According to the research study, the global pressure relief valves market is estimated to witness noteworthy growth during the forecast period, owing to factors such as rising demand from pharmaceutical and chemical, oil and gas, and power generation industries.
The global pressure relief valves market was pegged at USD 4,207.3M in the year 2017 and is expected to expand at a CAGR of 3.5% during the slated period of 2018 to 2028.
Growing production of pharmaceuticals, chemicals, fertilizers, pesticides, textiles, and oil and gas, among others, has resulted in a drastic growth in the demand for pressure relief valves, which are used to protect a pressure vessel from over-pressure in steam, gas, air, and liquid lines. This explains the projected growth of the pressure relief valves market during the forecast period.
The global pressure relief valves market is significantly consolidated, with the top 5 players accounting for around one-fourth share of the overall market. There are a few players in the market that have established themselves at global as well as domestic levels. These players are engaged in expanding into high-growth regions and are also expanding their manufacturing capacities to cater to the increasing demand.
