The global safety valve market totalled US$ 4.0 billion in 2022 and is set to reach US$ 4.4 billion by 2023. Over the forecast period, global demand for safety valves is predicted to surge at 8.6% CAGR. By 2033, total revenue is projected to reach US$ 10.0 billion.
The oil and gas sector is anticipated to continue as the primary end-user of safety valves throughout the assessment period. This is attributed to the increasing demand for safeguarding equipment, pipelines, and the safety of workers within this industry. According to the latest report, this segment is projected to demonstrate an 8.2% compound annual growth rate (CAGR) through 2033.
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Several factors are expected to drive safety valve demand. These include rapid industrialization, the growing need for improving workplace safety, and implementing stringent safety regulations. Safety valves have become critical components in food & beverage, chemical, pharmaceutical, oil & gas, and others for improving safety. The ability of these valves to protect equipment and workers from overpressure situations and reduce contamination is driving their demand in industrial settings.
The rising incidence of workplace accidents and a growing focus on improving workplace safety are expected to drive demand for safety valves. These valves can prevent accidents and failures related to systems' overpressure, helping maintain a safe working environment.
Safety valves are increasingly used in systems like Industrial boilers, pipelines, and heaters in the energy sector. Hence, the rapid expansion of energy infrastructure due to growing demand will likely create opportunities for safety valve manufacturers. Other factors expected to create growth opportunities for the safety valve manufacturing companies include:
- Increasing oil & gas activities.
- Rising demand for intelligent valves.
- Growing awareness of process safety.
Key Takeaways from the Safety Valve Industry Analysis:
- Global safety valve sales are expected to reach US$ 10.0 billion by 2033.
- By material, the stainless steel segment is forecast to thrive at 8.4% CAGR through 2033.
- The oil & gas segment is expected to experience significant expansion with a CAGR of 8.2% based on end-use.
- The United States is estimated to total a valuation of US$ 1.7 billion by 2033.
- Japan is set to register a CAGR of 8.4% between 2023 and 2033.
- Total revenue in China is anticipated to reach US$ 1.9 billion by 2033.
- South Korea is projected to progress at 8.0% CAGR through 2033.
- Sales in the United Kingdom will likely soar at a CAGR of 8.3% through 2033.
"Growing awareness about the importance of safety valves in several industrial processes, including power generation and food manufacturing, is anticipated to boost demand through 2033. Key companies are investing in novel valve technologies to stay ahead," - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Recent Developments:
- In February 2022, new valves for improving safety and hygiene in the food, beverage, dairy, and pharmaceutical industries were launched by GEA.
- In August 2022, Alfa Laval acquired Desmet, a prominent leader in engineering and supplying processing plants and technologies for the biofuel and edible sectors.
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More Insights Available:
In its new offering, Future Market Insights (FMI) presents an unbiased global safety valve industry outlook, presenting historical data (2018 to 2022) and forecast statistics from 2023 to 2033.
The study reveals projections based on material (stainless steel, cryogenic, cast iron, alloy, and others), end-use (oil & gas, chemical, building & construction, agriculture, metal & mining, food & beverages, and others), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).
Safety Valve Market Segmentation:
By Material:
- Stainless Steel
- Cryogenic
- Cast Iron
- Alloy
- Other Materials
By End Use:
- Oil & Gas
- Chemical
- Building & Construction
- Agriculture
- Metal & Mining
- Food & Beverages
- Other End Uses
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
Read More: https://www.futuremarketinsights.com/reports/safety-valve-market
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