NEW YORK, July 7, 2021 /PRNewswire/ -- As per Persistence Market Research analysis, the global pressure relief valves market demand is projected to be valued at around US$ 4.4 Bn in 2021, expanding at a CAGR of 4.5% over the forecast period of 2021-2031. Expansion of end-use industries such as oil & gas, chemicals, power generation, and others, coupled with implementation of strict regulation codes for pressure relief valves is augmenting market growth.
The ongoing crisis caused by the COVID-19 pandemic has resulted in the disruption of supply chain networks and manufacturing activities. Though sales of pressure relief valves is understood to have plummeted during the initial stages of the pandemic, with regional manufacturing sector operations reviving toward threshold rates, the market is expected to recover sharply over subsequent years.
Energy sector witnessing a rise in oil & gas production from new regional facilities as well as augmentation of power generation is expected to be a key driver for market growth providing continued demand for pressure relief valves.
With research & development, new techniques are making market competition tougher. Tier-I manufacturers are focusing on high performance and advanced pressure relief valves for end users.
Growth in digitalization and increasing need for remote applications have enhanced demand for smart pressure relief valves that are technologically advanced and minimize product loss.
Introduction of new production plants in the chemical sector will push sales of pressure relief valves. The setting up of chemical plants meant for manufacturing of crude oil by-products across Latin America is expected to boost the manufacturing sector in Argentina, Brazil, Peru, etc.
India, Latin America, and the ASEAN region are picking up pace in the pressure relief valves industry, owing to robust outlook of various industries in these countries.
"North America will account for prominent share in the global market, and South Asia is anticipated to emerge as a lucrative market over the coming years," says a Persistence market Research analyst.
The pressure relief valves market is moderately fragmented, and penetration of small regional players makes this market more competitive. Some of the key 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 higher shares in the global market, and have longstanding relationships with a number of end users for the supply of pressure relief valves.
The research report analyzes demand for pressure relief valves. The global market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends,and market background. As per Persistence market Research's scope, the market has been analyzed on the basis of product type, set pressure, end use, and region.
The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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