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Safety Valves Market generated a revenue of USD 4.8 billion in 2021 and forecast to touch USD 6.6 billion in 2029 will grow at a CAGR of 4.1% from 2022-2029.
The factors driving the growth of Safety Valves Market includes increasing application of safety valves in the end-use industries such as Agricultural, Chemicals and Pharmaceuticals, rise in nuclear power generation capacity around the world, growing demand for 3D printing in manufacturing processes and improvements in the living standards. Moreover, growing adoption of advanced technology, increase in the launch of innovative products across the globe, rising emphasis on enhancing the operational efficiency, and rapid urbanization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, strategic mergers, and partnerships between key companies, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.
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However, growth of the Safety Valves Market is hindered attributed to disruptions in the global supply chain.
The major players operating in the market are Bosch Rexroth AG, Baker Hughes (A GE Company), IMI plc, Emerson Electric Co., Weir Group plc, Forbes Marshall, Alfa Laval AB, LESER GmbH & Co. KG, Curtiss-Wright Corporation and Schlumberger, among others.
Based on Material, the Steel segment is expected to hold the highest market share during the forecast period
Growing demand for high-quality safety valves across food & beverages, water & water treatment, and chemical industries, is propelling growth of the segment.
Based on Industry, the Agriculture segment is projected to expand at a robust CAGR over the forecast period
Growing demand for safety valves in irrigation and precision farming processes, are some of the factors pushing growth of the segment.
Based on Region, the Asia-pacific is estimated to capture the largest market share during the forecast period
Rapid economic growth across India, China, South Korea, and Indonesia in the last decade, growing adoption of advanced technologies by major companies, increasing per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Developments
In Sep 2019, Emerson completed acquisition of the Spence and Nicholson product lines from Circor International. This acquisition expands the Emerson product portfolio of steam system solutions for process industries and commercial buildings.
In Nov 2018, Baker Hughes inaugurated a new facility in Naples, Italy, to serve the European aftermarket with safety valves for steam applications. The new plant is extending the product scope and capacity of the plant, including a full range of Masoneilan control valves, and Consolidated safety valves, up to 2000 psi (140 Bar) test pressure.
Market Segmentation
Segmentation by Material
Steel
Cast Iron
Alloy
Cryogenic
Others
Brass
Bronze
Plastic
Segmentation by Size
Up to 1″
1″ to 6″
6″ to 25″
25″ to 50″
50″ and Larger
Segmentation by Industry
Oil & Gas
Energy & Power
Chemicals
Water & Wastewater
Building & Construction
Pharmaceuticals
Agriculture
Metal & Mining
Paper & Pulp
Food & Beverages
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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