Pressure relief valve helps regulate the pressure in the system that would otherwise lead to process or equipment failure. The pressure helps maintain proper flow from an auxiliary passage out of the system. When the set pressure is exceeded, the valve is forced open and some portion of the fluid is sidetracked through the auxiliary route. The sidetracked fluid can be either liquid, gas, or liquid-gas mixture. The routing of the fluid is done via piping system or gas flare. For gas flare, the process of burning the fluid is done and then the resulting combustion gas is released into the atmosphere. After the fluid is diverted, the pressure inside the vessel stops increasing. The valve closes once it reaches the valve's reseating pressure. The percentage of set pressure (how much pressure needs to drop before the valve resets) is known as blowdown. The blowdown percentage can differ roughly from 2% to 20%. Pressure relief valve operates at a set pressure that is predetermined in order to assist the vessels and protect the equipment from unsafe pressure. Pressure relief valves are used in a wide range of industries such as power, oil & gas, pharmaceuticals, and paper & pulp..
Rapid industrialization is a major factor driving the pressure relief valves market. Significant growth in chemical and oil & gas industries is also boosting the demand for pressure relief valves.
Demand for pressure relief valves is anticipated to rise during the forecast period, as companies shift their manufacturing plants to different geographical regions depending on demand and supply. Various developing countries are inclined toward nuclear power generation. This is also driving the pressure relief valves market.
Rise in concerns regarding health and safety in various end-use industries is compelling companies to substitute their old systems with new ones. This is estimated to propel the global pressure relief valves market.
The global pressure relief valves market can be segmented based on product type, set pressure, end-use industry and region.
In terms of product type, the global pressure relief valves market can be segregated into pilot operated pressure relief valves, spring-loaded pressure relief valves, dead weight pressure relief valves, and others.
Depending on set pressure, the global pressure relief valves market can be divided into high pressure, low pressure, and medium pressure.
According to the end-user industry, the global pressure relief valves market can be segregated into food & beverages, pharmaceutical, chemical processing, paper & pulp, leather, oil & gas, power, textile, plastic, fertilizers & pesticides, and others. The oil & gas segment can be further sub-segmented into upstream, downstream, and midstream.
Based on region, the global pressure relief valve market can be classified into Asia Pacific (India, China, and Japan), Europe (the U.K., France, and Germany), North America (the U.S. and Canada), South America (Brazil), and Middle East & Africa (GCC and South Africa). Large numbers of chemical companies are based in North America. The oil & gas companies including shale gas extraction are on high rise leading to the demand for pressure relief valves. Western Europe ranks first in the production of chemicals. The market in Asia Pacific is primarily driven by the rise in number of power generation projects such as nuclear power plants
Key companies operating in the global pressure relief valves market include Goetze KG Armaturen, Velan Inc., Weir Group Plc., Alfa Laval AB, Curtiss Wright Corp., IMI Plc., Flow Safe, Inc., Pentair Ltd., GE Co., LESER GmbH. & Co. KG, Conbarco Industries, and Watts Water Technologies, Inc.