Pressure Safety And Release Valves Market - Forecast(2024 - 2030)

Pressure Safety And Release Valves Market Overview

The Pressure Safety And Release Valves Market size is forecast to reach $6.23 billion by 2027, growing at CAGR 3.96% from 2022 to 2027. The growth of Pressure Safety And Release Valves Market is mainly driven by the rapid industrial growth, especially in power sector, across the world. Furthermore, governments initiatives to increase the workplace safety coupled with stringent regulatory norms imposed by various governing bodies for making enhancements in work environments are fueling the demand for various types of safety valves including vacuum safety valves, pilot-operated relief valve, spring loaded pressure relief header and others. Moreover, increasing urbanization has also created significant growth in the adoption rate of these valves in construction sector, which helps the pressure safety and release valves industry to grow. Hence, the above-mentioned factors are driving the adoption rate of pressure safety and release valves by various industries, in order to improve the work-related safety, which in turn boost the growth of Pressure Safety And Release Valves Market during the forecast period 2022-2027.

Report Coverage

The report: “Pressure Safety And Release Valves Market– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Pressure Safety And Release Valves Market.

By Type: Spring Loaded Pressure Relief Valves, Pilot operated Pressure Relief Valves, Dead Weight Pressure Relief Valves, P&T Actuated Pressure Relief Valves and Others
By Set Pressure: Low, Medium and High
By End-User Industry: Power, Oil and Gas, Chemical & Petrochemical, Pharmaceutical, Food & Beverages, Paper & Pulp, and Others
By Geography: North America (U.S., Canada and Mexico); Europe (U.K., Germany, Italy, France, Spain, Rest of Europe); APAC (Japan, China, India, South Korea, Australia, Rest of APAC); South America (Brazil, Argentina, Rest of Americas); RoW (Middle East & Africa)

Key Takeaways

• Chemical & petrochemical industry held around 34% market share in 2021 and is estimated to witness the significant growth during 2022-2027, owning to the increasing investment in this sector globally and governments initiatives to develop the industry.
• The market of Pressure safety and release valves is estimated to witness significant upsurge during the forecast period, owing to the exponential growth in process industries across the world.
• This industry is consolidated with top market players including Curtiss-Wright Corporation, Forbes Marshall, Velan Inc., Emerson Electric Co., IMI Plc, Weir Group plc among others. 
  

  Pressure Safety And Release Valves Market Value Share, by Geography, 2021 (%)

  
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Pressure Safety And Release Valves Market Segment Analysis - By Type

By Type, the Pressure Safety And Release Valves Market is segmented into spring loaded pressure relief valves, pilot operated pressure relief valves, dead weight pressure relief valves, P&T actuated pressure relief valves and others. Spring loaded pressure relief valves segment analysed to GROW with a significant CAGR of around 4.76%, during the forecast period 2022-2027. These valves are being used for the longest time in various industries compared to others, due to which it has the largest market share in this industry. Apart from that, it has various advantages such as greater capacity of withstanding higher temperatures, higher chemical compatibility and set pressures, which drives the adoption rate of this valve. These valves help to vent the fluid to safeguard the system from overpressure, and installation of the spring-loaded valves into the system also assist in reducing the damages to the components. This in turn creates significant demand for the valves. Apart from that, the growth of chemical industry creates a high influence on the adoption rate of this type of valves, as it has high chemical compatibility. Hence, the above-mentioned factors drive the demand of spring-loaded valves and offers incentives to the market players to take various strategic steps, in order to expand their business share. For instance, in December 2020, Baker Hughes announced about the launch of the 1900 Series Dual Media (DM), Spring-Loaded Safety Relief Valve, with patented trim. The dual certified Spring-Loaded Safety Relief Valve brings innovation and technological differentiation to the customers of the organization. Such developments will accelerate the adoption rate of pressure safety and release valves software, thereby driving the growth of this market during the forecast period 2022-2027.

Pressure Safety And Release Valves Market Segment Analysis - By End-User Industry

Based on End-user industry, Pressure Safety And Release Valves Market is segmented into Power, Oil and Gas, Chemical & Petrochemical, Pharmaceutical, Food & Beverages, Paper & Pulp, and Others. According to Pressure Safety And Release Valves Market report of IndustryARC, Pressure Safety And Release Valves Market size for chemical & petrochemical industry is analysed to grow with a CAGR of 3.86% during 2022-2027. With increasing investment and expansion of this sector, the number of accidents in these industries is growing rapidly. According to a report of IBEF, Indian chemical industry reached $178 billion in 2019 and is anticipated to reach $304 billion by the year 2025, which represents a 9.3% CAGR growth. While the demand for petrochemical products is analyzed to record a CAGR of 7.5% during 2019-2023. Apart from that, Government initiavtives for the growth of this industry plays a major role. Indian Government allocated $32.2 million fund to the chemical and petrochemical department, under the 2021-2022 union budget. With such growth, the number of accidents in these sectors is also increasing. Hence, rising investment in this industry is being seen as the opportunity for the players operating in the market, which will drive the growth during 2022-2027.

