A pressure relief valve is a safety device designed to protect an overpressurized vessel or piping system by venting fluids back to the system to the low-pressure side during an overpressure event.
Industrial accidents potentially bring down the top-notch industrial players to rock bottom. The demand for technologies that can ensure the safety of the plant is rising among the facility owners. Moreover, several regulatory such as pipeline and hazardous materials safety administration have put up various regulations, that is compelling the facility owners to install technologies that will enhance and ensure the safety of the plants.
As the demand for primary power consumption is rising, it is also projecting the industrial sector to grow at a fast pace to meet this demand. This has led to the expansion of various industries such as oil & gas, energy, and petrochemical in terms of both capacities and reach across the globe.
The continuously rising population has impelled the growth of the various market across the globe. Thus, to meet these demands, industrialists are scaling-up their production by setting up new plants across the globe, especially in emerging economies. Additionally, as the industrialization of the country reflects in its economic growth, the government of various countries taking several initiatives to boost the industrial sector of their country. For Instances, According to India Brand Equity Foundation (IBEF), the Government of India unveiled 'Pharma Vision 2020' under which it has reduced the approval time for new facilities to boost investments of the pharmaceutical sector, the aiming to make India a global leader in end-to-end drug manufacture market. Such initiatives and expansion are expected to push up the demand for high-pressure relief valves in the upcoming years.
In the chemical and petrochemical industry, high-pressure relief valves are used in the pipelines to transfer industrial gases, and for cooling and oxygen transfer applications in chemical reactors. These valves help to optimize processes and assist in ensuring the safety of plants and workers.
Moreover, the chemical industry is underway rapid expansion and scaling up its manufacturing process through mergers and acquisitions. As the industry is thriving, the complexity of the plants is also rising and increasing the risk associated with it. Thus, to guarantee the safety of the plants and workers, the manufacturers are spending a significant amount on the installation of these pressure valves.
In the food & beverage industry, high-pressure relief valves are used to control the flow performance and shut-off protection for food safety. Some of the major application areas of these valves are the distilleries, fermenters, dairy processing, steam control, and others.
Over the last few years, the rapidly growing population and the continuously changing demand of the consumer have changed the food & beverage industry dramatically. The increase in the obesity level and health issues related to them has increased the demand for health foods and more informative nutritional labeling among the individuals. This has led to the adoption of new technologies in the food processing industry. Thus, making the process more complicated and risky.
Pressure relief valves are used in the oil & gas industry to provide overpressure protection for fracturing & treating lines, pressure vessels, cementing/fracturing pumps, and other equipment. Oil and gas lines, high-pressure well-servicing lines, acidizing & fracturing lines, manifolds and pipelines, and vessels are some of the significant applications where high-pressure relief valves are used across the oil & gas industry.
To meet the rising demand, energy is one major driver fueling the growth of the oil & gas Industry. Thus, further leading to the consumption of high-pressure relief valves for the safety of the pipelines. According to the B.P. statistical review of world energy 2019, the global oil consumption went up from 96,737 TBPD in 2016 to 99,843 TBPD in 2018, in which the U.S. itself accounted for 20.4% in 2018. It is expected that this consumption will rise in the upcoming years.
In the energy sector, pressure safety valves are used across various industries such as thermal power plants, hydroelectric plants, and nuclear plants. In these industries, high-pressure relief valves are used to provide overpressure protection of pressurized systems. These valves are majorly used in steam, gas, and vapor services.
The continuously rising temperature across the globe, increasing awareness regarding climate change, and rapidly growing demand for energy consumption has boosted the growth of the energy sector in recent years. This has shifted the consumer preference towards using cleaner resources for energy generation. Thus, propelling the growth of the sector.
Thus to meet this demand, the manufacturers are trying to increase the energy efficiency through renewables and by making the power systems more flexible. According to the International Renewable Energy Agency (IRENA), electricity consumption in end-use sectors would double by 2050 to over 42 000 TWh, while the carbon intensity of the power sector would decline by 85%. And the Investment in new renewable power capacity is also likely to be increased to almost USD 500 billion per year over the period to 2050.
| Study Period | 2020-2032 | CAGR | 3.2% |
| Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
| Base Year | 2023 | Base Year Market Size | USD XX Billion |
| Forecast Year | 2032 | Forecast Year Market Size | USD XX Billion |
| Largest Market | North America | Fastest Growing Market | Asia Pacific |
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The novel coronavirus has disrupted the supply chain and led to the cancelation of trade shows of the latest printed electronics such as LOPEC 2020, SEMICON Southeast Asia, and Smart Packaging Summit USA. As per the Events Industry Council and Oxford Economics, the global events collection for the printed electronics market accounted for USD 2.5 trillion in sales during 2017.
The current lockdowns and work from home scenarios have slowed down the market growth to some extent. However, key manufacturers are developing and promoting energy-efficient displays that use organic light-emitting diodes and OLED technology for use in high-end smartphones. In many countries, online publications devoted to printed electronics are growing rapidly to promote the latest products and help businesses, events, and ideas.
Some of the major expansion across various end-use industries are as follows:
