New Pressure Relief Valves Market Research Report 2021-2025 | Industry Planning Structure for the New Normal | Technavio

The new pressure relief valves market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.

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Technavio has announced its latest market research report titled Global Pressure Relief Valves Market 2021-2025 (Graphic: Business Wire)

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"One of the primary growth drivers for this market is the increasing periodic replacement activities,” says a senior analyst for the industrials industry at Technavio. The market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their position in the slow-growing segments. As the markets recover, Technavio expects the pressure relief valves market size to grow by USD 937.20 million during the period 2021-2025.

Pressure Relief Valves Market Segment Highlights for 2020

• The pressure relief valves market is expected to post a year-over-year growth rate of 3.78%.
• Based on the end-user, the oil and gas segment saw maximum growth in 2020. To maintain a safe operable environment, pressure relief valves are installed in the drilling to the pumping processes of oil in offshore facilities.
• Increasing investments in refining in APAC through new capacity additions and upgrading of existing refineries are expected to drive the growth of the oil and gas segment.

Regional Analysis

• 42% of the growth will originate from the APAC region.
• The growth in the chemical industry is one of the prime factors that will facilitate the pressure relief valves market growth in APAC over the forecast period.
• China and Japan are the key markets for pressure relief valves in APAC. Market growth in APAC will be faster than the growth of the market in other regions.

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Notes:

• The pressure relief valves market size is expected to accelerate at a CAGR of over 4% during the forecast period.
• The pressure relief valves market is segmented by the end-user (Oil & gas, Chemicals & petrochemicals, Power, Water & wastewater, and Other) and geography (APAC, Europe, North America, MEA, and South America).
• The market is fragmented due to the presence of many established vendors holding significant market share.
• The research report offers information on several market vendors, including Alfa Laval AB, Crane Co., Curtiss-Wright Corp., Emerson Electric Co., General Electric Co., IMI Plc, LESER GmbH. & Co. KG, Parker Hannifin Corp., Schlumberger Ltd., and The Weir Group Plc

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