Market Overview
In its research report, Market Research Future (MRFR), emphasizes that the global safety valve market size is slated to reach USD 5.12 billion by 2025, at 5.02% CAGR over the review period of 2019 to 2025.
Drivers and Restraints
The major factors driving the growth of the global Security Valve Market include increased demand from the oil & gas industry for safety valves and increased generation of nuclear power. In addition, the introduction of safety valves into the Internet of Things (IoT) system is expected to create opportunities for market players in the global security valve industry. Nevertheless, in some parts of the world slow growth in oil & gas exploration is expected to curb the development of the safety valve market.
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Segmental Analysis
The global safety valve market has been analyzed based on material, size, and end-use. Based on thematerial, the global market includes cryogenic, alloy, steel, cast iron, and others. The steel segment is expected to lead the global market as these valves are durable and do not drop in hot or cold temperatures. Based on the size, the global market is segmented into 1” to 10”, less than 1”, and 11” to 20”, and 20” & above. The 1” to 10” segment is slated to grow with the fastest CAGR during the forecast period as the safety valves of this size range are used to control the flow and pressure of gases, liquids, and slurries within different end-use industries. Based on theend-use, the global safety valve market has been segmented into oil & gas, energy & power, chemicals, water & wastewater treatment, food & beverage, and others. The oil & gas segment is poised to hold the largest share in the global protection sector, as the oil & gas commerce is one of the most important revenue-generating industries that require nearly all types of valves including gate, globe, test, ball, and butterfly.
Regional Analysis
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
The market in asia pacific is set to witness a substantial growth trajectory. Additionally, regulatory and structural changes are needed to make infrastructure more competitive for private investors and to build a pipeline of public-private partnership projects. Safety valves are often used in the building industry to control liquid flow in firefighting systems, piping systems, and water supply systems. Asia-Pacific therefore holds the largest share in the safety valve market due to a increasing construction industry and the numerous opportunities for market players in the safety valve sector.
North America's demand for safety valves is projected to be the second-largest market due to growing investments in the construction sector. The US construction industry is expected to develop faster than China's market in the next 15 years, which is expected to lead to extensive installation of safety valves in the construction industry. According to the US Department of Commerce, gross spending on residential and non-residential construction in January 2019 amounted to around USD 1.307.34 billion. These investments are expected to boost the region's demand for safety valves as security valves provide the desired liquid pressure and flow inside any device. Germany is expected to dominate the safety valve market in Europe because of an rise in power produced from renewable energy resources driving the safety valve market in this country.
Competitive Analysis
The major market players operating in the global market as identified by MRFR are Emerson Electric Co (US), Schlumberger Limited (US), Bosch Rexroth AG (Germany), General Electric (US), ALFA LAVAL (Sweden), IMI plc (UK), The Weir Group PLC (Scotland), LESER GmbH & Co. KG (Germany),Forbes Marshall (India), Curtiss-Wright Corporation (US), Danfoss (Denmark), and Spirax Sarco Limited (UK).
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