Pressure Safety Relief Valves Market Size, Scope 2022-2028
The global pressure safety relief valves market size was valued at USD x billion in 2021, growing at a CAGR of x% during the forecast period 2022-2028. Pressure valves are used to relieve pressure in the event of equipment failure, as well as to control the system's pressure. The additional pressure in the systems is relieved via an auxiliary channel. A pressure relief valve is a device that operates at a specific pressure to protect other equipment and vessels from dangerous pressure. If the system's pressure rises over a specific point, the relief valve changes to the channel of low resistance, assisting with pressure retention.
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The reviving oil & gas and chemical industries, as well as quickly rising industrialization activities in the developing globe, are the primary factors driving the worldwide pressure relief valves market forward. Pressure relief valve demand is expected to rise as corporations shift production plants and open new units across various locations in response to supply-demand conditions. Pressure relief valve demand will be fueled by a growing preference for nuclear power generation, notably in nations like India and China. Furthermore, with the majority of refineries planning capacity growth in the near future, demand for pressure relief valves is expected to skyrocket. Another factor driving existing industries to replace outdated systems and upgrade to new ones is the rapidly growing health and safety concerns among all industry verticals, which is fueling greater market share in the global pressure relief valves market.
The global pressure safety relief valves market segmentation:
- By Product Type: Spring Loaded, Pilot Operated, Dead Weight, Others
- By Set Pressure: Low Pressure, Medium Pressure, High Pressure
- By End User Industry: Oil and Gas, Paper and Pulp, Chemical Processing, Food and Beverages, Pharmaceuticals, Water and Waste Water Treatment, Others
Owing to the region's huge number of chemical processing companies and quickly rising oil and gas production, North America is expected to dominate the worldwide pressure relief valves market. Need for pressure relief valves in the region is projected to continue high as oil and gas businesses in the region explore additional unconventional energy resources also including shale gas production. Furthermore, as a global leader in chemical production, Western Europe is expected to continue to provide a large market for pressure relief valves manufacturers. As countries in Asia Pacific Exc. Japan (APEJ) focus more on domestic chemical manufacturing and rely less on western imports, need for pressure relief valves is predicted to expand dramatically in the region.
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Some of the major key players in the Pressure Safety Relief Valves Market are General Electric Co., Weir Group Plc., Curtiss Wright Corp., IMI Plc., Flow Safe, Inc., Velan Inc., Goetze KG Armaturen, Pentair Ltd.
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