According to the Stratistics MRC report, the global market size in 2017 was US$4.05 billion, and by 2026, this number is expected to increase to US$6.45 billion, with a compound annual growth rate (CAGR) of 5.3%.
The main factors driving market growth are the increase in nuclear power generation, the rise in demand for oil and gas, and the increasing development of industrial processes. In addition, the increasing application of 3D printing in production lines also provides numerous opportunities for market growth. However, the high cost of 3D printing, on the other hand, has restricted the development of the market.
Valves are mechanical devices that regulate the flow of liquid or gas in the process. The safety valve is a fail-safe valve. When the pressure on the inlet side of the valve increases to a predetermined pressure, the safety valve is automatically activated, the valve flap opens and the fluid (steam or gas) is discharged. The pressure reducing valve is a safety valve widely used worldwide.
From the perspective of terminal applications, the agricultural sector accounted for a considerable market share during the reporting period. Agricultural safety valves are mainly used for irrigation and precision agriculture. In irrigation, the safety valve is used to prevent the formation of water hammer and keep the water flow in the water pipe unblocked.
From the perspective of geographical distribution, due to the accelerated population growth and urbanization in developing countries, the Asia-Pacific region is expected to occupy a dominant market position during the reporting period, and further promote the safety valve in the region in energy, power, chemical, oil and gas and other industries. Market growth.
Major companies in the safety valve market include Weir Group, Curtis-White, Bosch Rexroth, IMI PLC, Rice, Fris, Emerson, Forbes Marshall, Schlumberger, Baker Hughes (part of GE Group), Alfa Laval, ARI-Armaturen, Swagelok, GEA, VYC Industrial. Market growth in many industries, including power, chemical, oil and gas.
Major companies in the safety valve market include Weir Group, Curtis-White, Bosch Rexroth, IMI PLC, Rice, Fris, Emerson, Forbes Marshall, Schlumberger, Baker Hughes (part of GE Group), Alfa Laval, ARI-Armaturen, Swagelok, GEA, VYC Industrial.