NEW YORK, July 7, 2021 / PRNewswire / – According to analysis by Persistence Market Research, the global pressure relief valve market demand should be valued at around US $ 4.4 billion in 2021, with a CAGR of 4.5% over the forecast period 2021-2031. The expansion of end-use industries such as oil and gas, chemicals, power generation and others, coupled with the implementation of strict regulatory codes for pressure relief valves, is increasing the growth of the market.
The current crisis caused by the COVID-19 pandemic has resulted in the disruption of supply chain networks and manufacturing activities. Although sales of pressure relief valves fell during the early stages of the pandemic, with regional manufacturing operations resuming towards threshold rates, the market is expected to recover strongly in the following years.
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Key points of the market research
- The energy sector, which is experiencing increased production of oil and gas from new regional facilities, as well as increased power generation, is expected to be a key driver of market growth, providing continuous demand for pressure relief valves.
- With research and development, new techniques are making competition in the market tougher. Tier I manufacturers focus on high performance and advanced pressure relief valves for end users.
- The growth of digitalization and the growing need for remote applications have increased the demand for smart pressure relief valves that are technologically advanced and minimize product loss.
- The introduction of new production plants in the chemical sector will boost sales of pressure relief valves. The establishment of chemical plants for the manufacture of crude oil by-products through Latin America should stimulate the manufacturing sector by Argentina, Brazil, Peru, etc.
- India, Latin America, and the ASEAN region are accelerating in the pressure relief valve industry, due to the strong prospects of various industries in these countries.
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“North America will represent a significant share of the global market, and South Asia is expected to become a lucrative market over the next few years, âsays a Persistence Market Research analyst.
The pressure relief valve market is moderately fragmented and the penetration of small regional players makes this market more competitive. Some of the major players in the market are Emerson Electric Co., Parker Hannifin Corp., Watts, Baker Hughes, Rexnord Corporation, Curtiss-Wright Corporation, The Weir Group plc, ALFA Laval AB, CIRCOR International, Inc., IMI plc, and Mercer Valve Co., Inc., among others. These players have larger shares in the global market and have long-standing relationships with a number of end users for the supply of pressure relief valves.
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Find more valuable information
The research report analyzes the demand for pressure relief valves. The global market has been analyzed with the impact of COVID-19, various macroeconomic factors, market trends and market background. According to the scope of research on the Persistence market, the market has been analyzed on the basis of product type, setting pressure, end use, and region.
The report provides qualitative and quantitative insights into the various players in this market. This report also tracks the market from the supply and demand side.
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