NEWARK, Del, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The global safety valve market totaled US$ 4.0 billion in 2022 and is set to reach US$ 4.4 billion by 2023. Over the forecast period, global demand for safety valves is predicted to surge at 8.6% CAGR. By 2033, total revenue is projected to reach US$ 10.0 billion.
The oil and gas sector is anticipated to continue as the primary end-user of safety valves throughout the assessment period. This is attributed to the increasing demand for safeguarding equipment, pipelines, and the safety of workers within this industry. According to the latest report, this segment is projected to demonstrate an 8.2% compound annual growth rate (CAGR) through 2033.
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Several factors are expected to drive safety valve demand. These include rapid industrialization, the growing need for improving workplace safety, and implementing stringent safety regulations. Safety valves have become critical components in food & beverage, chemical, pharmaceutical, oil & gas, and others for improving safety. The ability of these valves to protect equipment and workers from overpressure situations and reduce contamination is driving their demand in industrial settings.
The rising incidence of workplace accidents and a growing focus on improving workplace safety are expected to drive demand for safety valves. These valves can prevent accidents and failures related to systems' overpressure, helping maintain a safe working environment.
Safety valves are increasingly used in systems like Industrial boilers, pipelines, and heaters in the energy sector. Hence, the rapid expansion of energy infrastructure due to growing demand will likely create opportunities for safety valve manufacturers. Other factors expected to create growth opportunities for the safety valve manufacturing companies include:
- Increasing oil & gas activities.
- Rising demand for intelligent valves.
- Growing awareness of process safety.
Key Takeaways from the Safety Valve Industry Analysis:
- Global safety valve sales are expected to reach US$ 10.0 billion by 2033.
- By material, the stainless steel segment is forecast to thrive at 8.4% CAGR through 2033.
- The oil & gas segment is expected to experience significant expansion with a CAGR of 8.2% based on end-use.
- The United States is estimated to total a valuation of US$ 1.7 billion by 2033.
- Japan is set to register a CAGR of 8.4% between 2023 and 2033.
- Total revenue in China is anticipated to reach US$ 1.9 billion by 2033.
- South Korea is projected to progress at 8.0% CAGR through 2033.
- Sales in the United Kingdom will likely soar at a CAGR of 8.3% through 2033.
"Growing awareness about the importance of safety valves in several industrial processes, including power generation and food manufacturing, is anticipated to boost demand through 2033. Key companies are investing in novel valve technologies to stay ahead," - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Scope of Report:
| Attribute | Details |
| Estimated Value (2023) | US$ 4.4 billion |
| Projected Value (2033) | US$ 10.0 billion |
| Expected Growth Rate (2023 to 2033) | 8.6% CAGR |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ Million/Billion, Volume (Units), and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Material, End Use, and Region |
| Regions Covered | North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
| Key Companies Profiled |
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Recent Developments:
- In February 2022, new valves for improving safety and hygiene in the food, beverage, dairy, and pharmaceutical industries were launched by GEA.
- In August 2022, Alfa Laval acquired Desmet, a prominent leader in engineering and supplying processing plants and technologies for the biofuel and edible sectors.
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More Insights Available:
In its new offering, Future Market Insights (FMI) presents an unbiased global safety valve industry outlook, presenting historical data (2018 to 2022) and forecast statistics from 2023 to 2033.
The study reveals projections based on material (stainless steel, cryogenic, cast iron, alloy, and others), end-use (oil & gas, chemical, building & construction, agriculture, metal & mining, food & beverages, and others), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).
Safety Valve Market Segmentation:
By Material:
- Stainless Steel
- Cryogenic
- Cast Iron
- Alloy
- Other Materials
By End Use:
- Oil & Gas
- Chemical
- Building & Construction
- Agriculture
- Metal & Mining
- Food & Beverages
- Other End Uses
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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