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Pressure Relief Valves Market was assessed at $4.4 billion in 2021 and is forecasted to achieve $7 billion by 2031
The Pressure Relief Valves Market was valued at $4.4 billion in 2021 and is projected to reach $7 billion by 2031, growing at a CAGR of 4.6% from 2022 to 2031. Pressure relief valves (PRVs), also known as relief valves, protect pressure vessels and other equipment from exceeding their design limits by controlling or limiting pressure build-up. This prevents equipment failure and potential hazards by allowing pressurized fluid to flow out of the system.
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Market Dynamics
Growth Drivers
The oil and gas industry significantly drives the demand for PRVs, especially for drilling and workover operations. A report by ICF International Inc. projected that investments in North America's oil and gas infrastructure will range between $685 billion and $895 billion from 2018 to 2035. Additionally, the pharmaceutical and food & beverage industries in developing countries like China and the U.S. contribute to market growth. For example, the India Brand Equity Foundation highlighted the food & beverage processing industry's high growth potential.
Challenges
The market faces challenges from domestic manufacturers who offer PRVs at lower prices ($100-$200), compared to key players whose products range from $100 to $2500. This price disparity drives customers towards domestic manufacturers, hampering the growth of established companies.
COVID-19 Impact
The COVID-19 pandemic significantly reduced the demand for PRVs in 2020 due to lockdowns and production halts across major manufacturing countries. However, as industries resumed full-scale operations post-pandemic, the market began to recover by the end of 2022.
Market Segmentation
By Valve Type
The market is segmented into spring-loaded, pilot-loaded, dead weight, and pressure & temperature (P&T) actuated valves. Spring-loaded and pilot-loaded valves dominate the market, with pilot-loaded valves expected to contribute the most revenue during the forecast period.
By Pressure
PRVs are categorized based on pressure capacity: low (up to 300 psig), medium (301-800 psig), and high (above 800 psig). The low-pressure segment is anticipated to generate the largest revenue and exhibit the highest CAGR during the forecast period.
By End User
The market serves various industries including oil & gas, chemical, power generation, food & beverage, manufacturing, and water & wastewater. The power generation sector is expected to hold the largest market share, while the water and wastewater segment is projected to have the highest CAGR.
Regional Analysis
The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific held the highest revenue share in 2021, with LAMEA expected to exhibit the highest CAGR during the forecast period.
Competitive Landscape
Key players in the market include AGF Manufacturing, Inc., Alfa Laval, Curtis-Wright Corp, Emerson Electric Co., General Electric, Goetze KG Armaturen, IMI PLC, Mercury Manufacturing Company Limited, The Weir Group PLC, and Watts Water Technology, Inc. Companies are focusing on acquisitions and product launches to enhance their market presence.
Acquisitions
In February 2020, Curtiss-Wright Corporation acquired Dyna-Flo for $62 million, expanding its product portfolio in the chemical, petrochemical, and oil & gas markets.
Product Launches
Emerson launched new technologies for the Crosby J-Series PRV in December 2022. Lamot Valve & Arrestor introduced the Model L11E Weight-Loaded Pressure Relief Valve in April 2022, providing flexibility in pressure adjustment.
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Key Benefits for Stakeholders
This comprehensive analysis offers insights into market dynamics, trends, and opportunities from 2021 to 2031. It includes a detailed segmentation analysis, Porter's five forces analysis, and regional market evaluations, aiding stakeholders in making informed decisions and strategic planning.
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