LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global pressure relief valves market to grow at a CAGR of almost 3% during the period 2018-2022, according to their latest report.
The increased focus on predictive maintenance is one of the major trends being witnessed in the market. The demand for IoT-enabled devices has increased rapidly, mainly because of the need for data collection and analysis to solve complex maintenance tasks. IoT enabled devices such as wireless acoustic transmitters and steam trap monitors are helping in monitoring valve operations. The end-users have shifted their concentration toward predictive maintenance because it helps in reducing the overall production downtime and increases the operational efficiency. IoT-enabled devices are predominantly used in industries that use a substantial number of valves in their operations.
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In this report, Technavio analysts highlight the increasing periodic replacement activities as a key factor contributing to the growth of the global pressure relief valves market:
Increasing periodic replacement activities
Pressure relief valves are used to relieve pressure from the liquid-filled vessels, containers, and pipelines and the opening of the valve is proportional to the increasing pressure level in vessels. Most pressure relief valves find application in harsh industrial environments such as the oil and gas, chemicals and petrochemicals, and power industries. Owing to the continuous and critical operation in harsh environmental conditions, end-users must monitor the performance of these valves on a regular basis.
According to a senior analyst at Technavio for tools and components, “The average life of a pressure relief valve is 3-5 years, and they need servicing every year. As most pressure relief valves are affected by elevated temperatures and corrosive liquids, they are usually replaced instead of being repaired, and vendors must carry out the servicing and replacement activity periodically. The repair and replacement costs amount to about 35%-40% of the revenue in the global pressure relief valves market.”
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Global pressure relief valves segmentation
This market research report segments the global pressure relief valves market into the following end-users (oil and gas, chemicals and petrochemicals, power, water and wastewater, and mining and minerals) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
In 2017, the major industries in the global pressure relief valves market were the oil and gas, chemicals and petrochemicals, and power industries. The ability to perform efficiently in harsh environmental conditions, while reducing the threat of explosion because of overpressure in highly explosive environments has been the major driving factor for the rising adoption of pressure relief valves in these industries.
In 2017, EMEA accounted for the largest share of the global pressure relief valves market with a share of more than 37.28%. The presence of many oil and gas producing companies and increasing investments in chemical plants and renewable power generation plants have contributed to the growing demand for pressure relief valves from this region.
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