Press release
Safety Valve Market to Witness Increasing Demand; MRFR Releases the Forecast for 2019-2025
Safety Valve Market
The global safety valve market is growing at a rapid pace. The market growth attributes to the increasing demand for safety valves from the oil & gas industry and growing nuclear energy generation. Besides, the integration of safety valves into the Internet of Things (IoT) environment creates substantial market opportunities for the players. Moreover, increasing usages of safety valves in energy & power, construction, and chemical sectors escalate the market growth.
According to Market Research Future (MRFR), the global safety valve market is projected to reach USD 14.352 Billion by 2032, growing approximately at 9.20% CAGR during the anticipated period (2023 - 2032). The development status of the safety valve market continues to demand better service and value. Also, the growing demand for service safety valves from burgeoning industries, such as oil & gas, energy & power, and water & wastewater treatment, fosters the growth of the market.
Additionally, the rise in demand for maintenance operations in refineries substantiates the market growth. Due to the rise in O&G product demand, there has been significant growth in upstream, midstream, and downstream infrastructure construction over the past few years. Increasing investments in the development of safety valves and the upscale of nuclear power plants boost the market size. Furthermore, rapid industrialization in developing regions influences the market growth.
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Major Players:
Players leading the global safety valve market include
Schlumberger Limited (US)
Emerson Electric Co (US)
General Electric (US)
ALFA LAVAL (Sweden)
Curtiss-Wright Corporation (US)
IMI plc (UK)
The Weir Group PLC (Scotland)
LESER GmbH & Co. KG (Germany)
Forbes Marshall (India)
Bosch Rexroth AG (Germany), Danfoss (Denmark)
Spirax Sarco Limited (UK)
Global Market for Safety Valve Segments
The market is segmented into four dynamics;
By Material: Steel, Alloy, Cast Iron, Cryogenic, and others.
By Size: Less than 1", 1" to 10", 11" to 20", and 20' & above.
By End-Use: Oil & Gas, Energy & Power, Chemicals, Food & Beverage, Water & Wastewater Treatment, and others.
By Regions : Americas, Europe, APAC, and Rest-of-the-World.
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Market Drivers:
Increasing Focus on Process Safety: With growing awareness about the importance of process safety in industries, there is a heightened emphasis on installing reliable safety systems like safety valves. This trend is particularly notable in high-risk industries where any malfunction could lead to catastrophic consequences.
Technological Advancements: Innovations in materials, design, and technology have led to the development of more efficient and reliable safety valves. Advancements such as smart valves equipped with sensors for real-time monitoring and predictive maintenance contribute to the market growth.
Growth in Oil & Gas Exploration and Production Activities: The expansion of oil and gas exploration activities, particularly in offshore and deep water regions, drives the demand for safety valves to ensure the safety and integrity of drilling and production operations.
Increasing Focus on Environmental Protection: Concerns about environmental conservation and sustainability drive the adoption of safety valves to prevent environmental pollution caused by leaks, spills, or accidents in industrial processes.
Browse In-depth Market Research Report on Safety Valve Market:
https://www.marketresearchfuture.com/reports/safety-valve-market-7790
Global Safety Valve Market Regional Analysis
The study offers market insights categorized by regions: North America, Europe, Asia-Pacific, and the Rest of the World. The North American safety valve market is expected to have a significant presence in this industry. Safety valves find application in the construction sector for regulating liquid flow in piping, water supply, and firefighting systems. The growth of the construction sector plays a pivotal role in driving the expansion of the market in this region.
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About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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