Selbyville, Delaware,, Oct. 15, 2024 (GLOBE NEWSWIRE) --
The safety valves market is predicted to cross USD 6.5 billion by 2032, as reported in a research study by Global Market Insights Inc. As economies transition from agriculture to industry, the demand for industrial machinery surges. Key sectors, including oil and gas, chemical processing, power generation, and manufacturing, rely on safety valves to manage pressure and ensure safe operations. The establishment of new factories, refineries, and processing plants amplifies the demand for safety valves, driving market growth. Infrastructure initiatives, encompassing the highways, construction of bridges, and industrial parks, further bolster the safety valve market.
The market is segmented by type into direct-acting, bellows, and pilot-operated valves. The safety valves market from the direct-acting segment led the market, generating revenues surpassing USD 2 billion in 2023 and is projected to grow at a CAGR of 5.1% during 2024 to 2032. Direct-acting safety valves utilize a spring-loaded mechanism that responds promptly to pressure changes, ensuring reliable pressure relief. When the system pressure exceeds a predetermined limit, the spring's force is overcome, prompting the valve to open and release the excess pressure. Valued for their simplicity, rapid response, and ease of maintenance, direct-acting safety valves find common application in scenarios demanding immediate pressure relief, such as compressed air systems, steam boilers, and specific chemical processes.
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Distribution channels for the market are categorized into direct and indirect sales. In 2023, the indirect sales segment led the market, capturing approximately 59% of the total share, and is anticipated to expand at a CAGR of 5.3% up to 2032. The indirect sales approach in the safety valves market entails distributing products via intermediaries, including distributors, wholesalers, and resellers, rather than direct sales to end-users. This strategy enables manufacturers to tap into established distribution networks and local expertise, broadening their customer reach to encompass smaller businesses and regional markets that might be challenging to access directly.
Asia Pacific took the lead as the dominant region, amassing a notable revenue of USD 1.5 billion, with projections of a 5.6% CAGR between 2024 and 2032. The Asia-Pacific landscape for safety valves is vibrant and swiftly evolving, spurred by vigorous industrial growth and infrastructural advancements in pivotal nations like China, India, and various Southeast Asian countries. With significant investments pouring into sectors such as oil and gas, power generation, chemical processing, and manufacturing—each heavily reliant on safety valves for operational safety and efficiency—the region witnesses a pronounced demand.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast parameters
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2018 - 2032
Chapter 3 Safety Valves Market Insights
3.1 Industry ecosystem analysis
3.1.1 Factors affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Impact forces
3.2.1 Growth drivers
3.2.1.1 Increased industrialization and infrastructure development
3.2.1.2 Stringent safety and regulatory standards
3.2.1.3 Technological advancements and innovations
3.2.2 Industry pitfalls & challenges
3.2.2.1 High costs and maintenance challenges
3.2.2.2 Market saturation and competitive pressure
3.3 Growth potential analysis
3.4 Regulatory landscape
3.5 Pricing analysis
3.6 Porter’s analysis
3.7 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
