Safety Valve Market Size, Share, Growth Analysis, By Material(Stainless Steel, Cryogenic, Cast Iron, Alloy), By Type(Spring-loaded Pressure-relief Valves, Dead-Weight Pressure-relief Valves, and Pilot-operated Pressure-relief Valves), By End Use(Oil & Gas, Chemical, Energy & Power, Building & Construction), By Region - Industry Forecast 2024-2031

Q: What is the global market size of Safety Valve Market?

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).

Report ID: SQMIG20I2247 | Region: Global | Published Date: March, 2024
Pages: 157 | Tables: 97 | Figures: 72

Safety Valve Market Regional Insights

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.

Safety Valve Market Report Snapshots

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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 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. 'Bosch Rexroth', 'Schlumberger Limited', 'Spirax-Sarco Engineering plc', 'Forbes Marshall', 'Curtiss-Wright Corporation', 'Alfa Laval', 'CIRCOR International, Inc.', 'Badger Meter, Inc', 'Danfoss', 'Baker Hughes', 'Cameron International Corporation', 'Emerson Electric Co.', 'Honeywell International Inc.', 'IMI plc', 'Weir Group plc', 'Velan Inc.'

Industrialization is increasing at a rampant pace all over the world and so is the need for safety in these industries, which is estimated to uplift the sales of safety valves across the forecast period and beyond.

Automation & Digitization: Companies can focus on automating their safety valves by the integration of advanced sensors and technologies as the proliferation of technology increases in different industry verticals. Safety valve manufacturers can create unique products by integrating novel automation technologies in the future. Safety valve manufacturers can add more functionality to their products by utilizing advanced technologies and benefiting from the rapid adoption of automation and digitization trends around the world.

The robust manufacturing activity in the Asia Pacific region allows it to account for a substantial share of the 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.

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Safety Valve Market Regional Insights

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