Pressure Relief Valves Market Size Global Forecast, Growth Drivers 2023

The global pressure relief valves market size was valued at USD 4,281.6 million in 2022 and is poised to grow at a significant CAGR of 4.6% during the forecast period 2023-29. The primary drivers of the expansion of the global pressure relief valves market include the growing oil & gas industries across the globe. In addition, increasing awareness about the safety of workers in various industries is expected to boost the growth of the pressure relief valves market over the forecast years.

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The pressure relief valves market is segmented based on type, end-user, pressure, and geography.

Based on the type, the market is segmented into the following:
• Spring Loaded
• Pilot Operated
• Dead Weight
• P & T Actuated

Based on the pressure, the market is segmented into the following:
• Low
• Medium
• High

Based on the end user, the market is segmented into the following:
• Oil and Gas
• Chemical
• Power Generation
• Food and Beverage
• Manufacturing
• Water & Wastewater

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Based on the end-user, the global Pressure Relief Valves market is segmented into Oil and Gas, Chemical, Power Generation, Food and Beverage, Manufacturing, and Water & Wastewater. The oil & gas industry segment is expected to account for a larger revenue share in the global pressure relief valves market. The increase in the oil & gas industry across the globe and their increased export volumes fuels the growth of the pressure relief valve market. The high risk associated with the safety of workers in the oil & gas industry is expected to increase the demand for pressure relief valves over the forecast years.

Asia Pacific Pressure Relief Valves Market
The Asia Pacific pressure relief valves market is expected to increase over the forecast period due to the growing industrialization leading to the expansion of process plants, pipelines, and storage tanks is expected to increase the demand for pressure relief valves in this region. In addition, the increasing need for energy due to the growing population and urbanization led to the expansion of petrochemical, oil & gas, and power generation industries in developing countries like China, India, Japan, and South Korea which is anticipated to boost the growth of pressure relief valves in this region over the forecast period. Furthermore, the strict government regulations regarding the safety of workers and the environment are expected to fuel the growth of the pressure relief market in this region over the forecast year.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The global Pressure Relief Valves market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

For instance, In March 2021, Bakers Hughes released its new 1900 series dual media spring-loaded safety relief valve with patented trim.

Key players profiles in the Pressure Relief Valves Market report 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.

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