Pressure Relief Valves Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022-2027)

The Global Pressure Relief Valves Market is segmented by Product Type (Pilot Operated, Spring Loaded, Dead Weight, and Others), Set Pressure (High Pressure, Medium Pressure, and Low Pressure), End User (Oil & Gas, Chemical Processing, Power Generation, Paper & Pulp, Food & Beverages, Pharmaceuticals, and Others) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Rest of the World). The report offers market size and forecasts for all the above segments of the pressure relief valves market.

Market Snapshot

Market Summary
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: >3 %

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Market Overview

The pressure relief valves market is estimated to register a CAGR of approximately 3% during the forecast period (2022-2027).

The COVID-19 pandemic halted the production of various products in the pressure relief valves industry, which is attributed to the global lockdown. This hampered the growth of the pressure relief valve market. COVID-19 affected the sales of pressure relief valves in the first quarter of 2021 and is anticipated to hurt the market growth throughout 2022. Though sales of pressure relief valves plummeted during the initial stages of the pandemic, with global manufacturing sector operations reviving toward threshold rates, the market is expected to recover sharply over subsequent years.

However, the oil and gas industry has rebounded strongly throughout 2021, with oil prices reaching their highest levels in six years. The future is bright and hugely profitable for the oil and gas industry because the current dependence on energy from fossil fuels is too heavy to accommodate the spontaneous migration to renewable energy. The Power Generation Electric grids worldwide have a goal of carbon-free power generation. Coal is being replaced by gas which requires valves to regulate the flow of gas in a pneumatic system. The growth in these industries will drive the growth of the pressure relief valves market.

The United States of America is the world’s leading country in the production of chemical products followed by Germany, Russia, and China. The United States is also the largest producer and consumer of petrochemicals with a 20% share of total oil production in 2021, followed by Saudi Arabia (11%), Russia (11%), and Canada (6%). China is the leading power-producing country followed by the United States, India, and Russia. China produced 7779.1 terawatt hours of electricity in 2020. As these are the top countries producing oil & gas, power, and petrochemicals - the end-users for pressure relief valves - they are the major markets for the valves and will see significant growth in the pressure relief valves market during the forecast period.

Scope of the Report

A pressure relief valve is a type of safety valve used to control or limit the pressure in a system. The pressure relief valves market is segmented by product type, set pressure, end-user, and geography. By product type, the market is segmented into pilot-operated, spring-loaded, dead weight, and others. By set pressure, the market is segmented into high-pressure medium pressure and low pressure. By end-user, the market is segmented into oil & gas, chemical processing, power generation, paper & pulp, food & beverages, pharmaceuticals, and others. The report also covers the market size and forecasts for the pressure relief valves market in 14 countries across major regions. For each segment, the market sizing and forecasts have been done based on revenue.

By Product Type
Pilot Operated
Spring Loaded
Dead Weight
Others
By Set Pressure
High Pressure
Medium Pressure
Low Pressure
By End User
Oil & Gas
Chemical Processing
Power Generation
Paper & Pulp
Food & Beverages
Pharmaceuticals
Others
By Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
Asia-Pacific
China
India
Japan
South-Korea
Rest of Asia-Pacific
Middle East and Africa
UAE
Saudi Arabia
Iran
Rest of the Middle East and Africa
Rest of the World

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Key Market Trends

Increasing Oil & Gas Demand Driving the Growth of the Market

Each day, the world produced 95.57 million barrels of oil in 2021, and in 2022, it’s estimated that this will reach 99.89 million barrels per day. In 2020, the world’s crude oil demand reached 91 million barrels per day. This was the lowest amount of demand since 2012, but it quickly increased as COVID-19 pandemic lockdowns began to lift during 2021 and into 2022. In 2021, the world discovered the equivalent of 4.7 billion barrels of oil in crude oil and natural gas. The U.S. consumes 17.178 million barrels of oil per day. This makes the U.S. the leading country as far as oil consumption goes, followed by China, which consumes 14.225 million barrels per day, and India, which consumes 4.669 million barrels per day.

In 2021, the world consumed 97.39 million barrels of oil a day. In 2022, it’s estimated that the world will consume 99.61 million barrels per day, and by 2023, it’s estimated that consumption will reach 101.55 million barrels per day. The crude oil to the refineries and refined products such as gasoline, kerosene, jet fuel, and heating oil from refineries to the market are carried through oil pipelines. Overly high-pressure levels could result in pipeline bursts or cause even the most resilient valves to malfunction. Due to this, pressure relief valves are installed in an oil pipeline. The growing oil & gas across the world will surely drive the pressure relief valves market.

