Market Overview
According to Market Research Future (MRFR), the global safety valve market is projected to reach USD 14.352 Billion by 2032, growing approximately at 9.20% CAGR during the anticipated period (2023 - 2032). The development status of the safety valve market continues to demand better service and value. Also, the growing demand for service safety valves from burgeoning industries, such as oil & gas, energy & power, and water & wastewater treatment, fosters the growth of the market.
The global safety valve market is growing at a rapid pace. The market growth attributes to the increasing demand for safety valves from the oil & gas industry and growing nuclear energy generation. Besides, the integration of safety valves into the Internet of Things (IoT) environment creates substantial market opportunities for the players. Moreover, increasing usages of safety valves in energy & power, construction, and chemical sectors escalate the market growth.
Additionally, the rise in demand for maintenance operations in refineries substantiates the market growth. Due to the rise in O&G product demand, there has been significant growth in upstream, midstream, and downstream infrastructure construction over the past few years. Increasing investments in the development of safety valves and the upscale of nuclear power plants boost the market size. Furthermore, rapid industrialization in developing regions influences the market growth.
On the other hand, fluctuating prices and the demand-supply gap in raw materials required for production are the key factors forecasted to impede the market growth. However, rapid advances in manufacturing sectors to increase overall production output in countries such as India and China would support the market growth throughout the assessment period.
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Industry/ Innovation /Related News:
November 20, 2020 ---- Bosch Rexroth AG (Germany), a leading global engineering firm, launched the new subsea valve actuators (SVA). The new concept for SVA has been certified by DNV GL for safety systems application with up to Safety Integrity Level (SIL) 3 requirements. In addition, the system consists of an electrically controlled drive with a hydrostatic transmission, which saves up to 75% of the energy required than a conventional electromechanical axis.
Major Players:
Players leading the global safety valve market include
- Schlumberger Limited (US)
- Emerson Electric Co (US)
- General Electric (US)
- ALFA LAVAL (Sweden)
- Curtiss-Wright Corporation (US)
- IMI plc (UK)
- The Weir Group PLC (Scotland)
- LESER GmbH & Co. KG (Germany)
- Forbes Marshall (India)
- Bosch Rexroth AG (Germany), Danfoss (Denmark)
- Spirax Sarco Limited (UK)
Global Safety Valve Market – Competitive Analysis
Highly competitive, the global safety valve market appears fragmented due to the presence of several well-established players. Industry players incorporate strategies, such as mergers & acquisitions, collaborations, expansion, and product or technology launch. The market competition landscape is highly dependent on R & D investments made by safety valve manufacturers to develop technology, brand building, and expansion of their global footprint.
Managing the cost of raw materials is a top priority for manufacturers. To counter this challenge, firms seek new ways to mitigate risks associated with raw materials instability. Industry players also form strategic partnerships with suppliers to meet the demand-supply gap of the raw materials.
Global Market for Safety Valve Segments
The market is segmented into four dynamics;
- By Material: Steel, Alloy, Cast Iron, Cryogenic, and others.
- By Size : Less than 1”, 1” to 10”, 11” to 20”, and 20’ & above.
- By End-Use: Oil & Gas, Energy & Power, Chemicals, Food & Beverage, Water & Wastewater Treatment, and others.
- By Regions : Americas, Europe, APAC, and Rest-of-the-World.
Global Safety Valve Market – Geographical Analysis
The Asia Pacific region dominates the global safety valve market. The largest market share attributes to the rapid urbanization and growing industrialization in this region. Besides, the growing construction industry and growing nuclear energy generation drive the growth of the regional market. Moreover, growing investments in end-use industries such as oil & gas, energy & power, water & wastewater treatment, chemicals, and food & beverage accelerate the regional market growth.
Regulatory and safety reforms boost market growth, making it more attractive for private investors to foster public-private partnerships. The increasing governmental focus on generating power and renewable energy sources pushes the regional market's growth. The APAC safety valve market is poised to retain its dominance throughout the forecast period.
North America stands second in the global safety valve market. The market is driven by rising usages of safety valves across the industry verticals. Additionally, the spurring rise in the wind, bioenergy, and hydropower energy pushes regional market growth. The US market dominates the regional market, contributing to total renewable energy generation capacity. The North American safety valve market is estimated to grow at a significant rate during the forecast period.
Europe safety valve market is growing rapidly. Factors such as the increasing governmental focus on increasing energy generation infrastructure and the growing economy influence the regional market growth. Moreover, the growing usages of safety valves in quadrupling oil & gas, energy & power infrastructures foster the regional market's development. The European valve market is predicted to create a substantial revenue pocket during the forecast period.
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