NEW YORK, United States, Aug. 9, 2021 (GLOBE NEWSWIRE) — Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Global Safety Valve Market Information by Material, Size, End-use and Region – Expected to 2027” market is expected to reach $5.12 billion by 2025, growing at a CAGR of 5.02%.
Safety Valve Market Scope: Simply put, safety valves are preventive and preventive valves that automatically activate when temperature and preset safety valve pressures are exceeded.These valves protect critical equipment from damage by relieving overpressure without any electrical support.In addition to protecting equipment, safety valves are critical to protecting employees around the plant as well as the surrounding environment.Safety valves are made of different materials such as low temperature, cast iron, alloy, steel, etc., and have a wide range of applications in water and wastewater treatment, food and beverage, chemical, energy and power, oil and gas, etc.
Market Drivers: Attractive Features Stimulating Market Growth According to the MRFR report, there are a number of factors that are driving the global safety valve market share.Some of these require growing demand for safety valves in the oil and gas industry, growth in nuclear power generation, integration of safety valves with IoT, growing demand for oil and gas, related developments in the market, growth in downstream construction, midstream and upstream infrastructure, and a growing construction industry.Other factors that are increasing the market growth include increasing nuclear power generation, continued demand for safety valve replacement, use of 3D printers in production lines, booming oil and gas industry, technological advancements, and growing demand for cleaner fuels.
On the contrary, high manufacturing costs coupled with low profit margins are likely to hinder the growth of the global safety valve market over the forecast period.
Browse In-Depth Market Research Report (111 Pages) of Safety Valve Market: https://www.marketresearchfuture.com/reports/safety-valve-market-7790
Market Segments Covered in the Study: The MRFR report highlights an inclusive analysis of the global Pressure Relief Valves market based on end-use, size, and material.
By material, the global safety valve market is segmented into cryogenic, cast iron, alloy, steel, and others.Among them, the steel segment will lead the market during the forecast period as these valves are durable and do not leak in cold or high temperatures.
By size, the global safety valve market is segmented into 20 inches and above, 11 to 20 inches, 1 to 10 inches, and under 1 inch.Of these, the 1 to 10-inch segment will dominate the market over the forecast period as safety valves in this size range are used to control the pressure and flow of slurries, gases, and liquids in different end-use industries.By end-use, the global safety valve market is segmented into water & wastewater treatment, food & beverage, chemicals, energy & power, oil & gas, and others.Among them, the oil and gas sector will lead the market during the forecast period, as the oil and gas industry is the most important revenue generating industry that requires almost all forms of valves such as butterfly valves, ball valves, check valves, ball valves, and gate valves.
Regional Analysis Asia Pacific remains the dominant player in the safety valve market Geographically, the global safety valve market is segmented into Europe, North America, South America, Asia Pacific, and the Middle East and Africa (MEA).Among them, Asia Pacific will continue to dominate the market during the forecast period.Growing industrialization, rapid urbanization, structural and regulatory changes need to make infrastructure more competitive to private investors, establish public-private partnerships to control the flow of fluids in plumbing, fire protection and water systems, increase construction Industry, opportunities for numerous safety valve industry market players, population growth, and the presence of developing economies such as India and China are contributing to the growth of the global safety valve market in the region.In addition, the rapid development of the region, the growing demand in various industries such as oil and gas, pharmaceuticals, chemicals, construction, water and wastewater treatment, energy and power, the development of infrastructure, increased investment in various industries, the application of safety valves Increase.Also added to the market growth.
Promising growth prospects for the North American safety valve market In North America, the global safety valve market is expected to have positive growth prospects over the forecast period.Rising investment in construction, booming construction industry in the US, widespread installation of safety valves in the construction industry, rapid industrialization, rapid adoption of high-end technology, booming oil and gas industry, and rapid establishment of several market players are increasing demand for safety valves worldwide Regions where the market is growing.
Europe to register impressive growth in safety valve market In Europe, the global safety valve market is expected to witness admirable growth over the forecast period.Germany holds the largest market share in the growth of renewable electricity generation.In MEA as well as South America, the global safety valve market is poised to witness favorable growth over the forecast period.
Impact of COVID-19 on the Global Safety Valve Market Unfortunately, the global safety valve market has borne the brunt of the ongoing COVID-19 crisis.This is due to supply chain disruptions, fluctuating demand shares, economic consequences of the outbreak, and the immediate and future impact of the global crisis due to social distancing trends and government-imposed lockdowns across the globe, all impacting negative market growth.However, with the easing of lockdowns in some regions, markets may soon return to normal.
About Market Research Future: Market Research Future (MRFR) is a global market research company that prides itself on its services, providing complete and accurate analysis of different markets and consumers around the world.Market Research Future’s goal of excellence is to provide clients with the highest quality research and granular research.We conduct market research on global, regional and country-level segments by product, service, technology, application, end user and market player, enabling our customers to see more, know more, do more, This helps answer your most important questions.
Post time: Feb-22-2022
