Pressure Relief Valves are used to control the pressure in a system in case of a process upset, or equipment failure. The extra pressure in the systems is relieved through an auxiliary passage. A typical pressure relief valve is designed to operate at a predetermined set pressure to assist in protecting other vessels and equipment from being subjected to unsafe pressure. If the pressure in the system exceeded the relief valve automatically becomes the passage of least resistance and helps retain the pressure. Pressure relief valves finds application in a variegated range of industries ranging from F&B, Pharmaceuticals, Oil & Gas, Power and Paper & Pulp.
Due to sluggish growth rate among most of these industries, the global pressure relief valves market is expected to expand with a moderate CAGR over the forecast period.
Pressure Relief Valves Market: Drivers & Restraints : The prime factor boosting the growth in the global pressure relief valves market is the reviving oil & gas and chemical industry, coupled with the rapidly growing industrialization efforts in the developing world. As companies relocate their manufacturing plants and set up new units across different geographies as per supply-demand scenario, demand for pressure relief valves is bound to increase. Increasing preference towards nuclear power generation particularly from countries such as India and China will also drive the demand for pressure relief valves. Furthermore, as most of the refineries showing plans for capacity expansion in near future, demand for pressure relief valves is anticipated to significantly increase. Rapidly increasing health and safety concerns across all industry verticals is another factor that is pushing existing industries to replace their legacy systems and upgrade to the new ones, thus fuelling more demand in the global pressure relief valves market.