Market Research Future suggests that the global safety valve is ready to strike at a CAGR of 5.02%, and is going to mount USD 5.12 billion, during the forecast period (2019-2025).
Safety valves are gaining high prominence in the semiconductor industry due to the rise in the industry across the world. The extensive study includes segmental analysis, assessment of factors that can sway the market in the coming years, and expert views for an all-engrossing understanding of the market in a detailed manner.
The well-known players operating in the global safety valve market are listed as Curtiss-Wright Corporation (US), Schlumberger Limited (US), General Electric (US), Emerson Electric Co (US), ALFA LAVAL (Sweden), IMI plc (UK), Spirax Sarco Limited (UK), LESER GmbH & Co. KG (Germany), Forbes Marshall (India), Danfoss (Denmark), Bosch Rexroth AG (Germany), and The Weir Group PLC (Scotland).
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Market Drivers & Trends
Among the significant factors, safety valves are gaining maximum traction over the years, owing to its essential functions and applications. These are known to be precautionary and preventive valves which function at the time of pressure and temperature is exceeded. These valves are necessary for protecting the employees around the plants and the environment around it. These factors are claiming to be the major one that is impacting the market’s growth during its progression period.
Other considerable factors driving the growth of the global safety valve market are the surging demand for these valves from the oil & gas industry as well as surging nuclear energy generation. These have contributed to a great extent in the proliferation of the market since past years and would do the same during the assessment period.
Additionally, the integration of safety valves into the Internet of Things (IoT) environment is anticipated to generate opportunities for the global safety valve market players, thus making ways for more expansion of the market during the progression period. On the other hand, more factors such as growth in the construction of upstream, midstream, and downstream infrastructure in the past years has also contributed largely to the market’s growth. Upon this, the study reveals that in May 2019, the Mexican government announced the construction of a new refinery set, which was to begin in June 2019 on the Tabasco Coast, Mexico. Therefore, in this, the use of safety valves extensive in refineries to control the pressure of liquids and gases in plants. Such activities increased the demand for safety valves all over the world, and the market got considerable traction.
The segmental analysis of the global safety valve market has been done by material, size, and end-use.
In terms of material: Steel, alloy, cast iron, cryogenic are the segments. Among these, the steel segment is anticipated to lead the global market as these valves as these are durable and does not leak on hot and cold temperature.
In terms of size: Less than 1”, 1” to 10”, and 11” to 20”, and 20” & above are the segments. Among these, the 1” to 10” segment is to expand with the high ranking CAGR during the estimated period as these size ranges of safety valves are majorly used in controlling the flow and pressure of the liquid and gases in diverse end-use industries.
In terms of end-use: Oil & gas, energy & power, chemicals, food & beverage, water & wastewater treatment, and others are the segments. Among these, oil & gas segment is anticipated to hold the largest share within the market, as this industry is one of the most significant revenue-generating industries and requires almost all types of valves including gate, globe, check, ball, and butterfly.
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Regionally, the global safety valve market is studied across the regions of Asia-Pacific, North America, Europe, the Middle East &Africa, and South America.
Among these, the Asia-Pacific region acquires the largest safety valve market share owing to the rapid urbanization and growing industrialization. As claimed by the Asian Development Bank (ADB), in 2017, Asia-Pacific needed to invest USD 1.7 trillion per year in infrastructure until 2030 to prolong its growth momentum. Furthermore, the regulatory and institutional reforms made infrastructure more lucrative for private investors and to create a pipeline of projects for public-private partnerships. Safety valves in the APAC region’s construction industry are mostly used to regulate the flow of liquid in firefighting systems, piping systems, and water supply systems. Therefore, Asia-Pacific has the largest share in the safety valve market with growing construction industry and the various opportunities for the safety valve market players.
The market in North America is also anticipated to be the second-largest market for safety valves, in support of snowballing investments in the construction industry. The construction industry in the US is to grow faster in the next 15 years, which can be assertive to the extensive installation of safety valves in the construction industry.
The safety valve market in Europe can lead in the future as Germany can be one of the major regions for observing an increase in power generated from renewable energy resources that would be driving the safety valve market in this country. The market demand in the Middle East & Africa is led by Saudi Arabia for having petrochemical industry. In the last, South America region is influenced by Brazil for it is the largest oil-producing country in the region, thus can expect to have the highest CAGR during the forecast period.
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