Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for publishing professionals · Wednesday, February 21, 2024 · 690,270,710 Articles · 3+ Million Readers

Safety Valve Market Industry is Projected to Grow from US$ 4.4 Billion in 2023 to US$ 10.0 Billion by 2033 | Future Market Insights, Inc.

Market CAGR for safety valves is driven by the rising number of obese people. Increased demand for the product in the oil and gas industry, growth in nuclear energy generation, increased use of 3D printers in production lines, and increased awareness of the value of safety valves in various industrial processes, including power generation, gas and petroleum, including water and sewage processing, mining, oil processing, and food manufacturing, are some of the keys and significant factors driving the growth of the safety valve industry.

/EIN News/ -- NEWARK, Del, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The global safety valve market totaled US$ 4.0 billion in 2022 and is set to reach US$ 4.4 billion by 2023. Over the forecast period, global demand for safety valves is predicted to surge at 8.6% CAGR. By 2033, total revenue is projected to reach US$ 10.0 billion.

The oil and gas sector is anticipated to continue as the primary end-user of safety valves throughout the assessment period. This is attributed to the increasing demand for safeguarding equipment, pipelines, and the safety of workers within this industry. According to the latest report, this segment is projected to demonstrate an 8.2% compound annual growth rate (CAGR) through 2033.

Request for a Sample of this Research Report:

Several factors are expected to drive safety valve demand. These include rapid industrialization, the growing need for improving workplace safety, and implementing stringent safety regulations. Safety valves have become critical components in food & beverage, chemical, pharmaceutical, oil & gas, and others for improving safety. The ability of these valves to protect equipment and workers from overpressure situations and reduce contamination is driving their demand in industrial settings.

The rising incidence of workplace accidents and a growing focus on improving workplace safety are expected to drive demand for safety valves. These valves can prevent accidents and failures related to systems' overpressure, helping maintain a safe working environment.

Safety valves are increasingly used in systems like Industrial boilers, pipelines, and heaters in the energy sector. Hence, the rapid expansion of energy infrastructure due to growing demand will likely create opportunities for safety valve manufacturers. Other factors expected to create growth opportunities for the safety valve manufacturing companies include:

  • Increasing oil & gas activities.
  • Rising demand for intelligent valves.
  • Growing awareness of process safety.

Key Takeaways from the Safety Valve Industry Analysis:

  • Global safety valve sales are expected to reach US$ 10.0 billion by 2033.
  • By material, the stainless steel segment is forecast to thrive at 8.4% CAGR through 2033.
  • The oil & gas segment is expected to experience significant expansion with a CAGR of 8.2% based on end-use.
  • The United States is estimated to total a valuation of US$ 1.7 billion by 2033.
  • Japan is set to register a CAGR of 8.4% between 2023 and 2033.
  • Total revenue in China is anticipated to reach US$ 1.9 billion by 2033.
  • South Korea is projected to progress at 8.0% CAGR through 2033.
  • Sales in the United Kingdom will likely soar at a CAGR of 8.3% through 2033.

"Growing awareness about the importance of safety valves in several industrial processes, including power generation and food manufacturing, is anticipated to boost demand through 2033. Key companies are investing in novel valve technologies to stay ahead," - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).

Scope of Report:

Attribute Details
Estimated Value (2023) US$ 4.4 billion
Projected Value (2033) US$ 10.0 billion
Expected Growth Rate (2023 to 2033) 8.6% CAGR
Historical Data 2018 to 2022
Forecast Period 2023 to 2033
Quantitative Units Revenue in US$ Million/Billion, Volume (Units), and CAGR from 2023 to 2033
Report Coverage Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered Material, End Use, and Region
Regions Covered North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa
Key Countries Covered United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others.
Key Companies Profiled
  • Badger Meter, Inc
  • Alfa Laval
  • Baker Hughes
  • Bosch Rexroth
  • Cameron-Schlumberger Ltd
  • Curtiss-Wright Corporation
  • Danfoss

Recent Developments:

  • In February 2022, new valves for improving safety and hygiene in the food, beverage, dairy, and pharmaceutical industries were launched by GEA.
  • In August 2022, Alfa Laval acquired Desmet, a prominent leader in engineering and supplying processing plants and technologies for the biofuel and edible sectors.

Elevate Your Business Strategy! Purchase the Report for Market-Driven Insights:

More Insights Available:

In its new offering, Future Market Insights (FMI) presents an unbiased global safety valve industry outlook, presenting historical data (2018 to 2022) and forecast statistics from 2023 to 2033.

The study reveals projections based on material (stainless steel, cryogenic, cast iron, alloy, and others), end-use (oil & gas, chemical, building & construction, agriculture, metal & mining, food & beverages, and others), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).

Safety Valve Market Segmentation:

By Material:

  • Stainless Steel
  • Cryogenic
  • Cast Iron
  • Alloy
  • Other Materials

By End Use:

  • Oil & Gas
  • Chemical
  • Building & Construction
  • Agriculture
  • Metal & Mining
  • Food & Beverages
  • Other End Uses

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia and Pacific
  • Middle East and Africa

Authored By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Have a Look at the Related Reports of the Industrial Automation Domain:

  • Safety Relays Market Overview: The industry is projected to expand at 8.3% CAGR during the forecast period 2023 to 2033. Revenue is poised to increase from US$ 630.3 billion in 2023 to US$ 1.4 billion by 2033.
  • Valve Remote Control Systems Market Analysis: The industry is likely to soar at 6.7 % CAGR over the forecast period 2023 and 2033. Sales are estimated to exceed US$ 7.9 billion in 2023 and a further US$ 15.1 billion by the end of 2033. 
  • Forged and Casting Component Market Size: The global market is projected to expand at a compound annual growth rate (CAGR) of 6.0%. By 2033, global forged and casting component sales revenue is set to reach US$ 17,146.7 million.
  • Machine Mount Market Share: Industry sales are projected to exhibit a CAGR of 5.3% from 2023 to 2033. The machine mount market is anticipated to attain an estimated US$ 3,097.65 million by 2033.
  • Industrial Robot Market Outlook: The global market size is projected to surpass a valuation of US$ 25,828.99 million by 2033. This market can expect a stunning CAGR of 17.20% through 2033.

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:

Nandini Singh Sawlani

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries:
LinkedInTwitterBlogs | YouTube

Primary Logo

Powered by EIN News
Distribution channels: Book Publishing Industry ...

EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release