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According to the Strategy MRC report, the global market size in 2017 was $4.05 billion, and by 2026, this number is expected to increase to $6.45 billion, with a compound annual growth rate (CAGR) of 5.3%.
The main drivers driving market growth come from the increase in nuclear power generation, the increasing demand for oil and gas, and the increasing development of industrial processes. In addition, the increasing application of 3D printing in production lines has also provided numerous opportunities for market growth. However, the high cost of 3D printing poses a constraint on market development on the other hand.
A valve is a mechanical device that regulates the flow of liquid or gas in a process flow. A safety valve is a valve used for fault protection. When the pressure on the inlet side of the valve increases to the predetermined pressure, the safety valve automatically starts, the valve disc opens, and fluid (steam or gas) is discharged. Pressure reducing valves are widely used safety valves worldwide.
From the perspective of terminal applications, the agricultural sector accounted for a significant 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 maintain smooth flow of water in the water pipeline.
From a geographical distribution perspective, due to the accelerated population growth and urbanization process in developing countries, the Asia Pacific region is expected to dominate the market during the reporting period and further promote the market growth of safety valves in multiple industries such as energy, electricity, chemicals, and oil and gas within the region.
The main enterprises in the safety valve market include Weir Group, Curtis White, Bosch Rexroth, IMI PLC, Rice, Frith, Emerson, Forbes Marshall, Schlumberger, Baker Hughes (under GE Group), Alfa Laval, ARI Armaturen, Swagelok, Kiei, VYC Industrial. Market growth in multiple industries such as power, chemical, and oil and gas.
The main enterprises in the safety valve market include Weir Group, Curtis White, Bosch Rexroth, IMI PLC, Rice, Frith, Emerson, Forbes Marshall, Schlumberger, Baker Hughes (under GE Group), Alfa Laval, ARI Armaturen, Swagelok, Kiei, VYC Industrial.
