Rockville, MD , Aug. 28, 2024 (GLOBE NEWSWIRE) -- According to a new research report released by Fact.MR, the global Buckling Pin Relief Valve Market is estimated at a value of US$ 1.27 billion in 2024 and has been forecasted to expand at a CAGR of 2.8% between 2024 and 2034.
Strict rules governing industrial safety are influencing the market dynamics for buckling pin relief valves, which are encouraging continuous innovation in valve designs to improve response times, precision, and dependability.
Developments in materials science and manufacturing processes have made it possible to produce buckling pin relief valves (BPRV) that can withstand harsh conditions and high pressures, increasing their application in various sectors.
The capacity of BPRVs to deliver reliable, prompt relief under extreme pressure is one of their key advantages. This is essential for safeguarding both people and equipment from potential harm. In the oil and gas, chemical processing, power generation, and aerospace industries, where ensuring operating safety under a range of pressure conditions is crucial, buckling pin relief valves are being widely used.
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Key Takeaways from the Market Study:
- The global market for buckling pin relief valves is projected to expand at a CAGR of 2.8% by the end of 2034.
- The market has been forecasted to reach a value of US$ 1.67 billion by 2034.
- The United States is forecasted to reach a market value of US$ 233.1 million in 2024.
- China is set to occupy a market share of 48.9% in East Asia in 2024.
- Revenue generated from the sales of buckling pin relief valves in Japan is estimated to reach US$ 92 million in 2024.
- The market in North America is forecasted to expand at a CAGR of 2.6% from 2024 to 2034.
“Buckling pin relief valves have gone through several technological improvements that have improved their security and dependability, steadily driving market growth over the years,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Buckling Pin Relief Valve Market:
Key players in the buckling pin relief valve market are BS&B Safety Systems, Taylor Valve Technology, King’s Energy Services Ltd., L.L.C., Elfab Limited, Jiangsu Reliable Mechanical Equipment Co., Ltd.,
High Usage in Oil & Gas Industry:
The oil and gas industry is a significant user of buckling pin relief valves. The need for these valves is rising as a result of the oil and gas industry's increased production and exploration. The use of cutting-edge materials and technologies, such as smart sensors and monitoring systems integrated into relief valves, is a key trend in the market.
The need for high-pressure buckling pin relief valves is also being pushed by the requirement for precise pressure relief systems and the growing emphasis on safety regulations in other sectors, such as chemicals, pharmaceuticals, and power generation.
Buckling Pin Relief Valve Industry News:
- In February 2021, Curtiss-Wright Corporation, a leading provider of engineered goods and services, unveiled a new buckling pin relief valve designed for the chemical, oil & gas, and petrochemical industries.
- In July 2021, IMI Precision Engineering, a global engineering firm, announced the launch of a new range of buckling pin relief valves designed for the oil and gas industry. These new valves are designed to comply with the most modern safety rules and provide robust overpressure protection.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the buckling pin relief valve market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the buckling pin relief valve market based on size (less than 5 inches, 5 to 25 inches, 25 to 40 inches, above 40 inches), set pressure (low pressure, high pressure), and end-use industry (oil & gas, chemicals & petrochemicals, energy & power generation, pulp & paper, water & wastewater), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Segmentation of Buckling Pin Relief Valve Market Research
By Size :
- Less than 5 Inches
- 5 to 25 Inches
- 25 to 40 Inches
- Above 40 Inches
By Set Pressure :
- Low Pressure
- High Pressure
By End-use Industry :
- Oil & Gas
- Chemicals & Petrochemicals
- Energy & Power Generation
- Pulp & Paper
- Water & Wastewater
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