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The pressure relief valve industry is adding smart technologies. Modern valves now have sensors and IoT features for real-time monitoring and remote control. This helps operators get instant alerts about overpressure and make quick, informed decisions to improve valve performance. These smart technologies make pressure management systems more reliable and efficient, fitting into the trend of digitalization and automation in industries. Customization is also growing in the pressure relief valve market.
As industries become more specialized, they need valves designed for specific uses and conditions. Manufacturers are creating custom solutions for different sectors, like high-pressure valves for oil and gas or corrosion-resistant valves for chemical processing. This shift helps improve the safety and effectiveness of pressure relief systems in various environments. Sustainability and regulatory compliance are becoming increasingly important in the pressure relief valve business. There is a heightened emphasis on developing eco-friendly and energy-efficient valves that reduce environmental impact. Additionally, manufacturers are striving to meet stringent regulations and standards aimed at enhancing safety and minimizing environmental risks.
The market size of pressure relief valves was worth over USD 5.2 billion in 2023 and is anticipated to register a CAGR of 5.3% between 2024 and 2032, due to industrial growth in various sectors, along with the rise in infrastructure projects.
The acting type PRVs market was valued at USD 2.5 billion in 2023 and is expected to record a CAGR of 5.4% through 2032, due to their ease of maintenance, cost-effectiveness, and adaptability to various pressure settings.
Asia Pacific PRV industry was crossed USD 1.8 billion in 2023 and is expected to grow at a CAGR of 5.9% through 2032, driven by robust industrial expansion and increasing infrastructure development across countries like China, India, Japan, and South Korea.
Crane Co., Emerson Electric Co., Flowserve Corporation, GE Measurement & Control Solutions, Honeywell International Inc, Moog Inc, Parker Hannifin Corporation, Pentair plc, and Rotork Plc among others.