Safety Valves Market Projected to reach $5.5 billion by 2024
Added: (Thu Apr 25 2019)
Pressbox (Press Release) -
The safety valve market is expected to be valued at USD 4.5 billion in 2019 and is likely to reach USD 5.5 billion by 2024, at a CAGR of 4.30% during the forecast period. Importance of safety valves in industrial processes, increased need from oil & gas, growth in nuclear energy generation are among the key driving factors for the safety valve market. Constant need for safety valve replacement, use of 3D printers in manufacturing lines are among the other factors fueling the growth of the safety valve market. However, the high cost of fabrication can hinder the growth of the safety valve market.
The market for stainless steel material safety valve is expected to witness significant growth during the forecast period. Rising demand for high-quality safety valve to mitigate the threat of contamination in critical processes, such as water and steam handling, in the food & beverages and chemicals industries will drive the market for steel safety valve during the forecast period.
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Among all sizes, the safety valve market for 1” to 6” is expected to grow at the highest rate from 2019 to 2024. This growth is attributed to the increasing demand for transportation and energy & power-based applications; as a result, there is an increase in the use of 1–6” valves in the oil & gas, energy & power, water & wastewater treatment, chemicals, and other industries.
The pharmaceutical industry of the safety valve market is expected to grow at a high rate during 2019–2024. Refurbishment is undertaken to avoid accidents such as gas leakage and a mixture of chemicals at pharmaceuticals plants. This would require the replacement of old valves with new valves, thereby driving the growth of the safety valve market for pharmaceuticals.
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Among all regions, the safety valve market in APAC holds the largest share for 2018. The population growth and rapid urbanization in developing economies, such as China and India, have prompted the speedy development in the region, which will boost the demand for safety valve from several industries such as energy & power, water & wastewater treatment, construction, chemicals, pharmaceuticals, and oil & gas. Key industry players expanding their presence in oil & gas dominant regions, such as the Middle East, are expected to gain competitive advantage over other industry players.