Dublin, April 24, 2019 (GLOBE NEWSWIRE) -- The "Safety Valves Market by Size (Up to 1 inch, 1-6 inch, 6-25 inch, 25-50-inch, 50 inch, and Above), Material (Stainless Steel, Cast Iron, Alloy, Cryogenic), Industry (Oil & Gas, Energy & Power, Water & Wastewater), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The safety valve market was valued at USD 4.29 billion in 2018 and is projected to reach USD 5.54 billion by 2024; it is expected to grow at a CAGR of 4.30% from 2019 to 2024.
A valve is a mechanical device that regulates the flow of liquid or gas in a process stream. A safety valve is a fail-safe valve. For example, pressure relief valve (PRV) is a safety valve that automatically releases a substance from a pressure vessel, boiler, or other systems when the pressure or temperature exceeds the preset limits.
The safety valve market is segmented by material, size, industry, and region. Based on material, the safety valve market is segmented into stainless steel, cast iron, cryogenic, alloy, and others. Safety valves are used in various industries such as oil and gas, energy & power, water & wastewater, chemicals, pharmaceuticals, metal & mining, food & beverage, and others.
The value chain of the safety valve market comprises raw material and component suppliers; original equipment manufacturers (OEM); system integrators; distribution channel; and end users. Among all, raw material and component suppliers and original equipment manufacturers (OEM) are the major contributors to the market value chain.
Importance of safety valves in industrial processes, increased need from oil & gas, growth in nuclear energy generation are among the key driving factors for the safety valve market. The constant need for safety valve replacement, use of 3D printers in manufacturing lines are among the other factors fueling the growth of the safety valve market. However, the high cost of fabrication can hinder the growth of the safety valve market.
Emerson (US), Weir Group (UK), Cameron Schlumberger (US), Curtiss-Wright Corporation (US), and IMI PlC (UK) are among the players operating in the safety valve market. Expansion was the most adopted strategy of the overall growth strategies adopted by the key players operating in the market from 2016 to 2018.
Market Dynamics
Drivers
- Importance of Safety Valves in Industrial Processes
- Increased Need From Oil & Gas
- Growth in Nuclear Energy Generation
Restraints
- Decline in Oil and Gas Extraction
Opportunities
- Constant Need for Safety Valve Replacement
- Use of 3D Printers in Manufacturing Lines
Challenges
- High Cost of Fabrication
Companies Mentioned
- Alfa Laval
- Aquatrol Valve Company
- ARI-Armaturen
- Baker Hughes (A GE Company)
- Bosch Rexroth
- Curtiss-Wright Corporation
- Danfoss
- Emerson
- Forbes Marshall
- Frese
- GEA Group
- IMI PLC
- Leser
- Parker-Hannifin
- Schlumberger
- SMC Corporation
- Swagelok
- Taylor Valve Technology
- VYC Industrial
- Weir Group
For more information about this report visit https://www.researchandmarkets.com/r/y3hy69
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