Global Safety Valves Market: Overview
The global safety valves market has grown steadily over the years, owing to its wide range of applications in several industries. Safety valves mainly act as a fail-safe. A prominent example of safety valve is pressure relief valve which is basically used to control the pressure within a system at the time of process upset or equipment failure. Safety valves mainly operate at a predetermined pressure for protecting equipment from unsafe pressure. Moreover, such valves releases substance automatically from a pressure vessel and boiler when the temperature or pressure exceeds the preset limits. Such USPs are majorly driving the global safety valves market.
From the perspective of material types, the global safety valves market is segmented into cast iron, stainless steel, and alloy cryogenic. Among these materials, stainless steel safety valve accounts for the maximum share in the global safety valves market and is expected to boost the global safety valves market during the forecast period. This is because of the soaring demand for efficient and high-quality safety valve to mitigate the contamination threat in several critical processes such as steam and water handling, chemical industries, and in food and beverages. Such advantages are fueling growth in the global safety valves market.
Global Safety Valves Market: Notable Developments
Some of the recent developments are contouring the shape of the global safety valves market in a big way which include:
- Baker Hughes expanded a steam test facility in Italy and Naples in 2018, for better serving the European aftermarket with ASME Section 1 safety valves for several steam applications. This new plant expand the product scope and also the plant’s capacity for including the full range of consolidated safety valves, which is up to 2000 psi test pressure.
- Alfa Laval launched an aseptic double-seat safety valve in October 2018, Such valve reduces the total ownership costs for food and beverages, dairy, and other manufacturers compared to the leading double-seat Mixproof Valves.
- Yamgaz, a joint-venture awarded Weir Flow Control France a contract for supplying critical service safety valves for Yamal LNG, which is the major LNG protector in Northern Russia.
Key players operating in the global safety valves market include Forbes Marshall, LESER, Weir Group Plc, Bosch Rexroth, Curtiss-Wright Corporation, and Alfa Laval.
Global Safety Valves Market: Key Growth Drivers
The major factor influencing the growth of the global safety valve market is rapidly rising the oil and gas sector in the developing economies. Apart from this, rapid growth in the pharmaceuticals, paper and pulp, chemical processing, and power generation industry are also contributing to the growth of the global safety valve market. Rising number of accidental incidences in various industries, and soaring demand for safety valves in several industrial operations are also providing impetus to the growth of the global safety valve market.
Furthermore, various regulatory bodies’ initiatives in forming several regulations for improving operational safety and enormous demand for high performance pressure relief valves are also propelling expansion in the global safety valve market.
Global Safety Valves Market: Regional Outlook
On the regional front, North America is anticipated to hold the major market share in the global safety valve market. This is because of the rapid industrialization and rapid usage of high-end technology in the region. Along with this, rapid establishment of several market players and flourishing oil and gas industry are also fueling growth in the safety valve market in this region.
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