Global Pressure Relief Valves Market to Reach $7 billion, Globally, by 2031 at 4.6% CAGR: Allied Market Research

The global Pressure relief valves market is experiencing growth due to factors such as rising industrialization, particularly in oil & gas, chemical, and power generation sectors., Expansion of oil & gas exploration activities, especially offshore projects, and Growing investments in water treatment facilities due to increasing water scarcity”

Wilmington, Delaware, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Pressure Relief valves Market Size, Share, Competitive Landscape and Trend Analysis Report, by Valve Type (Spring Loaded, Pilot Operated, Dead Weight, and P and T Actuated), By Pressure (Low, High, and Medium), End User (Oil and Gas, Chemical, Power Generation, Food and Beverage, Manufacturing, and Water and Wastewater) : Global Opportunity Analysis and Industry Forecast, 2021-2031”. The global Pressure relief valves market Size was valued at $4.4 billion in 2021, and is projected to reach $7 billion by 2031, growing at a CAGR of 4.6% from 2022 to 2031.

Prime determinants of growth

The market for Pressure relief valves is anticipated to expand significantly during the forecast period owing to Expansion of oil & gas exploration activities, especially offshore projects, and increased infrastructure development in emerging regions, boosting PRV demand. Moreover, adoption of process automation in industries requiring efficient valve systems drives the market growth. However, High initial costs of installation and maintenance, limiting the adoption of Pressure relief valves. In addition, Expansion of green energy projects, requiring PRVs for wind, solar, and hydro applications are expected to provide lucrative growth opportunities for the market during the forecast period.

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Report coverage & details:

Report Coverage

Details

Forecast Period

2021–2031

Base Year

2021

Market Size in 2021

$4.4 billion

Market Size in 2031

$7 billion

CAGR

4.6%

No. of Pages in Report

214

Segments Covered

Types, End User, Thickness, and Region.

Drivers

Rising industrialization, particularly in oil & gas, chemical, and power generation sectors.

Stringent safety regulations mandating the use of PRVs to prevent overpressure incidents.

Growing global energy demand, increasing the need for PRVs in energy systems.

Expansion of oil & gas exploration activities, especially offshore projects.

Opportunities

Growth of the pharmaceutical industry, increasing the need for PRVs in processing equipment.

Expansion of chemical processing industries, boosting demand for PRVs

Restraint

High initial costs of installation and maintenance, limiting adoption.

Volatility in raw material prices, impacting production costs of PRVs

Segment Highlights

Based on valve types, the Pilot Operated segment dominated the pressure relief valves market in terms of revenue in 2021 owing to its superior performance in high-pressure and large-capacity applications. These valves offer precise pressure control and are more efficient than conventional spring-loaded valves, making them ideal for industries like oil & gas, chemical processing, and power generation. Their ability to provide tight sealing, reduce system pressure fluctuations, and handle higher set pressures makes them the preferred choice in critical industrial operations. Additionally, their reliability and reduced maintenance needs have contributed to their widespread adoption across various sectors.

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Based on Pressure, the low segment dominated the Pressure relief valves market in terms of revenue in 2021 owing to its extensive use in industries such as HVAC, water treatment, and residential applications. Low-pressure relief valves are essential for protecting systems operating at lower pressures, such as pipelines, storage tanks, and distribution systems, from potential overpressure incidents. Their affordability, wide range of applications, and critical role in maintaining operational safety in low-pressure systems contributed to their high demand. Additionally, the growing focus on water conservation and energy-efficient solutions further drove the adoption of low-pressure relief valves in various sectors.

Based on the end user, the power generation segment dominated the Pressure relief valves market in terms of revenue in 2021 owing to the increasing need for reliable safety systems in power plants. Pressure relief valves are critical in power generation facilities, particularly in thermal, nuclear, and renewable energy plants, where maintaining controlled pressure levels is essential to prevent equipment failure and ensure operational safety. The rising global demand for electricity, coupled with ongoing investments in energy infrastructure and upgrades to aging power plants, further boosted the demand for pressure relief valves. Additionally, stringent safety regulations in the energy sector contributed to the segment’s dominance.

Regional Outlook

On the basis of the region, Asia-Pacific attained the highest market share for the Pressure relief valves market in 2021 due to rapid industrialization and significant investments in infrastructure development. The region's expanding manufacturing sector, particularly in countries like China and India, has led to increased demand for pressure relief valves in various industries, including oil and gas, chemical processing, and power generation. Additionally, government initiatives aimed at enhancing energy efficiency and safety standards have further propelled the adoption of pressure relief valves. The growing focus on renewable energy projects and the modernization of aging infrastructure also contributed to the region's strong market performance.

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Players: -

AGF Manufacturing, Inc.

Alfa Laval

Curtis-Wright Corp

Emerson Electric Co.

General Electric

Goetze KG Armaturen

IMI PLC

Mercury Manufacturing Company Limited

The Weir Group PLC

Watts Water Technology, Inc

The report provides a detailed analysis of these key players in the global Pressure relief valves market. These players have adopted different strategies such as new product launches, acquisition, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Recent Industry News

In April 2022, Lamot Valve & Arrestor launched its new product: the Model L11E Weight-Loaded Pressure Relief Valve. The valve includes an option to add calibrated weights in 0.5 using increments, giving the operator the flexibility to adjust the set pressure of this valve from the top of the tank and eliminating the need to remove and retest in the shop on a test stand. It can be used as a stand-alone vent to the atmosphere pressure relief valve or can be used in addition to existing pressure relief valves to add additional flow capacity.

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