New York, US, May 29, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Safety Valve Market Information By Material, Size, End-use, and Region - Forecast till 2030", The safety valve market can anticipate developing at a rate of 9.20% from 2022 to 2030, to touch USD 13.2 billion by 2030.
Safety Valve Market Overview
In many circumstances, a safety valve acts as the last line of defense. Making sure the safety valve can operate at all times and in all situations is crucial. A safety valve should never be utilized as a process valve or a pressure regulator because it is neither of those things. Overpressure protection is the only purpose it should be used for. The Safety Valve's function is to protect persons and property in the event that the system's pressure management fails; in other words, it serves as the last line of defense before total failure.
Market Competitive Landscape:
The affluent companies in the safety valve industry include
- Emerson Electric Co (US)
- Schlumberger Limited (US)
- General Electric (US)
- Curtiss-Wright Corporation (US)
- ALFA LAVAL (Sweden)
- IMI plc (UK)
- LESER GmbH & Co. KG (Germany)
- The Weir Group PLC (Scotland)
- Forbes Marshall (India)
- Danfoss (Denmark)
- Bosch Rexroth AG (Germany)
- Spirax Sarco Limited (UK)
- Among others.
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Safety Valve Market COVID 19 Analysis
Automobiles, oil & gas, and other industries have all seen slower growth as a result of the Covid-19 epidemic. It has three main consequences on the world economy: it affects supply and demand directly, disrupts the market and supply chain, and has a financial impact on companies and financial markets. Electronics and manufacturing firms have recently faced a serious strategic threat from the COVID-19 epidemic. Raw material supply interruptions, temporary shutdowns of manufacturing facilities, insufficient financing, and sluggish consumer demand have all hurt the electronics and semiconductor manufacturing industry. These factors collectively are reducing the safety valve market size internationally.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 13.2 Billion |
| CAGR during 2022-2030 | 9.20% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Size, End-use |
| Key Market Opportunities | Integration of safety valves into the Internet of Things (IoT) environment. |
| Key Market Drivers | Increasing demand for safety valves from the oil & gas industry. Growing nuclear energy generation. |
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Safety Valve Market USP Covered:
Market Drivers:
Soaring demand for safety valves in the oil & gas industry, growth in nuclear energy generation, increased use of 3D printers in manufacturing lines, and increased awareness of the importance of safety valves in various industrial processes such as power generation, gas and petroleum, including water and sewage processing, mining, oil processing, food manufacturing, are some of the major and significant factors driving the growth of the safety valve industry. On the other hand, the continual need for safety valve replacement and product integration with the internet of things environment will create various opportunities for the market for safety valves to grow over the course of the anticipated period.
Oil and gas pipeline safety depends on the proper operation of industrial valves. They are in charge of supply line integrity, flow control, and other significant duties. From refining through distribution, the majority of operations in the oil and gas sector rely heavily on pipeline systems. In order for the industry to succeed, pipeline infrastructure and dependable control systems are essential. These systems could have flaws or breaches that cause big financial losses, dangerous spills, and potentially environmental catastrophe. The manufacturing of oil and gas valves has expanded globally.
China has already made a name for itself as one of the biggest manufacturers and consumers in the world. No matter the device or level of technical sophistication, the local valve sector falls well short of global valve technology. There are extremely few businesses that have independent research and development capabilities for high-end items. An oil and gas valve is a terminal actuator that manages fluid flow in a pipe. Modern computer hardware, sensor technology, network, and remote-control technologies are all used in valve products. to stay up with the information technology industry's rapid advancement.
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Market Restraints:
The market is being constrained by the ongoing expansion of oil and gas exploration in a few locations throughout the world. The high cost of safety valve manufacturing is a barrier to market expansion.
However, the increasing integration of safety valves into the Internet of Things (IoT) environment would support the expansion of the safety valve market business. This generates tempting chances.
Market Segmentation
Safety Valve Market By Material
Steel, alloy, cast iron, cryogenic, and other materials are subdivided into the worldwide safety valve market based on material. Because steel safety valves are dependable and don't leak in extreme heat or cold, the steel segment is predicted to rule the global market.
Safety Valve Market By Size
Less than 1, 1 to 10, 11 to 20, and 20" and above are the different categories, depending on the size. Because of the advantages of this size range, such as managing the flow and pressure of liquids, gases, and slurries within various end-use industries, the 1" to 10" segment is predicted to develop at a considerable rate for the safety valves market during the review period.
Safety Valve Market By End-Use
Oil & gas, energy & power, food & beverage, chemicals, water & wastewater treatment, and others are the segments of the worldwide safety valve market business. The oil and gas industry is anticipated to hold the greatest share of the worldwide safety market because it generates the most income and requires practically all types of valves, including gate, globe, ball, check, and butterfly. A safety valve air compressor, a safety valve boiler, and a safety valve heater are a few of the items.
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Safety Valve Market Regional Analysis
Between its rapid urbanization, increased investments in the oil and gas and construction industries, and growing infrastructure improvements, Asia-Pacific now holds the biggest market share. Market expansion in this region is anticipated to be fueled by rising demand from the mining, chemical, and municipal sectors. The explosive growth of the oil and gas industry, particularly in Asia-Pacific nations like China and India, is one of the key drivers influencing market expansion. Additionally, there have been more mergers and acquisitions in the sector, which is anticipated to have a beneficial effect on industry growth throughout the projection period.
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