Safety Valves Market
Safety Valves Market accounted for USD 5,120 Million in 2019 and is predicted to witness a CAGR of 5% over the forecast period, owing to their growing adoption in industrial valves.
Growing use of safety valves in energy & power, water & wastewater treatment, and chemical industries and increasing initiatives by several regulatory bodies to ensure operational safety are the major factors fueling the safety valves market growth. Rising deployment of 3D printer in production lines and the rising demand for safety valves in oil and gas industry are the crucial drivers propelling the market growth. However, as per the safety valves market analysis, the rising production is likely to restrain the market growth.
By material, the cryogenic segment is predicted to witness a faster CAGR over the forecast period. Growing emphasis on cleaner fuel has increased the demand for cryogenic material to safely control cryogenic temperature, thereby boosting the market size. On the other hand, stainless-steel segment is forecast to dominate the market during the forecast period owing to the robust demand for superior valves to reduce contamination risk in crucial processes across different industries.
By industry, the agriculture segment is forecast to hold a larger share during the forecast period owing to growing adoption of safety valve for irrigation and precision farming application. On the other hand, the Oil & gas industry is likely to dominate the market during the forecast period due to the expansion in oil & gas sector and growing need for cleaner fuel.
By region, Asia-pacific will emerge as the fastest growing region during the forecast period. Rapid urbanization and accelerating population, especially in China and India, have fueled the industrial development, which in turn, will bolster the safety valves need across various industries.
Leading players in the market include Weir Group plc, Emerson Electric Co., Forbes Marshall, Schlumberger, Bosch Rexroth AG, Baker Hughes (A GE Company), Curtiss-Wright Corporation, IMI plc, Alfa Laval AB, LESER GmbH & Co. KG, among others.
In Sep 2019, Emerson adopted the Spence and Nicholson product lines from Circor International to expand the Emerson product portfolio of steam system solutions for process industries and commercial buildings.
In Nov 2018, Baker Hughes inaugurated a latest facility in Naples, Italy, to cater the European aftermarket with safety valves for steam applications. The new plantis enlarged their product scope and capacity of the plant, including a variety of Masoneilan control valves, and Consolidated safety valves, up to 2000 psi (140 Bar) test pressure.
Safety Valves Market Segmentation:
Safety Valves Market by Material
- Cast Iron
Safety Valves Market by Size
- Up to 1″
- 1″ to 6″
- 6″ to 25″
- 25″ to 50″
- 50″ and Larger
Safety Valves Market by Industry
- Oil & Gas
- Energy & Power
- Water & Wastewater
- Building & Construction
- Metal & Mining
- Paper & Pulp
- Food & Beverages
Safety Valves Market by Region:
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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