Pressure Relief Valves are used to control the pressure in a system in case of a process upset, or equipment failure. The extra pressure in the systems is relieved through an auxiliary passage. A typical pressure relief valve is designed to operate at a predetermined set pressure to assist in protecting other vessels and equipment from being subjected to unsafe pressure. If the pressure in the system exceeded the relief valve automatically becomes the passage of least resistance and helps retain the pressure. Pressure relief valves finds application in a variegated range of industries ranging from F&B, Pharmaceuticals, Oil & Gas, Power and Paper & Pulp.
Due to sluggish growth rate among most of these industries, the global pressure relief valves market is expected to expand with a moderate CAGR over the forecast period.
The prime factor boosting the growth in the global pressure relief valves market is the reviving oil & gas and chemical industry, coupled with the rapidly growing industrialization efforts in the developing world. As companies relocate their manufacturing plants and set up new units across different geographies as per supply-demand scenario, demand for pressure relief valves is bound to increase. Increasing preference towards nuclear power generation particularly from countries such as India and China will also drive the demand for pressure relief valves. Furthermore, as most of the refineries showing plans for capacity expansion in near future, demand for pressure relief valves is anticipated to significantly increase. Rapidly increasing health and safety concerns across all industry verticals is another factor that is pushing existing industries to replace their legacy systems and upgrade to the new ones, thus fuelling more demand in the global pressure relief valves market.
Geographically, pressure relief valves market has been categorized into seven key regions including North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East & Africa. North America is anticipated to dominate the global pressure relief valves market, amid, large number of chemical processing industries, and the rapidly expanding oil and gas production in the region. As oil and gas companies in the region explore more and more unconventional energy resources such as shale gas extraction, demand for pressure relief valves in the region is expected to remain high. Further, Western Europe being a global leader in chemical production is also anticipated to continue providing vast opportunity for pressure relief valves manufacturers.
As, Asia Pacific Exc. Japan (APEJ) countries focus more on their domestic chemical production in turn relying less on western imports, demand for pressure relief valves in the region is expected to rise significantly. Moreover, on the backdrop of upcoming power generation projects inclusive of nuclear power plants in APEJ, the pressure relief valve market of the region is expected to grow throughout the forecast period. The Middle East and Africa’s pressure relief valves market is also anticipated to contribute significantly to the overall demand. Further, as oil prices revive demand for pressure relief valves in the region is expected to grow gradually. Japan is also a prominent region in terms of demand for pressure relief valves, however the growth rate is expected to remain moderate throughout the forecast period.
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