Global Pressure Safety and Release Valves Market is forecast to reach $6.9 billion by 2025, growing at a CAGR of 4.2%during the forecast period from 2020 to 2025. The Pressure Safety and Release Valves market is driven primarily by the factors such as industrial growth of industries such as thermal power plants along with growing adoption by leading sectors to improve work safety. Moreover, rising global urbanization has caused high demands by construction sector in building infrastructures which can help the market to grow further. Adoption of pressure safety and release valves by various industries prior to improving work related safety can also help the market to rise significantly during the forecast period.
- Spring loaded valves are having major demands by the chemical industries due to their corrosion resistant material design and capability of resisting higher temperatures.
- APAC region is having major growth in the pressure safety and release valves market due to high investments towards pipeline projects as well as infrastructure developments.
- Rapid growth of power plants along with strict regulations by government towards work environment safety has been acting as major driving forces for the pressure safety and release valves market.
Type- Segment Analysis
Spring loaded valves have been dominating the pressure safety and release valves market prior to usage in leading industrial sectors. Withstanding high temperatures and set pressures are the key factors driving the demand towards spring loaded valves by various industries. These valves are made using anti corrosive materials and offers higher chemical compatibility, thus causing huge dominance by chemical industries. Since making external adjustments in these valves are quite easier compared to other types along with g issues, spring loaded valves have been able to gain much popularity, providing a major contribution in the pressure safety and release valves market.
Geography - Segment Analysis
APAC is expected to have a major growth in the global pressure safety and release valves market during the forecast period from 2020 to 2025. Increasing population has surged the market growth for construction sector, thus causing high demands for safety valves in this region. High adoption by leading sectors such as food and beverage and pharmaceuticals and growing adoption by power plants has been fuelling the growth of pressure safety and release valves market.
Drivers –Pressure Safety and Release Valves Market
- Government regulations
Stringent government regulations regarding workplace safety is causing high market demands for pressure safety and release valves. Rising rate of accidents and work related risks in various sectors such as food and beverage, chemical industry and many others are major factors fuelling the market growth of these valves. Government concerns towards safety and health of workers are growing, thus creating high dominance of pressure safety and release valves in the market. Various industries are adopting pressure safety valves to ensure safety within their organization due to strict government rules, thus fuelling the market growth for pressure safety and release valves.
- Growth of power plants
Rising growth of power plants has been acting as a major driver towards the market growth of pressure safety and release valves. Adoption of pressure safety and release valves for power generation has helped in improving the power generation process along with enhancing safety standards in the work environment. With preventing overpressure of piping systems, boilers as well as pressure vessels, safety valves helps in reducing accidents and risks for the industry. Rapid growth of thermal power plants has been propelling the market demands for pressure safety and release valve. Usage of these valves for high performance applications is also causing high demands in various power plants.
Challenges – Pressure Safety and Release Valves Market
- Leakage issues
With high usage of pressure safety and release valves in demanding industrial sectors, leakages can cause major issues, thus leading to high maintenance costs and operation failures. Since the safety and release valves are highly subjected to over pressure conditions overtime, there are high chances of wear and tear. This results in loss of industrial property as well as human lives, thus causing high spending by end users for regular maintenance. Rising additional costs to avoid leakages has been hampering the market for pressure safety and release valves.
Partnerships and acquisitions along with product launches are the key strategies of the players in the Pressure Safety and Release Valves Market. The major key players in the Pressure Safety and Release Valves Market include Curtiss-Wright Corporation, Forbes Marshall, Velan Inc., Emerson Electric Co., IMI Plc, Weir Group plc, Baker Hughes, Flow Safe Inc., Watts Water Technologies, Alfa Laval AB and LESER GmbH and Co. KG.,
- In September 2019, Pragma had launched an advanced safety valve in order to minimize costs for cable deployed electric submersible pumps (ESP). This valve was designed in order to provide cable deployed ESPs installed in production wells with an improved well solution. The lift actuated design of the valve had helped in improving onshore and offshore installations along with meeting all the safety regulations, thus reducing the time, cost as well as risks.
- In December 2019, High Pressure Equipment company had designed a soft seat relief valve in order to safeguard the liquid as well as gas tubing systems from over pressure related damages and failures. The relief valves were designed with a bubble tight seal along with pressure ranging from 1,500 to 25,000 psi, thus for ideal use in venting gas.