Expansion in the oil and gas industry, rise in demand for cleaner fuel, technological advancements in manufacturing lines have resulted in boosting Safety valves market.
Market Size – USD 5.11 Billion in 2020, Market Growth – CAGR of 14.6%, Market Trends –Increased consumption of oil and gas
The Global Safety valves market is forecast to reach USD 6.81 Billion by 2028, according to a new report by Reports and Data.
Safety values have become an integral part of the operation for different industries in contemporary times. The expansion of these industries is promoting the growth of the market. Another essential driving factor for the market is stringent government policies regulating workplace health and safety. It is because of these government regulations; it has become necessary for different industries to comply with these safety norms and incorporate safety valves in their operation. Such a rise in safety valves application in various sectors encourages the growth of this sector.
In addition to these factors, with a rise in global population, there has been a rise in demand for oil and gas. For catering to this present demand for oil and gas, the industry is focusing on various developments. One such recent event in the oil and gas industry is the discovery of shale gas. Such developments in the industry, along with its expansion, is positively impacting the growth of the safety valves market. Expansion of global population has also resulted in increased demand for energy. In order to cater to the rise in demand for energy, alternative sources of energy generation like nuclear energy generation are being tapped. In the operation of nuclear energy generation, safety valves are essential in preventing radioactive elements from getting disseminated. Hence, the growth of nuclear energy generation also results in the growth of safety valves market.
In context to region, Asia Pacific can be seen to dominate the market. Factors like infrastructural developments and rise in investments in various industries like the construction industry, oil and gas sector, and drastic urbanization have resulted in its market dominance.
Key participants include Alfa Laval, Bosch Rexroth, Aquatrol Valve Company, ARI-Armaturen, Forbes Marshall, Baker Hughes (A GE Company), Emerson, Danfoss, IMI PLC, Curtiss-Wright Corporation.
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Further key findings from the report suggest
- The Safety valves market held a market share of USD 5.11 Billion in the year 2020. It is forecasted to grow at a rate of 3.7% during the forecast period.
- In regards to the product types, Spring-loaded Pressure-relief Valves segment generated the highest revenue of USD 2.03 Billion in 2020 with a CAGR of 3.9% during the forecast period. This type of safety valve is one of the most commonly used safety valves due to the presence of traits like no impact of pressure release on back pressure and effectiveness in dealing with higher built-up backpressure. The high rate of application of this type of safety valve, contributes to the revenue yielded by this segment.
- In context to material, Stainless Steel segment generated the highest revenue of USD 1.69 Billion in 2020 with a growth rate of 4.0% during the forecast period. The revenue generated by the segment has been the result of the rise in demand for a high-quality and effective safety valve for mitigating the issue of contamination that is prevalent in industries like food and beverage industry.
- In regards to size, Less than 6-inch segment generated the highest revenue of USD 1.65 Billion in 2020 with a CAGR of 4.0% during the forecast period. The revenue generated by this segment has been the result of the rise in demand for power-based and energy application, in which, safety valve finds a significant application.
- In regards to application, the Agriculture segment is forecasted to generate USD 1.32 Billion by 2028 with the highest CAGR of 5.0% during the forecast period. The growth rate of the segment has been the consequence of the effectiveness of safety valve in precision farming and irrigation, which are integral parts of agriculture.
- In regards to region, Asia Pacific can be seen to dominate the market that is forecasted to occupy 35% of the market by 2028 with a CAGR of 4.0% during the forecast period. The rise in investments in sectors like oil and gas sector along with drastic urbanization in developing economies like India and China are some of the factors contributing to its market share.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/safety-valves-market
For the purpose of this report, Reports and Data have segmented the global Safety valves market according to Product types, Material, Size, Application areas, and Region:
Product types Outlook (Volume, Thousand Units; Revenue, USD Billion; 2020-2028)
- Spring-loaded Pressure-relief Valves
- Dead-Weight Pressure-relief Valves
- Pilot-operated Pressure-relief Valves
Material type Outlook (Volume, Thousand Units; Revenue, USD Billion; 2020-2028)
- Cast Iron
- Stainless Steel
Size type Outlook (Volume, Thousand Units; Revenue, USD Billion; 2020-2028)
- Less than 6 inch
- 7 inch-25 inch
- 26 inch-50 inch
- 50 inch and above
Application areas Type Outlook (Volume, Thousand Units; Revenue, USD Billion; 2020-2028)
- Oil & Gas Industry
- Water & Wastewater
- Energy & Power
- Metal & Mining
- Food & Beverage Industry
Regional Outlook (Volume, Thousand Units; Revenue, USD Billion; 2020-2028)
- North America
- Asia Pacific
- Latin America
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Key Advantages of Safety Valves Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Safety Valves industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Safety Valves market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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