Recent projections made by MRFR (Market Research Future) have predicted that the global safety valve market will reach USD 14.352 billion by 2032. This is a huge growth from the safety valve market’s estimated value of USD 6.5 billion in 2022.
Safety valves have a number of uses but are largely designed to prevent overpressure of liquids or gases (known as pressure relief valves). By safely relieving pressure, they can prevent disasters such as fires, spillages and explosions.
These valves are used in a variety of industries including chemical manufacturing, farming, oil/gas production, food processing and construction. Even some household appliances contain safety valves.
Why is the safety valve market estimated to grow so much?
A big contributor is the increasing demand for power generation and refinery maintenance. Despite the growing movement towards more sustainable energy sources, the oil and gas industry is still seeing big growth and they are likely to create a lot of demand for safety valve manufacturing and distribution. Nuclear energy is also seeing growth and also contributing to the demand.
Safety valves are also evolving and many current solutions will need to be replaced or modified once they become outdated. A major evolution is the integration of IoT (Internet of Things) technology, which can allow remote monitoring and control of pressure. Different manufacturing methods are also allowing more intricate design of valves of grander scale, which may provide a more failproof solution in many industries.
Which major companies are part of this industry?
A number of companies manufacture, supply and maintain safety valves. Some of the biggest players include Cameron International, Forbes Marshall, Danfoss, Emerson, Alfa Laval, Curtiss-Wright Corporation, General Electric Company and IMI PLC.
Long-running companies such as Aquatrol manufacture all of their safety valves in house, and use cutting-edge robotic equipment to create top quality and precise valves for a variety of applications. New companies are also emerging and are taking advantage of new technologies and niches within the safety valve market.
Which region will contribute most to the safety valve market’s growth?
Safety valves are used extensively across the world in a variety of industries. However, the Asia-Pacific region is likely to contribute most to this market. Across this region from China to Australia, oil and gas remain key industries and their growth is likely to put more demand on safety valve manufacture. Chemical manufacturing is also huge in East Asia and will also contribute massively to the growth of the safety valve market. Meanwhile, many companies here are rapidly becoming more urbanised and industrialised, affecting all kinds of other industries where safety valves are key.
The growth of oil and gas in North America and Europe will also contribute a lot to the safety valve market’s growth. It is in these regions that new safety valve technology is also likely to be used more heavily as existing infrastructure is updated. For example, many water and sewerage companies are currently updating their infrastructure and will likely contribute to demand.
