February 06, 2025 05:58 ET | Source: Research and Markets Research and Markets
Dublin, Feb. 06, 2025 (GLOBE NEWSWIRE) -- The "Pressure Relief Valves Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F" report has been added to ResearchAndMarkets.com's offering. The Pressure Relief Valves Market was valued at USD 4.78 Billion in 2024, and is expected to reach USD 6.55 Billion by 2030, rising at a CAGR of 5.23%. Cast Iron Balancing Valve
One of the primary drivers for the growth of the Pressure Relief Valves (PRVs) market is the rising stringency of industrial safety regulations across multiple sectors. Governments and regulatory bodies worldwide are implementing increasingly rigorous standards aimed at ensuring the safety of industrial operations. In critical industries such as oil and gas, chemicals, power generation, and manufacturing, the importance of managing pressure levels within equipment and piping systems cannot be overstated. Pressure relief valves are integral to safeguarding equipment from overpressure conditions that could lead to catastrophic failures, equipment damage, or even hazardous accidents. Key Market Drivers
North America region held the largest market share in 2024. The Pressure Relief Valves Market in North America is experiencing robust growth driven by a combination of industrial advancements, regulatory frameworks, and increasing demand for safety in critical applications. One of the primary drivers is the region's vast industrial base, which includes sectors such as oil and gas, chemicals, pharmaceuticals, and power generation, all of which require efficient pressure management systems. As industries continue to scale up production capacities, the need for pressure relief valves, which ensure safety by preventing equipment failure due to excessive pressure, has become even more essential. Moreover, strict safety regulations enforced by organizations such as OSHA (Occupational Safety and Health Administration) and EPA (Environmental Protection Agency) in the U.S. are pushing companies to invest in high-quality pressure relief valves to avoid costly operational disruptions, accidents, and environmental hazards. This regulatory environment is encouraging end-users to upgrade their safety systems with more advanced and reliable pressure relief valves, which meet stringent compliance standards. Additionally, North America's ongoing focus on infrastructure modernization and the replacement of aging equipment across industries, including utilities and manufacturing, is further driving market demand. The region's commitment to improving energy efficiency and safety in industrial plants is also contributing to the adoption of state-of-the-art pressure relief valves that offer enhanced performance, such as better pressure tolerance, durability, and accuracy in release. Technological innovations in valve design, such as digital pressure monitoring and automated relief systems, are another key factor in market growth. These innovations not only improve operational safety but also offer real-time performance monitoring and predictive maintenance, which reduces downtime and enhances operational efficiency. Furthermore, the growing trend of adopting Industry 4.0 technologies, including IoT integration in industrial equipment, has spurred the development of smart pressure relief valves with enhanced monitoring and control capabilities. This trend is expected to increase over the coming years as industries seek to leverage data-driven solutions for improving safety, reducing costs, and optimizing overall performance. The shale gas boom and the continued growth of the oil and gas industry in North America have also been significant drivers of the pressure relief valves market. As these industries operate in high-pressure environments, pressure relief valves are crucial for ensuring operational safety and compliance with industry standards.
Additionally, the expansion of renewable energy sources, such as wind and solar power, is creating new avenues for pressure relief valve applications in energy storage systems and battery storage facilities, as these systems also require pressure management to ensure optimal performance. Overall, the combination of industrial growth, safety regulations, technological innovations, and energy diversification is creating a favorable environment for the continued expansion of the pressure relief valves market in North America. Key Players Profiled in the Pressure Relief Valves Market
Report Scope In this report, the Global Pressure Relief Valves Market has been segmented into the following categories: By Type
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