The report forecasts that the safety valve market will reach US$ 10.0 billion by 2033, driven by rapid industrialization, a growing focus on improving workplace safety, and growing adoption of safety valves in the energy sector and other industries.
NEWARK, Del., Oct. 17, 2023 /PRNewswire/ -- The global safety valve market totaled 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.
Access the Safety Valve Market Sample Report from here!
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 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.).
Who is Winning?
Alfa Laval, Baker Hughes, Bosch Rexroth, Cameron–Schlumberger Ltd, Curtiss-Wright Corporation, and Danfoss are key safety valve manufacturers listed in the report. These players
are continuously launching new products to meet end-user demand. They also employ mergers, partnerships, collaborations, distribution agreements, and alliances to strengthen their global footprint.
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.
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).
Request for comprehensive research methodology of safety valve market study: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-18020
About FMI – Industrial Automation
The Industrial Automation division of Future Market Insights Research offers a novel approach and innovative perspective in analyzing the industrial automation sector. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of installed base, consumables, replacement, and USP-feature-application matrix make us a pioneering voice in the industry.
We are preferred associates with established and budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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