As per Persistence Market Research analysis, the global pressure relief valves market is projected to be valued at around US$ 4.4 Bn in 2021, expanding at a CAGR of 4.5% over the forecast period of 2021-2031. Expansion of end-use industries such as oil & gas, chemicals, power generation, and others, coupled with implementation of strict regulation codes for pressure relief valves is augmenting market growth.
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The ongoing crisis caused by the COVID-19 pandemic has resulted in the disruption of supply chain networks and manufacturing activities. Though sales of pressure relief valves is understood to have plummeted during the initial stages of the pandemic, with regional manufacturing sector operations reviving toward threshold rates, the market is expected to recover sharply over subsequent years.
Key Takeaways from Market Study
- Energy sector witnessing a rise in oil & gas production from new regional facilities as well as augmentation of power generation is expected to be a key driver for market growth providing continued demand for pressure relief valves.
- With research & development, new techniques are making market competition tougher. Tier-I manufacturers are focusing on high performance and advanced pressure relief valves for end users.
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- Growth in digitalization and increasing need for remote applications have enhanced demand for smart pressure relief valves that are technologically advanced and minimize product loss.
- Introduction of new production plants in the chemical sector will push sales of pressure relief valves. The setting up of chemical plants meant for manufacturing of crude oil by-products across Latin America is expected to boost the manufacturing sector in Argentina, Brazil, Peru, etc.
- India, Latin America, and the ASEAN region are picking up pace in the pressure relief valves industry, owing to robust outlook of various industries in these countries.
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