- Spring Loaded
- Pilot Operated
- Dead Weight
- P & T Actuated
Pressure Relief Valves Market was valued at USD 4,281.6 million in 2022 and is expected to grow at a 4.6% CAGR from 2023 to 2029. Pressure relief valves are the safety valves used to protect pressure vessels and equipment by controlling the built-in pressure in the vessel or equipment. This is done by allowing the pressurized liquid or fluid to flow out of the system using an auxiliary passage. Pressure relief valves are used in various applications like oil & gas industries, chemical industries, food and beverages, manufacturing, water & wastewater treatment, and much more, among these pressure relief valves are majorly used in the oil & gas industry. The growing oil & gas industry is expected to drive the growth of the pressure relief valves market over the forecast period. For instance, according to a report published by ICF International Inc in June 2018, total investments in oil and gas chemicals industries are projected to range between $685 billion and $895 billion from 2018 to 2035. In addition, rapid urbanization, and industrialization in developing countries are expected to boost the growth of the pressure relief valves market at a significant rate over the forecast period. Furthermore, the growing awareness of the importance of worker safety and plant safety and the rising trend of smart factories and automated systems which require reliable pressure relief valves to prevent equipment damage and ensure the safety of workers is expected to further propel the growth of pressure relief valves market over the forecast period. However, the high cost of production and installation of pressure relief valves, and the availability of limited skilled labor are expected to hinder the growth of the pressure relief valve market over the forecast period
Fastest Growing Market
The pressure relief valves market is expected to grow over the forecasted period due to the increasing demand for pressure relief valves in the oil & gas industries, petrochemical industries, and the power generation sectors owing to the increase in the need for safety in these industries. These industries are operated under high pressure and temperature, the pressure built up in the equipment may cause the accidental release of hazardous fluids or gases resulting in catastrophic consequences like fires, and explosions. The safety of workers and continuity of operations depends on the proper functioning of safety equipment which includes pressure relief valves. Thus, the growing oil & gas industries across the globe are expected to drive the growth of the pressure relief valve market.
The Pressure Relief Valves market was valued at USD 4,281.6 million in 2022 and is expected to grow at a 4.6% CAGR from 2023 to 2029
Growing Oil & Gas industries, pharmaceuticals, food processing industries across the globe is expected to drive the growth of pressure relief valves market over the forecast period.
The leading players in the global Pressure Relief Valves market are Alfa Laval AB, Apollo Valves, Baker Hughes Company, Curtiss-Wright Corporation, Emerson Electric Co., Flow Safe, Inc., Forbes Marshall, IMI plc, LESER GmbH and Co. KG., Pentair plc, The Weir Group PLC, Velan, Inc.
The Pressure Relief Valves market is segmented based on type, end-user, pressure, and geography.