Safety Valve Market Growth, Market Overview, Competitive Analysis | Impact of COVID-19

 Safety Valve Market Research Report

Market Overview

The Safety Valve Market Size is expected to grow significantly approximately at a  CAGR rate of 6% during the forecast period. The global safety valve market value is estimated to reach USD 5.12 Billion.

When the preset safety valve pressure and temperature are exceeded, safety valves automatically actuate. These safety valves can be used to protect important equipment from damage by regulating excessive pressure without the use of electricity. These mostly function at a predetermined pressure to safeguard equipment from unsafe pressure. Additionally, these valves protect both the employees and the environment around the factories. Safety valves are utilized in a variety of applications such as pharmaceuticals, construction, and oil and gas, all of which contribute to the market's growth.

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The global Safety Valve Market Share is badly impacted during the lockdown. This pandemic had a significant impact not only on the safety valve market but on the entire world. To combat the coronavirus, the government has implemented strict measures such as lockdowns, maintaining social distance, wearing masks, shutting down production businesses, and transportation bans. The safety valve market has plummeted, even though the pandemic is still in its early stages. The growth of this market is being fueled by the development of safety valve system improvements and a growing awareness of the benefits of the safety valve market among key players.

Market Segmentation

Based on the Material, the worldwide safety valve market is segmented as Steel, alloy, cast iron, cryogenic, and other materials.

Based on the Size, the worldwide safety valve market is segmented into less than 1”, 1” to 10”, and 11” to 20”, and 20” & above.

Based on the End-Use, the worldwide safety valve market is segmented into oil & gas, energy & power, food & beverage, chemicals, water & wastewater treatment, and others.

Based on the Region, the worldwide safety valve market is segmented as Asia-Pacific, Europe, North America, the Middle East & Africa, and South America.

Regional Classification

For its growing infrastructural advancements, rising investments in numerous industries such as oil and gas, building industry, and rapid urbanization, Asia-Pacific maintains the highest market share. Market expansion in this region is likely to be fueled by rising demand from the mining, chemical, and municipal industries. In the construction business, safety valves are used to control liquid flow in firefighting systems, water supply systems, and piping systems. This region's market is growing due to the growing building industry. For its expanding investments in the construction industry, North America is the second-largest market.

Industry News

The major key players in the global safety valve 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), Forbes Marshall (India), Danfoss (Denmark), The Weir Group PLC (Scotland), Bosch Rexroth AG (Germany), and Spirax Sarco Limited (UK). The Mexican government stated in June 2019 that it will build a new refinery on the Tobasco coast of Mexico. As a result, safety valves are employed to control the pressure of liquids and gases in refineries.

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About Us:

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.

We at MRFR provide syndicated and customized reports to clients as per their liking. Our consulting services are aimed at eliminating business risks and driving the bottomline margins of our clients. The hands-on experience of analysts and capability of performing astute research through interviews, surveys, and polls are a statement of our prowess. We constantly monitor the market for any fluctuations and update our reports on a regular basis.

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