According to the Stratistics MRC report, the global market size was USD 4.05 billion in 2017. By 2026, this number is expected to increase to USD 6.45 billion, with a compound annual growth rate (CAGR) of 5.3%.
The main drivers of market growth come from increased nuclear power generation, rising oil and gas demand, and the growing development of industrial processes. In addition, the increase in the application of 3D printing in production lines has also provided numerous opportunities for market growth. However, the high cost of 3D printing has on the other hand restricted the market development.
Valves are mechanical devices that regulate the flow of liquids or gases in the process. Safety valves are fail-safe valves. When the pressure on the inlet side of the valve increases to a predetermined pressure, the safety valve automatically starts, the flap opens and discharges the fluid (steam or gas). Pressure relief valves are widely used safety valves worldwide.
From the perspective of terminal applications, the agricultural sector occupies a considerable market share during the reporting period. Agricultural safety valves are mainly used for irrigation and precision agriculture. In irrigation, safety valves are used to prevent the formation of water hammer and keep the flow of water in the water pipeline smooth.
In terms of geographical distribution, due to the rapid population growth and urbanization in developing countries, the Asia-Pacific region is expected to dominate the market during the reporting period, and further promote the safety valves in the energy, power, chemical, oil and gas industries Market growth.
The major players in the safety valve market include Weir Group, Curtiss-White, Bosch Rexroth, IMI PLC, Rice, Fries, Emerson, Forbes Marshall, Schlumberger, Baker Hughes (owned by GE Group), Alfa Laval, ARI-Armaturen, Swagelok, GEA, VYC Industrial. The market growth of many industries such as power, chemical industry, oil and gas, etc.
The major players in the safety valve market include Weir Group, Curtiss-White, Bosch Rexroth, IMI PLC, Rice, Fries, Emerson, Forbes Marshall, Schlumberger, Baker Hughes (owned by GE Group), Alfa Laval, ARI-Armaturen, Swagelok, GEA, VYC Industrial.