Safety Valve Market Size was valued at USD 7.10 Billion in 2023. The safety valve market industry is projected to grow from USD 7.75 Billion in 2024 to USD 14.35 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.01% during the forecast period (2024 - 2032). Safety valves are becoming increasingly important in industrial settings, and Industrial accidents are increasing are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
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. Key factors propelling the Pressure relief valve market include increasing pollution control laws, rising water and power demand, and the rapid expansion of process industries.
Many nuclear power plants are being built, growing the market. The global market is expanding due to the rise in unintentional incidents and the soaring demand for safety valves across numerous industrial sectors. Pressure release mechanism market industry growth is facilitated by integrating safety valves into the Internet of Things (IoT) environment. The market is anticipated to grow quickly due to improved safety valve systems. In many circumstances, a safety valve acts as the last line of defense. Ensure the safety valve can operate at all times and in all situations. A safety valve should never be a pressure regulator or a process valve. Overpressure protection is the sole purpose for which it should be used. The Safety Valve's function is to protect people and property if system pressures cannot be controlled. The start-up of "plant" components, control valve failure, failure of the system's temperature and pressure sensors, or human error are just a few causes of excessive system pressures in heating and chilled water systems. Safety valves are essential to any industry's development because they influence the control of the system and its construction and maintenance costs. These factors collectively are boosting the Industrial safety valve market share on a global scale. Increased demand for the product in the oil and gas industry, growth in nuclear energy generation, increased use of 3D printers in manufacturing lines, and increased awareness of the importance of safety valves in a variety of industrial processes, including power generation, gas and petroleum, including water and sewage processing, mining, oil processing, and food manufacturing, are some of the major and significant factors driving the growth of the safety valve industry. However, the ongoing need for safety valve replacement and product integration with the Internet of Things environment will create a variety of opportunities for the safety valve market to grow over the anticipated period. The safety valve market's expansion is constrained by the safety valves' rising costs and the businesses' slim profit margins. Thus, driving the safety valve market revenue.
Based on material, the Safety Valve Market segmentation includes steel, alloy, cast iron, cryogenic, and others. The steel segment dominated the market which is anticipated to rule the global market because steel safety valves are reliable and don't leak in hot or cold temperatures.
Figure 1: Safety Valve Market, by Material, 2024 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Safety Valve Market segmentation, based on size, includes less than 1”, 1” to 10”, and 11” to 20”, and 20” & above. The 1” to 10” category generated the most income because of the advantages behind this size range, such as controlling the flow and pressure of liquids, gases, and slurries within various end-use industries.
Based on end-user, the Safety Valve Market segmentation includes oil & gas, energy & power, food & beverage, chemicals, water & wastewater treatment, and others. The oil & gas segment dominated the market; Oil and gas pipeline safety depend on the proper operation of industrial valves. They oversee supply line integrity, flow control, and other significant duties. From refinement to distribution, pipeline systems are largely used in the oil and gas sector operations. As a result, pipeline infrastructure and dependable control systems are essential to the industry's success. Any flaws or breaches in these systems could cause sizable monetary losses, dangerous leaks, and possibly environmental catastrophes. Across the globe, the industry that manufactures oil and gas valves has expanded.
By region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American safety valve market will dominate this market; Safety valves are applied in the construction sector to regulate liquid flow in piping, water supply, and firefighting systems. The expanding construction sector fuels market expansion in this area.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Safety Valve Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s safety valve market accounts for the second-largest market share because of its rapid urbanization, rising investments across various sectors, including the construction and oil and gas industries, and expanding infrastructure. The expanding demand for the mining, chemical, and municipal industries is anticipated to fuel market expansion in this area. Further, the German safety valve market held the largest market share, and the UK safety valve market was the fastest-growing market in the European region.
