The global safety valve market is anticipated to surpass a valuation of USD 5.62 billion, attaining a CAGR of 3.53% during the forecast period (2018-2024), Market Research Future (MRFR) unveils in a new detailed report. Safety valve can be defined as a mechanical device which controls and regulates the fluid flow within an industrial unit. Safety valves are generally used to regulate the pressure of vessels like gas storage tanks and electric power boilers. Participants involved in the safety valve market are highly implementing business strategies like mergers & acquisitions and latest product launches to expand their presence across the globe.
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Market Potential and Pitfalls
The global safety valve market is likely to exhibit sturdy growth during the review period, mainly due to the ongoing industrialization, especially in developing countries like India. Constant advancements made to enhance the output in process manufacturing units trigger the demand for the latest technology for safety valves. This is further estimated to propel the demand from the safety valve market during the review period. The increased importance of safety valves in industrial processes has impacted the market’s growth positively. The boom in the nuclear energy generation and surging demand from the oil & gas sector are likely to create growth opportunities for the safety valve market. Moreover, the extensive use of 3D printers in manufacturing lines is considered to fuel the demand for safety valves across the globe.
On the contrary, the high cost of fabrication is considered a major roadblock to the growth of the market.
The top players dominating the global safety valve market include General Electric (US), Emerson (US), Schlumberger Limited (US), LESER (Germany), IMI PLC (UK), Alfa Laval (Sweden), Forbes Marshall (India), Weir Group (UK), Neway Valve (Suzhou) Co., Ltd. (China), Curtiss-Wright Corporation (US), Robert Bosch GmbH (Germany), Conbraco Industries Inc. (US), Parker-Hannifin Corporation (US), Danfoss A/S (Nordborg), and Frese Ltd. (UK).
June 2019: With the increasing plastic PNR price causing anxiety among the compliance schemes and producers, the PNR sector has raised an idea for the compliance safety valve. Prices have increased for several materials and will continue to do so with weaker market demand for recyclables.
Global Safety Valve Market: Segmental Analysis
The global safety valve market is segmented on the basis of size, material, and end use.
By material, the safety valve market is segmented into cast iron, stainless steel, alloy based, brass, cryogenic, and others. Among these, stainless steel is predicted to occupy the largest share due to its ability to mitigate contamination threat during crucial processes within end use industries like agriculture, food & beverages, and chemicals.
By size, the safety valve market is segmented into less than 6”, 7″ to 25″, 26″ to 50″, and 50″ and above. Among these, less than 6” valves will acquire the highest share over the forecast period. Meanwhile, 50” and above valves will register the highest CAGR in the long run. The surging demand for large size safety valves by the chemicals and oil & gas industries will boost the growth of these valves.
By end user, the safety valve market is segmented into agriculture, oil & gas, chemicals, energy & power, water & wastewater treatment, food & beverages, and others. Among these, the agriculture segment will dominate the market as these valves are made of stainless steel and brass and are extensively used for precision farming and irrigation purposes.
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Geographically, the safety valve market spans across Europe, North America, Asia Pacific, and the Rest of the World.
Considering the global scenario, the Asia Pacific exhibits the highest share in the global market and is likely to register the highest CAGR. The regional market’s growth can be credited to the ongoing infrastructural development, rising investment in end use industries like oil & gas, energy & power, chemicals, water & wastewater treatment, and construction, along with the rapid growth in industrialization. Japan, China, India, and Australia are considered the prominent country-level markets in this region, likely to exhibit high growth. The increased demand from the chemical, mining, and municipal industries is likely to trigger the demand for safety valves in the foreseeable future. The burgeoning demand for oil and gas from densely populated nations like India and China, coupled with the necessity for clean fuel, will accelerate the growth of the regional market.
Europe bags the second spot in the global market, mainly due to the surging number of projects undertaken by the oil and gas sector to propel the capacity of existing reserves. Discovery of shale gas in Canada and the US drives the safety valve market in North America.
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