Report ID: SQMIG20I2247
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
Report ID:
SQMIG20I2247 |
Region:
Global |
Published Date: March, 2024
Pages:
157
|
Tables:
97 |
Figures:
72
Safety Valve Market Insights
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.
Safety Valve Market Report Snapshots
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