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Pressure Relief Valves Market Size & Share to See Modest Growth Through 2024
Pressure relief valves are basically used for controlling the pressure within a system if there is an equipment failure or process upset. A pressure relief valve operates at a set pressure that is predetermined in order to assist the vessels and for equipment protection from unsafe pressure. Pressure relief valves find application in a wide range of industries such as power, F&B, oil & gas, pharmaceuticals, and paper & pulp.
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Global Pressure Relief Valves Market: Segmentation
The market for pressure relief valves market is globally fragmented into its product type, set pressure, and end-use industry. On the basis of product type, the global market is segregated into pilot operated pressure relief valves, spring-loaded pressure relief valves, dead weight pressure relief valves, and others. Depending on the set pressure, the market is categorized into high pressure, low pressure, and medium pressure. According to the end-user industry, the market is divided into chemical processing industry, paper and pulp industry, food and beverage industry, leather industry, the pharmaceutical industry, oil and gas, power industry, textile industry, plastic industry, fertilizers and pesticides, and others. The oil and gas industry is further sub-divided into upstream, downstream, and midstream.
Global Pressure Relief Valves Market: Growth Factors
The developing chemical and oil and gas industry and the rapid industrialization in the developing countries are the major factors that are contributing to the pressure relief valves market. The demand for pressure relief valves is expected to increase in the coming years as the companies keep on relocating their manufacturing plants to different geographical regions depending on the supply and the demand. Different developing countries are inclining towards the nuclear power generation, this factor is also driving the pressure relief valves market. The increase in the concerns regarding the health and safety across all the end-use industries is compelling them to replace their conventional systems with the new ones is triggering the pressure relief valves market.
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Global Pressure Relief Valves Market: Regional Analysis
Based on the regions, the market for pressure relief valves is diversified into North America, Western Europe, Eastern Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The factors that attribute the market dominance in the North American region is the significant growth in the number of chemical industries and the expansion in the production of oil and gas. The oil and gas companies in this region are exploring more resources of unconventional energy which include shale gas extraction, thus the demand for pressure relief valves will remain high in the coming years. Western Europe is the global leader in the production of chemical productions, thus anticipating to provide vast opportunities for the manufacturers of pressure relief valves. The Asia Pacific region is focusing on improving their domestic chemical production so that they rely less on western imports; hence, improving the demand for the pressure relief valves. Another factor that is driving the market in Asia Pacific region is the developing power generation projects which include the nuclear power plants is driving the pressure relief valve market.
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Global Pressure Relief Valves Market: Competitive Players
The key market players that are involved in the pressure relief valves market include Weir Group Plc., Curtiss Wright Corp., IMI Plc., Flow Safe, Inc., Velan Inc., Goetze KG Armaturen, Pentair Ltd., GE Co., LESER GmbH. & Co. KG, Alfa Laval AB, Conbarco Industries, and Watts Water Technologies, Inc.
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