Safety Valve Market Is Set a Rapid Growth Expected to Reach USD 5.12 Billion with Highest CAGR
Market Research Future has Published a Research Report on Safety Valve Market. This Report Covers The Top Countries and Regions of the World, Including Market Share, Size, Trends, Growth, Revenue and much more Across the globe.
According to Market Research Future (MRFR), the global safety valve market size is estimated to reach USD 5.12 billion, with 5.02% CAGR from 2019 to 2025. The report offers a rigorous and in-depth analysis of the effect of the COVID-19 pandemic on the global safety valve market.
Safety valves are precautionary and preventive valves that operate automatically when the safety valve pressure and temperature are exceeded. Safety valves protect crucial equipment from damage by releasing excess pressure without any electrical assistance. In addition to the safety of the equipment, valves are essential for the protection of employees around the plant and the surrounding environment.
The propelling factors for the global safety valve market's growth include rising demand for safety valves from the oil & gas industry and nuclear energy generation. In addition, the introduction of safety valves into the Internet of Things (IoT) environment is anticipated to create opportunities for global safety valve market players.
Many significant players are manufacturing safety valves that are highly competitive and provide greater performance. Such players are actively focused on the development of new products as the main strategy to provide the most suitable safety valves. For example, in October 2018, Emerson Electric Co. developed a low-pressure pilot pressure relief valve (POPRV) to support marine LNG transportation consumers by reducing their size. This reduces investment by 25% and protects end-users from overpressure, as a reduction in size offers an additional profit margin of 10.5% over existing valves.
Top Companies profiled in Safety Valve Market Research Report:
The key participants operating in the global safety valve market are Emerson Electric Co (US), ALFA LAVAL (Sweden), Schlumberger Limited (US), General Electric (US), Curtiss-Wright Corporation (US), IMI plc (UK), LESER GmbH & Co. KG (Germany), Bosch Rexroth AG (Germany), The Weir Group PLC (Scotland), Forbes Marshall (India), Danfoss (Denmark), and Spirax Sarco Limited (UK).
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The global market for safety valve has been segmented into material, size, and end-use.
Based on material, the global safety valve market has been segmented into steel, alloy, cast iron, cryogenic, and others. The steel segment is predicted to lead the global market as these valves are long-lasting and do not leak in hot or cold temperatures.
Based on the size, the global safety valve market has been divided into less than 1”, 1” to 10”, 11” to 20”, and 20” & above. The 1 "to 10" segment is projected to increase with the highest CAGR during the forecast period as safety valves of this size are used to regulate the flow and pressure of liquids, gases, and slurries in different end-use industries.
Based on end-use, the global safety valve market has been segmented into oil & gas, energy & power, chemicals, water & wastewater treatment, food & beverage, and others. The oil & gas segment is predicted to witness the largest share in the global safety valve market, as the oil & gas industry is one of the largest revenue-generating industries requiring almost all types of valves like gate, globe, check, ball and butterfly.
By region, the global safety valve market has been segmented into Asia Pacific, North America, Europe, the Middle East &Africa, and South America.
The Asia Pacific holds the largest safety valve market share due to the rapid urbanization and growing industrialization.
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