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

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.

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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.

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