LONDON--(BUSINESS WIRE)--According to the latest market research study released by Technavio, the global pressure relief valves market is expected to exceed USD 4 billion by 2020, growing at a CAGR of almost 1.7% during the forecast period.
This research report titled ‘Global Pressure Relief Valves Market 2016-2020’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions.
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The report segments the global pressure relief valves market by end-user and can be divided into three broad categories:
- Global pressure relief valves market in oil and gas industry
- Global pressure relief valves market in chemical industry
- Global pressure relief valves market in power generation industry
Global pressure relief valves market in oil and gas industry
The global pressure relief valves market in the oil and gas industry is expected to exceed USD 1.6 billion by 2020, growing at a CAGR of 1.5%.
The global oil market was rocked by a period of volatility in prices. Due to the falling prices of oil, there has been a decline in the number of new oil rigs, which has adversely affected suppliers of pressure relief valves market in the oil and gas industry.
However, the current downward trend in oil prices is very similar to the 2008-2009 oil price crash, which means that a similar upward trend can be expected after the market bottoms out.
The demand for oil in the global markets is constant, however, there is also a growing trend of using alternative sources of energy, this factor may mean that oil market dynamics are set for a fundamental change. In this scenario, the global pressure relief valves market in the oil and gas industry is expected to grow at a slower pace compared to other end-user industries.
Global pressure relief valves market in chemical industry
The global pressure relief valves market in chemical industry is expected to exceed USD 1 billion by 2020, growing at a CAGR of over 2%.
Improvement in economic indicators in North America and APAC provides great opportunities for pressure relief valve manufacturers in the chemical sector. According to Anju Ajaykumar, lead research analyst at Technavio for tools and components research, “The booming chemical industry in developing nations will encourage pressure relief valve manufacturers to gradually shift away from the developed countries.”
APAC, which accounts for 42% of chemical sales worldwide, will become the prime target since it is riding high on investments from multinational companies (MNCs) and successful mergers and acquisitions (M&A) within the chemicals sector. Developing economies such as China and India are expanding their chemical production and becoming less dependent on European imports. For instance, India which imported polyethylene is in the process of becoming an exporter of polyethylene by the end of 2016.
The automotive, manufacturing and construction sectors that constitute the top end-users of chemical products globally are expected to see expansion activities in the coming years, which will lead to a growth in demand for chemicals and thus increase the demand for pressure relief valves used in these sectors.
Global pressure relief valves market in power generation industry
The global pressure relief valves market in the power generation industry is expected to reach USD 978 million by 2020, growing at a CAGR of 1.6%.
The demand for pressure relief valves is expected to increase in Northern Africa, India, and the Middle East, as the power generation sector in these countries/regions is expanding with many countries actively considering to go for nuclear power plants.
Emerging economies including the BRICS (Brazil, Russia, India, China, and South Africa) nations are predicted to witness considerable growth during the forecast period, mainly due to growing infrastructural activities in these countries. In addition, population growth, increasing urbanization, and the resulting rise in demand for power will propel growth in APAC.
Energy efficiency is another factor that offers high potential for this market to grow due to rising energy costs. More consumers are seeking optimization of their processes to cut energy costs. “With the installation of power-only steam turbines, designers can increase the efficiency by maximizing the pressure drop across the turbines using pressure relief valves, thus enhancing the overall efficiency to 40%,” says Anju.
Technavio heavy industry research analysts highlight the following five vendors as the top contributors to the global pressure relief valves market:
- Weir Group
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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