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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