New York, US, Aug. 09, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Safety Valve Market information by Material, Size, End-use and Region – forecast to 2027” the market is projected to reach USD 5.12 billion by 2025, with 5.02% CAGR.
Safety Valve Market Scope:
Safety valves, put simply, are preventive and precautionary valves which actuate automatically when the temperature and preset safety valve pressure is exceeded. These valves safeguard critical equipment from damage via releasing the excess pressure sans any electrical support. Along with protecting the equipment, safety valves are also essential to protect the employees around the plants as well as the environment around it. Safety valves are made of different materials such as cryogenic, cast iron, alloy, steel, and others that have wide applications in water and wastewater treatment, food and beverage, chemicals, energy and power, oil and gas, and others.
Dominant Key Players on Safety Valve Market Covered Are:
- Spirax Sarco Limited (UK)
- Bosch Rexroth AG (Germany)
- Danfoss (Denmark)
- Forbes Marshall (India)
- The Weir Group PLC (Scotland)
- LESER GmbH & Co. KG (Germany)
- IMI plc (UK)
- ALFA LAVAL (Sweden)
- Curtiss-Wright Corporation (US)
- General Electric (US)
- Schlumberger Limited (US)
- Emerson Electric Co (US)
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Market Drivers:
Alluring Features that Spur Market Growth
According to the MRFR report, there are numerous factors that are propelling the global safety valve market share. Some of these entail the growing need for safety valves from oil and gas industry, growing nuclear energy generation, the integration of safety valves into the IoT, rising demand for oil and gas, associated development of the market, growth in the construction of downstream, midstream, and upstream infrastructure, and growing construction industry. The additional factors adding market growth include the growing nuclear energy generation, constant need for safety valve replacement, the use of 3D printers in manufacturing lines, booming oil and gas industry, technological advances, and growing need for cleaner fuel.
On the contrary, the high fabrication cost coupled with low-profit margin may impede the global safety valve market growth over the forecast period.
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Segmentation of Market Covered in the Research:
The MRFR report highlights an inclusive analysis of the global pressure safety valve market based on end use, size, and material.
By material, the global safety valve market is segmented into cryogenic, cast iron, alloy, steel, and others. Of these, the steel segment will lead the market over the forecast period as these valves are durable as well as do not leak in cold or hot temperatures.
By size, the global safety valve market is segmented into 20” and above, 11 to 20”, 1 to 10”, and less than 1”. Of these, the 1 to 10” segment will dominate the market over the forecast period as this size range of safety valves are utilized for controlling the pressure and flow of slurries, gases, and liquids with different end-use industries.
By end use, the global safety valve market is segmented into water and wastewater treatment, food and beverage, chemicals, energy and power, oil and gas, and others. Of these, the oil and gas segment will spearhead the market over the forecast period as the oil & gas industry is amid the most significant revenue generating industries that needs almost every form of valve such as butterfly, ball, check, globe, and gate.
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Regional Analysis
APAC to Remain Domineer in Safety Valve Market
Geographically, the global safety valve market is bifurcated into Europe, North America, South America, the Asia Pacific, & the Middle East and Africa (MEA). Of these, the APAC region will remain domineer in the market over the forecast period. Growing industrialization, rapid urbanization, structural and regulatory changes needed to make infrastructure more competitive for private investors, build a public-private partnership projects, used for controlling liquid flow in piping systems, firefighting systems, and water supply systems, increasing construction industry, numerous opportunities for market players in the safety valve sector, population growth, and the presence of developing economies such as India and China are adding to the global safety valve market growth in the region. Besides, speedy development in the region, growing demand from several industries like oil and gas, pharmaceuticals, chemicals, construction, water and wastewater treatment, and energy and power, infrastructural developments, increasing investments in various sectors, and increased application of safety valves are also adding market growth.
North America to Have Promising Growth in Safety Valve Market
In North America, the global safety valve market is predicted to have promising growth over the forecast period. Growing investments in the construction sector, booming construction sector in the US, extensive installation of safety valves in the construction industry, rapid industrialization, rapid use of high-end technology, flourishing oil and gas industry, and rapid establishment of several market players are adding to the global safety valve market growth in the region.
Europe to Have Admirable Growth in Safety Valve Market
In Europe, the global safety valve market is predicted to have admirable growth over the forecast period. Germany holds the utmost market share for the rise in power produced from renewable energy sources.
In the MEA, as well as in South America, the global safety valve market will have sound growth over the forecast period.
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COVID-19 Impact on the Global Safety Valve Market
The global safety valve market has unfortunately faced the brunt of the ongoing COVID-19 crisis. This is due to disruptions in supply chain, fluctuations in demand share, the economic consequences of the outbreak, and the immediate as well as future impact of the global crisis owing to social distancing trends and government imposed lockdowns all across the globe have all impacted the growth of the market negatively. However following relaxation of the lockdown in some parts the market is likely to get back to normalcy soon.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