Pressure Safety And Release Valves Market Segment Analysis – By Geography

North America dominated the market with a share around 30% of the total Pressure Safety And Release Valves Market share in 2021, and is anticipated to witness a significant growth during the forecast period 2022-2027, owing to early adoption of this technology, increasing investment across industries, increasing public safety norms and others. For instance, to ensure the safety of the wide range of workers in the workplace environment, OSHA has imposed various regulatory norms regarding the security and health standards. Furthermore, increasing investment in R&D sector for the development of this technology and the presence of the key market players, are fuelling the market growth. In May 2019, American Flow Control, valve and hydrant division of American Cast Iron Pipe Company made an announcement about its plan of developing a new research center completely dedicated for the making enhancements of valve and hydrant products, which in turn created a positive impact. Such strategic steps will drive the growth of this market in this region during the forecast period 2022-2027.

Pressure Safety And Release Valves Market Drivers

Rapid growth in process industry is set to Boost the Growth of this Market:

Industrialization coupled with high investments in various industries, especially in process industries across the world is one of the main drivers of this market. In October 2020, at 4th India Energy Forum, Indian Prime minister announced that, India is planning to increase its refining capacity from 250 mtpa (million tonnes per annum) to 400 mtpa by year 2026 and it is estimated that Indian Oil and Natural Gas sector will receive an investment of over $300 Billion by the year 2030 for the development of this sector. With such industrial expansion, the number of work-place accidents in industrial areas is also growing. In order to control and reduce the amount of such damages, the adoption of these valves is increasing, which is affecting the growth of this market positively. Hence, the above-mentioned factors will drive the market during 2022-2027.

Government’s Initiatives and Regulatory Norms to increase work-place safety will drive the growth

Government’s initiatives along with stringent regulatory norms for public safety are analysed to drive the Pressure Safety And Release Valves Market. Increasing number of workplace accidents across industries, specially process industries, creates a huge demand to deploy safety tools, in order to increase workplace safety level and provides incentives to the Governments to take various initiatives in the form of regulation to enhance safety of the workplace and to avoid such incidents. For instance, in September 2020, Indian Government published the Occupational Safety, Health and Working Conditions Code, 2020, to enhance the occupational safety, working as well as health safety of the employees working in an organization. Apart from this, Government is also taking initiatives to increase the awareness about public safety. For instance, The Ministry of Foreign Affairs of Russian Federation, requested UNIDO to conduct an international conference with Rostechnadzor, to increasing the awareness regarding industrial safety and security. Such strategic safety measures taken by government bodies are augmenting the growing adoption of pressure safety and release valves globally and set to boost the market growth during 2022-2027.

Pressure Safety And Release Valves Market Challenges

Associated High Maintenance Cost is harming the growth of this market

All though the Pressure Safety And Release Valves Market is growing rapidly, due to exponential industrial growth across industries, but the high maintenance cost is creating hurdles for the growth of this market. With the growing adoption of these valves and its increasing usage rate, there is a high chance of leakage issue, as these valves are exposed to high pressure situation, which may ultimately lead to major issues, including fatal and non-fatal injuries to employees as well as serious property damages. Hence, the high chance of occurring the leakage issues, motivates the organizations to opt for regular maintenance services and repair as well as replacement services that causes high financial expenses. Hence, increasing additional costs including maintenance cost to avoid leakages will hamper the market for pressure safety and release valves during the forecast period 2022-2027.

Pressure Safety And Release Valves Industry Outlook

Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Pressure Safety And Release Valves Market. As of 2021, the market for Pressure safety and release valves industry outlook is consolidated with the top market players. Pressure safety and release valves top 10 companies include:

• Curtiss-Wright Corporation
• Forbes Marshall
• Velan Inc.
• Emerson Electric Co.
• IMI Plc
• Weir Group plc
• Flow Safe Inc.
• Watts Water Technologies
• Alfa Laval AB
• LESER GmbH and Co. KG

Recent Developments

• In November 2020, Danfoss unveiled its new 65bar safety valve, SFA 10H, that offers reduced capacity, high reliability, and high-pressure for applications with CO2 and synthetic oils. The design and manufacturing of this product focuses on preventing leaks, providing perfect reseating after release, and keeping a stable set pressure over time.
• In May 2020, Baker Hughes announced about the launch of its new patented 2900 Series Generation II pilot-operated pressure relief valve, which enables the customers to replace existing oversized or misapplied API 526 Direct-Spring PRVs without making any piping modifications.
• In February 2020, Curtiss-Wright Corporation, a leading provider of pressure safety and release valves, announced about its agreement of acquiring Dyna-Flo, a well-known designer and manufacturer of linear and rotary control valves, isolation valves, actuators, and level and pressure control systems for the chemical, petrochemical, and oil and gas markets, for $62 million. The acquired business will operate within commercial/industrial segment of Curtiss-Wright.

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