Global Pressure Relief Valves Market Size

Statistics for the 2023 & 2024 Global Pressure Relief Valves market size, created by Mordor Intelligence™ Industry Reports. Global Pressure Relief Valves size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Global Pressure Relief Valves Industry

Pressure Relief Valves Market Size
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 3.00 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration Low

Major Players

Pressure Relief Valves Market Key players

*Disclaimer: Major Players sorted in no particular order


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Pressure Relief Valves Market Analysis

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.

Pressure Relief Valves Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)