Global Safety Valve Market Overview

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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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.

Global Safety Valve Market – Competitive Analysis

Highly competitive, the global safety valve market appears fragmented due to the presence of several well-established players. Industry players incorporate strategies, such as mergers & acquisitions, collaborations, expansion, and product or technology launch. The market competition landscape is highly dependent on R & D investments made by safety valve manufacturers to develop technology, brand building, and expansion of their global footprint. 

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)

Industry/ Innovation /Related News: 

November 20, 2020 ---- Bosch Rexroth AG (Germany), a leading global engineering firm, launched the new subsea valve actuators (SVA). The new concept for SVA has been certified by DNV GL for safety systems application with up to Safety Integrity Level (SIL) 3 requirements.In addition, the system consists of an electrically controlled drive with a hydrostatic transmission, which saves up to 75% of the energy required than