Dublin, Aug. 19, 2022 (GLOBE NEWSWIRE) -- The "Pressure Relief Valves - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering. Global Pressure Relief Valves Market to Reach $4.4 Billion by 2026 The global market for Pressure Relief Valves estimated at US$3.8 Billion in the year 2022, is projected to reach a revised size of US$4.4 Billion by 2026, growing at a CAGR of 3.4% over the analysis period.
Spring Loaded, one of the segments analyzed in the report, is projected to record a 3.3% CAGR and reach US$2.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Pilot Operated segment is readjusted to a revised 3.6% CAGR for the next 7-year period. The U.S. Market is Estimated at $697.3 Million in 2022, While China is Forecast to Reach $727.5 Million by 2026
The Pressure Relief Valves market in the U.S. is estimated at US$697.3 Million in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$727.5 Million by the year 2026 trailing a CAGR of 4.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.3% and 2.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR. Low labor cost and production cost and less-stringent regulations in the Asia-Pacific region are driving demand for PRVs. Rapid advancement of nuclear energy generation also constitutes a major factor driving growth for the global market for PRVs. Around fifty reactors are currently under construction worldwide.
PRVs are critical for safe and successful operation of nuclear power generation plants. They aid in protecting super heaters, boilers and turbines and help stations smoothly operate at preset pressures. Factors such as continuous need for replacement of safety valves in industrial processes and increased use of additive manufacturing in production lines constitute a few other factors promoting market growth.
However, PRV fabrication is expensive, a factor with the potential to hinder anticipated market growth over the coming years. The valves are also used in industrial environments that are harsh driving the need for continuous monitoring of their performance. Replacement demand for PRVs is therefore high. Increased need for replacement of the valves is anticipated to positively impact market growth over the coming years. Pressure & Temperature Actuated Segment to Reach $603.3 Million by 2026
In the global Pressure & Temperature Actuated segment, USA, Canada, Japan, China and Europe will drive the 3.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$317 Million will reach a projected size of US$406 Million by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$97.1 Million by the year 2026, while Latin America will expand at a 4.4% CAGR through the analysis period.
Key Topics Covered: I. METHODOLOGY II. EXECUTIVE SUMMARY 1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERSSelect Competitors (Total 82 Featured):
4. GLOBAL MARKET PERSPECTIVE III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/xdy5ck
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