market growth?
A5. The usage of these modern-day mechanisms is factoring in the demand for pressure relief valves market across the globe.
Emerson Electric Co.
AGF Manufacturing Inc.
Mercury Manufacturing Company
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