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(IT-NEWSWIRE.COM, November 10, 2021 ) According to the new market research report "Safety Valves Market by Size (Up to 1 inch, 1–6 inch, 6 – 25 inch, 25 – 50-inch, 50 inch, and Above), Material (Stainless Steel, Cast Iron, Alloy, Cryogenic), Industry (Oil & Gas, Energy & Power, Water & Wastewater), and Region - Global Forecast to 2024", the safety valve market is expected to be worth USD 4.5 billion in 2019 and reach USD 5.5 billion by 2024, at a CAGR of 4.30% from 2019 to 2024. The growth of this market can be attributed to the high demand for safety valve from various industries such as oil & gas, energy & power, and water & wastewater, especially from APAC and North America.
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Oil & gas industry to hold the largest share of the safety valve market in 2019
By industry, the oil & gas leads the safety valve market. Recent uptrend in the oil & gas industry, the latest discovery of shale gas in North America, and increasing demand for cleaner fuels are the major factors that are likely to drive the safety valve market growth in the next few years. In addition, Demand for oil and gas is supported by a large population in emerging economies, such as India and China. Population growth in APAC is likely to support increasing demand for oil, and the transportation sector is likely to account for a larger share of worldwide energy consumption in the coming years.
Market for cryogenic material to grow at the highest CAGR during the forecast period
The safety valve market for cryogenic material is expected to witness the highest growth during the forecast period. Uptrend in the oil & gas industry and increased focus on cleaner fuels will boost the market for natural gas production and transportation, which, in turn, will boost the demand for cryogenic safety valve during the forecast period. This demand generates the need for cryogenic material to handle cryogenic temperature safely.
APAC expected to hold largest share of safety valve market in 2019
APAC is expected to hold the largest share of the safety valve market in 2019. The growth is mainly attributed to Rapid urbanization and population growth in developing and emerging economies, such as China, Japan, and India, has prompted speedy development in the region, which will, in turn, boost demand for safety valves from several industries, such as energy & power, water & wastewater treatment, chemicals, pharmaceuticals, and oil & gas.
A few key players operating in the safety valve market are Emerson (US), Alfa Laval (Sweden), Cameron Schlumberger (US), LESER (Germany), and IMI PLC (UK).
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