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.
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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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