Press release
Pressure Relief Valve (PRV) Market Understanding the Key Product Segments and their Future
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.
Pressure Relief Valves Market: Drivers & Restraints
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.
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Pressure Relief Valves Market: Market Segmentation
The Pressure Relief Valves market is segmented into three parts based on product type, set pressure and end use industry:
Based on product type, the Pressure Relief Valves market is segmented into:
Spring loaded Pressure Relief Valves
Pilot operated Pressure Relief Valves
Dead weight Pressure Relief Valves
Others
Based on set pressure, the Pressure Relief Valves market is segmented into:
High Pressure
Medium Pressure
Low Pressure
Based on end use industry, the Pressure Relief Valves market is segmented into:
Oil and Gas
Upstream
Midstream
Downstream
Chemical Processing Industry
Power Industry
Paper and Pulp Industry
Textile Industry
Food and Beverage Industry
Plastic Industry
Leather Industry
Fertilizers and Pesticides
Pharmaceutical Industry
Others
Pressure Relief Valves Market: Regional Outlook
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.
Pressure Relief Valves Market Players
Some of the key players identified in Global Pressure Relief Valves market are:-
Pentair Ltd.
Weir Group PLC
GE Co
Curtiss Wright Corp.
LESER GmbH & Co. KG
IMI plc
Alfa Laval AB
Flow Safe, Inc.
Conbarco Industries
Velan Inc.
Watts Water Technologies, Inc.
Goetze KG Armaturen
The global woodworking machines market is highly fragmented due to the presence of large number of regional and global players. Regional players choose quality service and competitive pricing as their winning strategy over global players. In response to this, global players are largely involved in merger & acquisition and partnership activities in order to enhance their profitability margin and market share
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