Daily Demand for Crude Oil

Increasing Need for Nuclear Power Expected to Drive the Growth of the Market

According to World Nuclear Association, around 10% of the world's electricity is generated by about 440 nuclear power reactors. About 55 more reactors are under construction, equivalent to approximately 15% of the existing capacity. In 2020 nuclear plants supplied 2553 TWh of electricity, down from 2657 TWh in 2019. Prior to 2020, electricity generation from nuclear energy had increased for seven consecutive years. Thirteen countries in 2020 produced at least one-quarter of their electricity from nuclear. France gets around three-quarters of its electricity from nuclear energy, Slovakia and Ukraine get more than half from nuclear, whilst Hungary, Belgium, Slovenia, Bulgaria, Finland, and the Czech Republic get one-third or more. South Korea normally gets more than 30% of its electricity from nuclear, while in the USA, UK, Spain, Romania, and Russia about one-fifth of electricity is from nuclear.

There is a need for new generating capacity around the world, both to replace old fossil fuel units, especially coal-fired ones, which emit a lot of carbon dioxide, and to meet the increased demand for electricity in many countries. The World Nuclear Association has put forward an ambitious scenario called the Harmony programme which proposes the addition of 1000 GWe of new nuclear capacity by 2050, to provide 25% of electricity then (about 10,000 TWh) from 1250 GWe of capacity (after allowing for retirements). 

Surge in need for nuclear power generation is expected to open up new opportunities for pressure relief valves industry participants. As pressure relief valves are critical for safeguarding turbines, super heaters, and boilers and allowing station to operate at a predetermined pressure.

Nuclear Electricity Generation

Competitive Landscape

The pressure relief valve market is fairly fragmented. Some of the key players in the market are General Electric, Emerson Electric Co., Watts, The Weir Group PLC, and Alfa Laval. The market players undergo competition to capture the market share. Major companies apply many strategies like mergers and acquisitions, and technological innovations to provide their customers with the broadest portfolio of valves to improve process performance and reliability. 

Recent Development

June 2022: Lamot Valve & Arrestor announced the release of its new product: the Model L11E Weight-Loaded Pressure Relief Valve. The valve includes an option to add calibrated weights in 0.5 using increments, giving the operator the flexibility to adjust the set pressure of this valve from the top of the tank and eliminating the need to remove and retest in the shop on a test stand. It can be used as a stand-alone vent to the atmosphere pressure relief valve or can be used in addition to existing pressure relief valves to add additional flow capacity.

March 2021: Consolidated, a Baker Hughes subsidiary, revealed its new 1900 series dual media (DM) spring-loaded safety relief valve (SRV) with patented trim. The new series is designed to perform on both liquid and gas media and has dual certification (liquid and gas) nameplate capacity stamping in accordance with ASME BPVC (Boiler and Pressure Vessel) Code Case 2787. The 1900 DM series is the first and only spring-loaded safety relief valve in the industry that is 'dual certified.' Dual certified means the valve is both vapor/gas and liquid flow certified without making any modifications or adjustments to the relief device when switching fluids during the flow testing.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

    1. 2.1 Analysis Methodology

    2. 2.2 Research Phases

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Dynamics

      1. 4.2.1 Drivers

      2. 4.2.2 Restraints

    3. 4.3 Value Chain / Supply Chain Analysis

    4. 4.4 Industry Policies and Regulations

    5. 4.5 Technological Developments in the Sector

    6. 4.6 Industry Attractiveness - Porter's Five Forces Analysis

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Pilot Operated

      2. 5.1.2 Spring Loaded

      3. 5.1.3 Dead Weight

      4. 5.1.4 Others

    2. 5.2 By Set Pressure

      1. 5.2.1 High Pressure

      2. 5.2.2 Medium Pressure

      3. 5.2.3 Low Pressure

    3. 5.3 By End User

      1. 5.3.1 Oil & Gas

      2. 5.3.2 Chemical Processing

      3. 5.3.3 Power Generation

      4. 5.3.4 Paper & Pulp

      5. 5.3.5 Food & Beverages

      6. 5.3.6 Pharmaceuticals

      7. 5.3.7 Others

    4. 5.4 By Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 Italy

        4. 5.4.2.4 France

        5. 5.4.2.5 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 India

        3. 5.4.3.3 Japan

        4. 5.4.3.4 South-Korea

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 Middle East and Africa

        1. 5.4.4.1 UAE

        2. 5.4.4.2 Saudi Arabia

        3. 5.4.4.3 Iran

        4. 5.4.4.4 Rest of the Middle East and Africa

      5. 5.4.5 Rest of the World

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 General Electric

      2. 6.2.2 Emerson Electric Co.

      3. 6.2.3 Watts Water Technologies, Inc

      4. 6.2.4 Weir Group Plc.

      5. 6.2.5 Alfa Laval Corporate AB

      6. 6.2.6 Curtis-Wright Corp

      7. 6.2.7 AGF Manufacturing, Inc.

      8. 6.2.8 Mercury Manufacturing Company

      9. 6.2.9 IMI Plc

      10. 6.2.10 Goetze KG Armaturen*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER

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Frequently Asked Questions

The Global Pressure Relief Valves Market market is studied from 2018 - 2027.

The Global Pressure Relief Valves Market is growing at a CAGR of >3% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

General Electric, Emerson Electric Co., Watts, The Weir Group PLC, Alfa Laval are the major companies operating in Global Pressure Relief Valves Market.

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