The global safety valve market size is projected to reach USD 3.85 billion by 2020 and is expected to reach USD 5.56 billion by 2027, with 5.4% CAGR between 2020 and 2027. The global safety valves market has grown steadily over the years, owing to its wide range of applications in several industries. Safety valves mainly act as a fail-safe. A prominent example of safety valve is pressure relief valve which is basically used to control the pressure within a system at the time of process upset or equipment failure. Safety valves mainly operate at a predetermined pressure for protecting equipment from unsafe pressure. Moreover, such valves releases substance automatically from a pressure vessel and boiler when the temperature or pressure exceeds the pre-set limits. Such USPs are majorly driving the global safety valves market.
From the perspective of material types, the global safety valves market is segmented into cast iron, stainless steel, and alloy cryogenic. Among these materials, stainless steel safety valve accounts for the maximum share in the global safety valves market and is expected to boost the global safety valves market during the forecast period. This is because of the soaring demand for efficient and high-quality safety valve to mitigate the contamination threat in several critical processes such as steam and water handling, chemical industries, and in food and beverages. Such advantages are fuelling growth in the global safety valves market.
The global isolation and safety valve market is expected to grow at a significant pace over the forecast period. One of the important factors contributing to market growth is the tremendous rise in the oil & gas sector especially in Asia-Pacific countries such as India and China. Also, the industry has been witnessing increasing number of mergers and acquisitions which is expected to impact industry growth positively over the forecast period. However, the low-profit margin for the companies could pose a challenge industry growth over the forecast period.
Rising trend for the use of customized isolation and safety valves in the market on account of as a lack of product differentiation has been leading to increasing competition among vendors. Thus, local as well as international vendors have been trying to differentiate every product through customized valves which are offered at reasonable prices to the customers. This trend will influence the growth of the industry significantly over the next seven years.
Feed water and main steam isolation valves are a significant part of nuclear power plants and the demand for them is anticipated to upsurge over the forecast period. There are two basic kinds of valves used in emergencies namely isolation valves and safety release valves.
The safety release valve is typically functioned in a closed position to protect it from bursting and over pressure. Isolation valves are the opposite of safety release valves and typically operate at 100 % open and have no controlling purpose. They open to let fed water or steam flow through, and the pressure loss is very low. In the case of an emergency, such as a heating pipe rupture in a steam generator, this valve is required to be closed.
The key players operating in the global safety valve market are 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), and Spirax Sarco Limited (UK).
Increasing industrial development in the Middle East region coupled with increasing raw goods suppliers to refined products supplier is also expected to contribute considerably to the regional market growth over the forecast period. Moreover, growing demand for isolation and safety valves in wastewater & water application, as well as the petrochemical industry in the region will drive industry growth over the next seven years. Additionally, growing demand from mining, chemical, and municipal industries is expected to fuel the product demand in the Asia Pacific over the forecast period. Europe and Asia Pacific are anticipated to show healthy feed water, and nuclear main steam isolation valves demand over the forecast period.
Report : Safety Valves Market - By Material (Steel, Cast Iron, Alloy, Others), By Industry (Oil & Gas, Pharmaceuticals, Agriculture, Chemicals and Others) and By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027