Safety Valve Market Latest Technology, Emerging Technology till 2027

 Market Overview

The possession of the property is incomplete with a proper safety valve. It does the function of protecting property, life, and the environment in any adverse conditions. These valves are designed to release excess pressure from the vessels, boilers, or other equipment to prevent damage. These valves should be maintained properly to work at the right time. A safety valve is not just a normal valve that operates as a pressure valve; it is the last leg of safety to operate when overpressure occurs. Safety valves are available in sizes ranging from 1 inch to 50 inches and above.

According to the global Safety Valve Market Size, the safety valve market is expected to reach USD 5.5 billion by the end of the year 2024, at 4.30% CAGR.

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The importance of safety valves in industrial processes, increased need for oil & gas, growth in nuclear energy generation are among the key driving factors for the safety valves market. The requirement of safety valves is in industrial processes, oil, and gas industries, rise in nuclear energy generation, replacement of safety valves at periodic times, 3D printers in manufacturing lines are some of the factors that increase the safety valve market. The only drawback creating an obstacle in the growth of the safety valve market is the high cost incurred on fabrication.

Market Segmentation

The safety valve market can be segmented on material, size, industry, and region. According to the material segment, the safety valve market can be divided into stainless steel, alloy, cast iron, cryogenic, etc. According to the size segment, it can be further divided into Up to 1”, 1” to 6”, 6” to 25”, 25” to 50” and above 50”. According to the industry segment, the safety valve market can be divided into Agriculture, Chemicals, Pharmaceuticals, Oil & Gas, Energy & Power, Water & Wastewater, Building & Construction, Metal & Mining, Paper & Pulp, Food & Beverages, Semiconductor, Textile, and Glass, etc. According to the region segment, the safety valve market is divided into North America, Asia-Pacific, Europe, and the rest of the world.

Regional Classification

In the material segment, stainless steel material dominates the safety valve market by having the highest share during the forecast period. Reducing the threat of contamination in critical processes like water and steam handling in chemical industries and food and beverages can be handled better by stainless steel safety value. This is the main reason behind the growth of the safety valve market. The agriculture industry contributes to growing at the highest CAGR during the forecast period in the Industry segment. The usage of the overall pipeline is more and is meant for long distances in agriculture. Further safety valves are used for precision farming applications, and irrigation and valves made of brass, steel, and a wide array of plastics materials are widely used. In region segment, Asia-Pacific dominates the safety valve market by contributing 35%, followed by North America 28%, Europe 22% and 15% Rest of world respectively.

Industry News

The launch of the new steam test facility, low-pressure pilot operated pressure relief valve has bought a revolution in the manufacture of safety valves. These help in reducing the overpressure and thereby increase the profit margin. 

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Market Research Future (MRFR) is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.

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