USD 2.1 billion
Report ID:
SQMIG20I2247 |
Region:
Global |
Published Date: March, 2024
Pages:
157
|Tables:
97
|Figures:
72
Global safety valve market size was valued at USD 2.1 billion in 2022 and is poised to grow from USD 2.2 billion in 2023 to USD 3.2 billion by 2031, growing at a CAGR of 4.8% in the forecast period (2024-2031).
Safety valves are crucial safety components installed in different structures to provide a failsafe in case of emergencies or disasters. A high focus on safety and the imposition of stringent safety mandates around the world are projected to primarily boost sales of safety valves across the forecast period. Growing oil & gas exploration activities and increasing emphasis on safety in different industrial establishments are forecasted to promote the adoption of safety valves over the cooking years. Safety valves not only protect machinery but also potentially save the lives of people who could be injured in case a machine fails and overloads in the absence of a safety valve. Growing focus on preventive and predictive maintenance practices in different industries to save costs is also estimated to bolster the demand for safety valves in the long run.
Global Market Size
USD 2.1 billion
Largest Segment
Stainless Steel
Fastest Growth
Cryogenic
Growth Rate
4.8% CAGR
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The global safety valve market is segmented based on material, type, end use, and region. Based on material, the market is bifurcated into stainless steel, cryogenic, cast iron, alloy, and other materials. Based on type, the market is divided into spring-loaded pressure-relief valves, dead-weight pressure-relief valves, and pilot-operated pressure-relief valves. In terms of end use, the market is segmented into oil & gas, chemical, energy & power, building & construction, agriculture, metal & mining, food & beverages, and other end uses. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Material
Stainless steel remains the most used material for the manufacturing of safety valves around the world and accounts for a high market share as well. Increasing preference for safety valves made from stainless steel among industries around the world owing to their high corrosion resistance, strength, and ease of fabrication. Food and pharmaceutical processing industries are projected to be key end users of safety valves made from stainless steel in the future. Low risk of contamination from stainless steel is also a benefit that contributes to the high market share of this segment.
The demand for cryogenic safety valves is projected to rise at a rapid pace over the coming years. Increasing use of cryogenic equipment in different industry verticals is necessitating the demand for cryogenic safety valves as normal safety valves would not be able to function in extremely low-temperature settings. Growing use of cryogenic transportation solutions and increasing emphasis on the safety of cryogenic equipment are also slated to uplift sales of cryogenic safety valves in the long run.
Analysis by End Use
The oil & gas industry dominates the global safety valve market growth. Safety valves play a critical role in the efficient and safe functioning of any type of oil & gas facility, which is why this segment accounts for a high market share. Increasing focus on safety in the oil & gas industry coupled with the imposition of more stringent safety mandates by governments around the world are also estimated to bolster sales of safety valves over the coming years. Increasing oil & gas exploration activity will also favor the growth of this segment through 2031.
Meanwhile, the demand for safety valves is forecasted to increase at a fast pace for energy & power end use in the long run. Growing focus on safety in energy and power generation facilities as they deal with different levels of pressured liquids and materials is forecasted to bolster safety valve market growth in the future.
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The robust manufacturing activity in the Asia Pacific region allows it to account for a substantial share of the global safety valve market. Increasing focus on worker safety and implementation of stringent safety regulations for industries by governments are also slated to bolster sales of safety valves in this region. Low raw material and labor costs are also slated to promote safety valve manufacturing activity in this region. China is predicted to be the largest market in this region and this dominance can be linked to extensive manufacturing activity in the country.
Europe is slated to emerge as the most opportune space for safety valve companies in the future owing to the growing adoption of automation in different industry verticals. European safety standards have been pushing manufacturers to opt for advanced safety solutions, which is slated to benefit safety valve demand in the future. industry 4.0 and digitization in the manufacturing space are other trends that are changing the safety valve sales trajectory in European countries such as Germany, France, and the United Kingdom.
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Drivers
Robust Industrialization
High Emphasis on Industrial Safety
Restraints
Compliance Issues
Complications in Maintenance
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Safety valve producers should invest in research and development to create novel products that comply with a wide variety of safety standards. Integration of advanced technologies and automation could also help safety valve companies maximize their business potential as industries opt for more and more digital solutions. Companies should also focus on opting for sustainable manufacturing practices to comply with the modern sustainability mandates being implemented worldwide. Market players can also collaborate and partner with regulatory bodies and governments to develop safety products that are completely compliant with new regulations to avoid further complications.
Top Player’s Company Profiles
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing focus on safety across all industry verticals and imposition of stringent safety regulations are forecasted to bolster sales of safety valves across the forecast period. Increased awareness regarding industrial safety among workers and increasing willingness of companies to spend on safety are also estimated to bolster the demand for safety valves in the long run. However, compliance issues and complex maintenance procedures of safety valves are projected to impede safety valve market growth in the future. Robust industrialization and the presence of key manufacturing facilities are the factors that allow the Asia Pacific region market to dominate the global safety valve market. Companies should focus on the integration of advanced automation technologies to improve the efficacy and efficiency of their safety valves going forward.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 2.1 billion |
Market size value in 2031 | USD 3.2 billion |
Growth Rate | 4.8% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Safety Valve Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Safety Valve Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Safety Valve Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Safety Valve Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG20I2247