The Asia-Pacific Safety Valve Market is expected to grow at the fastest CAGR from 2023 to 2032. Demand for PRVs is fueled by low labor and production costs and fewer restrictions in the Asia-Pacific region. The global market for PRVs is expanding due to the quick development of nuclear energy production. In the world today, about fifty reactors are being built. Moreover, China’s safety valve market held the largest market share, and the Indian safety valve market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Relief device market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The safety valve industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global safety valve industry to benefit clients and increase the market sector. The safety valve industry has offered some of the most significant advantages in recent years. Major players in the safety valve market, including Emerson Electric Co (US), Schlumberger Limited (US), General Electric (US), Curtiss-wright Corporation (US), ALFA LAVAL (Sweden), IMI plc (UK), LESER GmbH & Co.KG (Germany), The Weir Group PLC (Scotland), Forbes Marshall (India), Danfoss (Denmark), Bosch Rexroth AG (Germany), Spirax Sarco Limited (UK) and others, are attempting to increase market demand by investing in research and development operations.
Emerson Electric (US), with the help of our two main business platforms at Emerson, Automation Solutions and Commercial and Residential Solutions, it can recognize and meet the challenges of a market that is becoming more complex and unpredictable from a position of strength, generating both short- and long-term value as a reliable partner for clients. Industry leaders are looking to Emerson as a reliable partner that innovates constantly to help them meet the next big challenge. Its automation solutions platform enables to collaborate with automation businesses to develop more comprehensive solutions for customers based on deep industry experience. It can also further leverage global presence, domain knowledge, and industrial software to support industries in achieving important operational and sustainability goals. The biggest problems facing modern life are overcome with the aid of customers in the most vital industries on earth.
General Electric (US), the diverse and committed workforce at GE, operates with the utmost integrity and dedication to fulfill the company's mission and satisfy its clients. The Board and our leadership team are dedicated to achieving this goal. GE brings cutting-edge solutions to the market, providing vital infrastructure for the energy, healthcare, and transportation sectors. We strive to operate with the highest standards of integrity, compliance culture, and respect for human rights while minimizing our technology's negative effects on the environment. In this unprecedented period, we're still doing everything possible to support our clients and staff. GE has created the industrial future for more than 125 years.
Emerson Electric Co (US)
Schlumberger Limited (US)
General Electric (US)
Curtiss-wright Corporation (US)
ALFA LAVAL (Sweden)
IMI plc (UK)
LESER GmbH & Co.KG (Germany)
The Weir Group PLC (Scotland)
Forbes Marshall (India)
Danfoss (Denmark)
Bosch Rexroth AG (Germany)
Spirax Sarco Limited (UK)
January 2022: With a quick response for steam applications, ASME Section I safety valves are better suited to the European aftermarket. The new aftermarket plant, whose product scope and production capacity are increased, is introduced as an extension of the current aftermarket's future development. to meet the requirements for the full range of Masoneilan control valves and consolidated safety valves up to 2000 psi test pressure.
Steel
Alloy
Cast iron
Cryogenic
Others
less than 1”
1” to 10”
11” to 20”
20” & above
Oil & Gas
Energy & Power
Food & Beverage
Chemicals
Water & Wastewater treatment
Others
North America
Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 7.10 Billion |
| Market Size 2024 | USD 7.75 Billion |
| Market Size 2032 | USD 14.35 Billion |
| Compound Annual Growth Rate (CAGR) | 8.01% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Size, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Emerson Electric Co (US), Schlumberger Limited (US), General Electric (US), Curtiss-wright Corporation (US), ALFA LAVAL (Sweden), IMI plc (UK), LESER GmbH & Co.KG (Germany), The Weir Group PLC (Scotland), Forbes Marshall (India), Danfoss (Denmark), Bosch Rexroth AG (Germany), Spirax Sarco Limited (UK) |
| Key Market Opportunities | Safety valves are becoming increasingly important in industrial settings |
| Key Market Dynamics | Increasing industrial accidents |
Safety Valve Market Highlights:
Frequently Asked Questions (FAQ) :
The Safety Valve Market size was valued at USD 7.10 Billion in 2023.
The global market is projected to grow at a CAGR of 8.01% during the forecast period, 2024-2032.
North America had the largest share of the global market
The key players in the market are Emerson Electric Co (US), Schlumberger Limited (US), General Electric (US), Curtiss-wright Corporation (US), ALFA LAVAL (Sweden), IMI plc (UK), LESER GmbH & Co.KG (Germany), The Weir Group PLC (Scotland), Forbes Marshall (India), Danfoss (Denmark), Bosch Rexroth AG (Germany), Spirax Sarco Limited (UK).
The steel category dominated the market in 2022.
Oil and gas had the largest share of the global market.
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