Industrial Safety Valves: Market Dynamics and Overview
The safety valve is a type of mechanical device that protects equipment against explosion or damage and is fitted in pressure vessels such as chemical power plants, gas storage tanks, and power boilers. It has been designed to open and reduce overload pressure in vessels or equipment and, after normal conditions have been restored, to close and prevent the further release of fluid.
The safety valves constitutes of three main parts that are nozzle, disk and spring. The nozzle is the one which regulates the exit of pressurized gas or fluid. The disk is responsible for allowing the fluid out supported by spring which enable its actuation in the mechanism. When the pressure inside a given vessel exceeds beyond the threshold pressure safety valve tries to neutralize it by releasing the excess pressure in the atmosphere. Thus, creating a pop sound.Safety valves can operate at any time under any condition. The safety valve provides protection against life, machinery, property, and the environment.
Even though safety valve is smaller in construction but plays a major role in saving lives. Based on material type, the global industrial safety valves market is divided into steel, cast iron, alloy, cryogenic, and others. The demand for industrial safety valves market in stainless steel based products is expected to expand considerably over the forecasted period.
The stainless steel based product segment is expected to lead the industrial safety valves market during the forecast period due to the high demand for high-quality safety valves to reduce the risk of contamination in key processes in various industries such as food & beverage, water & water treatment, chemical, and other industries.
The increased demand for high-quality safety valves in the dietary and beverage and chemical industries to mitigate the risk of contamination in critical processes, such as water and Steam handling, would contribute to the industrial safety valves market in the predictable valve for stainless steel based product protection.
Government regulation regarding safety in worksplace and Increasing rate of accidents in chemical, dairy and other beverage industry is posing a significant increase in demand of safety valves.The major factor influencing the development of the global industrial safety valves market is the rapid growth of of oil and gas industry. With increase in population and globalization have developed vigorously, which is the reason for growing demand of oil & gas faster than expected.
Rapid economical expansion and technological innovation are important factors in developing country, which has been directing the needs of energy. Thus, Increased investment in exploration of oil and gas is being promoted in the oil and gas industry posing a significant demand for global industrial safety valves market.
In addition, rapid growth in the pharmaceutical, paper and pulp industries, chemical manufacturing, and electricity generation sectors also driving the demand for safety valves. Increased accidental impacts in different industries and increased demand for safety valves in various industrial operations also stimulate the growth of global industrial safety valves market.
Increased Investments in various industries such as construction, petroleum, and gas industries and dramatic urbanization have contributed to demand for safety valves in industrial safety valves market. Safety valves to operate requires sealing ring. With the increasing demand of safety valve more sealing rings have to be produced which is promoting excessive plastic consumption and broken seals are hard to recycle.
The industry vertical segment is bifurcated into chemical and fertilizers, oil & gas, dairy and beverage,pharmaceutical, construction, energy & power, chemicals, food, water treatment plant and others. The increasing trend in the oil & gas sector, power & energy and growing focus on cleaner fuel is leading to an increase in the demand for cryogenic material to handle cryogenic temperature safely, which is boosting the growth of the industrial safety valves market during the forecast period.
Global Industrial Safety Valves Market is Experiencing massive decline as COVID-19 Outbreak
COVID-19 declared a pandemic by the World Health Organization (WHO) in the early march 2020 has enforced countries to impose lockdown and abide strict social distancing measures leading to market shut down and flattening economic curve across the globe. On the other hand, the supply and demand chain has been massively disrupted leading to a global economic loss. Plants shut down in North America, APAC and Europe in the second quarter of 2020 has reduced the production of Industrial Safety Valves which in turn affected the Industrial Safety Valves Market.
With reducing Covid-19 cases in some regions operations have been were resumed during the fourth quarter of 2020. The new Covid-19 strain which was first discovered in United Kingdom is spreading faster which may further force the regulatory bodies to impose lockdowns.
To cycle the supply chain regulatory bodies have allowed manufacturing sectors to proceed with production. However, by following COVID-19 guidelines and alternative rotation of workers can help the Industrial Safety Valves Market to bounce back strongly by the first quarter of 2021.
Segmentation Analysis of Global Industrial Safety Valves Market
Global Industrial Safety Valves Market is bifurcated into two major categories: material type, size, and region.
On the basis of material type, the global market for Industrial Safety Valves Market is divided into:
- Cast Iron
On the basis of size, the global market for Industrial Safety Valves Market is divided into:
- Less than 6 inch
- 7 inch-25 inch
- 26 inch-50 inch
- 50 inch and above
On the basis of lever type, the global market for Industrial Safety Valves Market is divided into:
- Lifting Lever
- Plain Lever
- Packed Lever
On the basis of end-use industry, the global market for Industrial Safety Valves Market is divided as:
- Chemical & Fertilizers
- Oil & Gas
- Dairy & Beverage
- Power & Energy
Based on the region, the global market for Industrial Safety Valves Market is segmented as:
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
Industrial Safety Valves Market: Regional Outlook
During the forecast period 2020 to 2025, APAC is projected to rise significantly in the global industrial safety valves market. The growing population and infrastructural developments in Asia pacific region has resulted in higher demands for industrial safety valves market in this region.
The growth of pressure protection and release of industrial safety valves markets has been driven by the high level of acceptance by leading industries such as food, drink, and pharmaceutical and rising power plants posing growth in industrial safety valves market. Also, regions such as MEA can be major consumers in global industrial safety valves market due to increase in oil & gas related activities.
Industrial Safety Valves Market: Competition Outlook
Major players operating in the industrial safety valves market include Weir Group PLC, Baker Hughes, IMI PLC, Emerson Electric, Alfa Laval, Bosch Rexroth, Leser, Forbes Marshall, Curtiss-Wright Corporation, Schlumberger. Growing research and development program by players is projected to fuel the growth of the industrial safety valves market over the forecast period.
The players in industrial safety valves market are showing consistent market growth by helping their customers through its large product range and the vertical industry experience to achieve superior project and operational performance. Key player in global industrial safety valves market such as Baker Huges have valves range up to 2000 psi (140 Bar) test pressure.
The research report presents a comprehensive assessment of the industrial safety valves market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. This industrial safety valves market report provides analysis and information, according to industrial safety valves market segments such as material type, size, lever type, end-use and region.
The Global Industrial Safety Valves Market Report Covers Exhaustive Analysis On:
- Industrial Safety Valves Market Segments
- Industrial Safety Valves Market Dynamics
- Industrial Safety Valves Market Size & Demand
- Industrial Safety Valves Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
The Global Industrial Safety Valves Market Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (UK, Germany, Spain, France, RoE)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, ASEAN, ANZ, Rest of Oceania)
- MEA (GCC Countries, South Africa, Turkey, Rest of MEA)
The Industrial Safety Valves market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The global industrial safety valves market report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The global industrial safety valves market report also maps the qualitative impact of various market factors on market segments and geographies.
The Global Industrial Safety Valves Market Report Highlights:
- A Detailed overview of the parent market
- Changing Industrial Safety Valves market dynamics in the industry
- In-depth Industrial Safety Valves market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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