New Jersey, NJ, Jan. 22, 2020 (GLOBE NEWSWIRE) -- The global Safety Valves market is expected to grow from USD 4.69 Billion in 2018 to USD 6.81 Billion by 2026 at a CAGR of 4.8% during the forecast period 2019-2026, according to the new report published by Fior Markets. Adoption of safety valves in industrial processes is one of the driving force. Also, rising demand of safety valves from oil & gas market and growth in nuclear energy generation are another two factors fuelling the growth of market. But decline in oil and gas extraction is restricting the growth of the safety valves market. However, rising need for safety valve replacement and the use of 3D printers in manufacturing lines are factors expected to provide numerous growth opportunities in forthcoming years.
A safety valve is defined as a valve that acts as a fail-safe. One of the type of safety valve is a pressure relief valve (PRV), which automatically releases a substance from a boiler, pressure vessel, or other system, when the pressure or temperature exceeds preset limits. Pilot-operated relief valves act as a specialized type of pressure safety valve. A leak tight, lower cost, single emergency use option would be a rupture disk.
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Key players operating in the global Safety Valves market include are Emerson, Weir Group, Forbes Marshall, Curtiss-Wright Corporation, Schlumberger, Bosch Rexroth, Baker Hughes (A GE Company), IMI PLC, Alfa Laval, Leser, Frese, ARI-Armaturen, Danfoss, Swagelok, Taylor Valve Technology, SMC Corporation, GEA Group, Aquatrol Valve Company, Parker-Hannifin, VYC Industrial among others. To enhance their market position in the global Safety Valves market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, In November 2018, Baker Hughes expanded a new steam test facility in Naples, Italy created to better serve the European aftermarket with rapid response ASME Section I safety valves for steam applications. The new plant is an expansion on the current aftermarket center that expands the product scope and capacity of the plant to include the full range of Masoneilan control valves and consolidated safety valves, up to 2000 psi (140 Bar) test pressure.
- For instance, in May 2017, Yamgaz, a joint-venture led by TechnipFMC with JGC and Chiyoda, awarded Weir Flow Control France a contract to engineer and supply critical service safety valves for Yamal LNG, a major LNG project in northern Russia. In October 2018, Alfa Laval launched an aseptic double-seat valve to its range of Alfa Laval Mixproof valves. It reduces the total cost of ownership for dairy, food, beverage, and other manufacturers by up to 45% compared with the leading Aseptic Double Seat Mixproof valves. Further, it also ensures product safety through full protection against the intrusion of harmful microorganisms, even during unwanted pressure spikes
The steel segment is growing at the highest CAGR of 6.7% in the forecast period.
The material segment is classified as steel, cast iron, alloy, cryogenic and others. The steel segment is growing at the highest CAGR in the forecast period. Growing demand for high-quality safety valve to alleviate the threat of contamination in critical processes, such as water and steam handling, in food & beverages, and chemicals industries is expected to stimulate the market growth.
The 1" to 6" segment is dominating the market and valued around USD 2.08 Billion in 2018.
The size segment is divided into segments such as Up to 1", 1" to 6", 6" to 25", 25" to 50” and 50" and Larger. The 1" to 6" safety valves segment is dominating the market and valued around USD 2.08 Billion owing to various features offered by it.
The agriculture segment is dominating the market with the highest share of 23.20% in 2018.
Industry segment includes oil & gas, energy & power, chemicals, water & wastewater, building & construction, pharmaceuticals, agriculture, metal & mining, paper & pulp, food & beverages, and others. The agriculture segment is dominating the market with the highest share of 23.20% in 2018. In agriculture, safety valves are used for irrigation and precision farming applications. Valves made up of brass, steel, and a wide array of plastics materials are widely used.
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Regional Segment Analysis of the Safety Valves Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region dominated the global safety valves market with USD 1.93 Billion in 2018 whereas the Asia Pacific rapidly growing region in the market. North America is dominating the market due to growth in the oil & gas market. Also, increased spending in energy sector have also spurred the growth of safety valve market. The Asia Pacific is a rapidly growing region due to the population growth and rapid urbanization in developing economies, such as China and India, which have prompted the speedy development in the region.
About the report:
The global Safety Valves market is analysed on the basis of value (USD billion) and volume (Thousand Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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