Safety Valve Market synopsis
According to Market Research Future, the market for safety valve has been segmented on the basis of material, size, end-use verticals, and region. A safety valve is a mechanical device that regulates and controls the flow of fluid within an industrial unit. It is majorly used to regulate the pressure of vessels such as electric power boilers and gas storage tanks. The demand for safety valves has been growing at a steady pace, and it is expected to witness significant growth during the forecast period. The key drivers for the market are the growing demand for safety valves from oil and gas refineries in GCC countries, the rise in nuclear energy generation, and stringent government regulations regarding the flow of fluid in the energy sector.
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Key Players
The prominent players in the safety valve market are Emerson (US), General Electric (US), LESER (Germany), Schlumberger Limited (US), Alfa Laval (Sweden), IMI PLC (UK), Weir Group (UK), Forbes Marshall (India), Curtiss-Wright Corporation (US), Neway Valve (Suzhou) Co., Ltd (China), Conbraco Industries Inc. (US), Robert Bosch GmbH (Germany), Danfoss A/S (Nordborg), Parker-Hannifin Corporation (US), and Frese Ltd (UK).
Safety Valve Market Segmentations
Based on material, the market has been segmented into stainless steel, cast iron, brass, alloy-based, cryogenic, and others. Stainless steel safety valve market is estimated to be the largest during the review period; it is expected to register the highest CAGR during the forecast period. The growth is attributed to its ability to mitigate contamination threat in critical processes within end-use industries such as chemicals, food & beverages, and agriculture.
Based on size, the market has been segregated into less than 6”, 7″ to 25″, 26″ to 50″, and 50″ and above. Less than 6” valve segment held the highest market share in 2018 whereas the 50” and above valve segment is expected to register the highest CAGR during the review period. The growing demand for large size safety valves by the oil & gas and chemicals industries is the key driver for 50” and above safety valve market.
Based on end use verticals, the market has been segmented into oil & gas, energy & power, chemicals, food & beverages, agriculture, water & wastewater treatment, and others. The agriculture segment is expected to dominate the safety valve market during the forecast period. In the agriculture industry, safety valves made of brass and stainless steel are widely used for applications such as irrigation and precision farming. The oil & gas segment is expected to register the highest CAGR during the forecast period owing to the growing investments in oil & gas capacity expansion in the Middle East and Africa and the rise in demand for maintenance operations in refineries in developed nations.
Regional Analysis
The global safety valve market has been segmented, by region, into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is expected to be the largest market in the forecast period owing to the ongoing development of infrastructure, the rapid industrialization, and growing investments in end-use industries such as energy & power, oil & gas, water & wastewater treatment, chemicals, and construction. The major country-level markets identified to witness high growth in Asia-Pacific are China, Japan, Australia, and India.
Europe is expected to hold the second largest share in the safety valve market during the forecast period owing to the rise in the number of projects undertaken by the oil & gas industry to increase the production capacity of existing reserves.
TABLE OF CONTENTS
1 Executive Summary
1.1 Market Attractiveness Analysis
1.2 Global Safety Valve Market, By Material
1.3 Global Safety Valve Market, By Type
1.4 Global Safety Valve Market, By End-Use Vertical
1.5 Global Safety Valve Market, By Region
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Markets Structure
2.4 Key Buying Criteria
2.5 Macro Factor Indicator Analysis
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
3.5 List Of Assumptions
Continued…
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LIST OF TABLES
Table 1 Global Safety Valve Market, By Region, 2018–2024
Table 2 North America: Safety Valve Market, By Country, 2018–2024
Table 3 Europe: Safety Valve Market, By Country, 2018–2024
Continued…
LIST OF FIGURES
FIGURE 1 Global Safety Valve Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global Safety Valve Market
Continued…
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