Gmi Research's blog : Safety Valves Market Research Report
Safety
Valves Market
Safety Valves Market accounted for USD 5,120 Million in 2019
and is predicted to witness a CAGR of 5% over the forecast period, owing to
their growing adoption in industrial valves.
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Growing use of safety valves in energy & power, water
& wastewater treatment, and chemical industries and increasing initiatives
by several regulatory bodies to ensure operational safety are the major factors
fueling the safety valves market growth. Rising deployment of 3D printer in
production lines and the rising demand for safety valves in oil and gas
industry are the crucial drivers propelling the market growth. However, as per
the safety
valves market analysis, the rising production is likely to
restrain the market growth.
By material, the cryogenic segment is predicted to witness a
faster CAGR over the forecast period. Growing emphasis on cleaner fuel has
increased the demand for cryogenic material to safely control cryogenic
temperature, thereby boosting the market size. On the other hand,
stainless-steel segment is forecast to dominate the market during the forecast
period owing to the robust demand for superior valves to reduce contamination risk
in crucial processes across different industries.
By industry, the agriculture segment is forecast to hold a
larger share during the forecast period owing to growing adoption of safety
valve for irrigation and precision farming application. On the other hand, the Oil
& gas industry is likely to dominate the market during the forecast period
due to the expansion in oil & gas sector and growing need for cleaner fuel.
By region, Asia-pacific will emerge as the fastest growing
region during the forecast period. Rapid urbanization and accelerating
population, especially in China and India, have fueled the industrial
development, which in turn, will bolster the safety valves need across various
industries.
Leading players in the market include Weir Group plc, Emerson
Electric Co., Forbes Marshall, Schlumberger, Bosch Rexroth AG, Baker Hughes (A
GE Company), Curtiss-Wright Corporation, IMI plc, Alfa Laval AB, LESER GmbH
& Co. KG, among others.
Key Developments:
In Sep 2019, Emerson adopted the Spence and Nicholson
product lines from Circor International to expand the Emerson product portfolio
of steam system solutions for process industries and commercial buildings.
In Nov 2018, Baker Hughes inaugurated a latest facility in
Naples, Italy, to cater the European aftermarket with safety valves for steam
applications. The new plantis enlarged their product scope and capacity of the
plant, including a variety of Masoneilan control valves, and Consolidated
safety valves, up to 2000 psi (140 Bar) test pressure.
Safety Valves Market Segmentation:
Safety
Valves Market by Material
·
Steel
·
Cast Iron
·
Alloy
·
Cryogenic
·
Others
o
Brass
o
Bronze
o
Plastic
Safety
Valves Market by Size
·
Up to 1″
·
1″ to 6″
·
6″ to 25″
·
25″ to 50″
·
50″ and Larger
Safety
Valves Market by Industry
·
Oil & Gas
·
Energy & Power
·
Chemicals
·
Water & Wastewater
·
Building & Construction
·
Pharmaceuticals
·
Agriculture
·
Metal & Mining
·
Paper & Pulp
·
Food & Beverages
·
Others
Safety
Valves Market by Region:
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
North America
o
United States of America
o
Canada
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
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Research
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