Increasing Demand for Safety Valve from the Oil & Gas and Energy & Power Industries Drives Market GrowthIndustry News | Jan.07.2020
The safety valve market is expected to grow at a CAGR of 4.30 % from 2019 to 2024, to reach USD 5.5 billion by 2024 from USD 4.5 billion in 2019. Importance of safety valves in industrial processes, increased need from oil & gas, growth in nuclear energy generation are among the key driving factors for the safety valve market. The constant need for safety valves replacement, use of 3D printers in manufacturing lines are among the other factors fueling the growth of the safety valves market. However, the high cost of fabrication can hinder the growth of the safety valve market.
Market for 1 to 6 safety valves to witness significant growth during the forecast period
The safety valve market, by size, is segmented into Up to 1, 1 to 6, 6 to 25, 25 to 50 and 50 and larger. The 1 to 6 based safety valve market is expected to witness significant growth during the forecast period. This growth is attributed to the This growth is attributed to increasing demand for energy and power-based applications; as a result, there is an increase in the use of 1–6 valves in oil & gas, energy & power, water & wastewater treatment, chemicals, and other industries.
APAC to hold the largest share of the safety valve market from 2019 to 2024
In terms of market size, APAC is expected to dominate the safety valves market during the forecast period as it is likely to witness significant growth in the said market during the forecast period. The population growth and rapid urbanization in developing economies, such as China and India, have prompted the speedy development in the region, which will boost the demand for safety valves from several industries such as energy & power, water & wastewater treatment, construction, chemicals, pharmaceuticals, and oil & gas.
Tags: Safety Valve
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