Global safety valve sales are set to reach USD 4.4 billion in 2023. Over the forecast period, global demand for safety valves is expected to increase at 8.6% CAGR. By 2033, total revenue is predicted to reach around USD 10.0 billion.
Demand for safety valves will likely remain high in the oil & gas sector during the forecast period. This is due to their ability to protect equipment and workers during overpressure incidents. The latest safety valve industry analysis estimates the target segment to expand at 8.2% CAGR through 2033.
| Attributes | Key Insights |
|---|---|
| Global Safety Valve Revenue in 2022 | USD 4.0 billion |
| Estimated Safety Valve Sales (2023) | USD 4.4 billion |
| Projected Safety Valve Value (2033) | USD 10.0 billion |
| Predicted CAGR (2023 to 2033) | 8.6% |
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Safety Valve to Become 10 Billion Dollar Business through 2033
Global safety valve revenue is projected to reach USD 10.0 billion by 2033 despite a slight drop in the predicted CAGR compared to the historical one. This is due to rapid industrial growth, growing focus on improving workplace safety, and implementation of stringent safety regulations.
Stainless Steel Safety Valves Setting New Standards
As per the latest report, stainless steel will likely remain the most sought-after material among manufacturers for producing safety valves. This is due to growing demand for high-quality safety valves like stainless steel in pharmaceutical, food & beverage, and chemical industries to mitigate the threat of contamination in critical processes.
Stainless steel valves offer several advantages, driving demand across diverse pharmaceuticals and food and beverage industries. These include corrosion resistance, high strength, durability, versatility, temperature resistance, and hygienic properties.
Key companies will likely utilize more corrosion-resistant grades of stainless steel for making safety valves. This will help them to meet end-user demand and gain maximum profits during the forecast period.
Several manufacturers are also inclined to use materials like carbon steel and titanium. This is expected to improve their share during the assessment period.
East Asia to Account for around 38% Sales through 2033
East Asia is expected to remain the leading consumer of safety valves during the forecast period. It will likely contribute about 38% of global sales by 2033. This is attributable to factors such as
Safety valves are witnessing high demand, especially from industries requiring better safety and hygiene. This is because they act as fail-safe and automatically release substances from pressure vessels, boilers, or other systems when the temperature or pressure exceeds certain limits.
The ability of safety valves to protect people and property from the dangers of overpressure is a key factor driving their demand across diverse applications. They find extensive usage in players involved with operating steam boilers, pipelines, water heaters, chemical reactors, nuclear power plants, and other applications where pressure control is critical.
Direct-loaded safety valves and pilot-operated safety valves are the two main types of safety valves in high demand globally. Growing adoption of these valves in industries like pharmaceutical, food & beverage, power generation, etc., to protect workers & equipment and reduce the risk of contamination will likely boost global revenue.
Principal Consultant
Global safety valve sales increased at a CAGR of 10.3% between 2018 and 2022. Total revenue reached about USD 4.0 billion in 2022. Global safety valve sales are expected to thrive at a CAGR of 8.6% in the forecast period.
| Historical CAGR (2018 to 2022) | 10.3% |
|---|---|
| Forecast CAGR (2023 to 2033) | 8.6% |
The global safety valve industry outlook remained positive during 2018 and 2022. This was due to increased focus on safety and high adoption of remote monitoring technologies.
The COVID-19 pandemic underscored the critical importance of safety and risk management in diverse industries. Businesses became highly focused on ensuring the safety of their equipment, processes, and personnel. This increased demand for safety valves in pressure management and overpressure protection systems.
Between 2018 and 2022, several industries, including pharmaceuticals and food & beverage, continued to operate and expand even during the pandemic. This increased safety valve demand as they are critical for ensuring safety in these industries.
Sales of safety valves equipped with digital monitoring capabilities witnessed rapid growth during the pandemic. This further boosted global revenue.
Over the forecast period, safety valve sales are projected to total USD 10.0 billion by 2033. This is due to a combination of several factors, including:
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Rising popularity of intelligent valves:
Growing adoption of intelligent safety valves is a key trend impacting the global safety valve industry outlook. Today, end users like pharmaceutical companies and food manufacturers are keen to use smart safety valves with monitoring and control capabilities to enhance overall safety and efficiency. Their compatibility with automated technologies is expected to drive sales during the forecast period.
Growing focus on preventive maintenance
Amid intense competition, industries are recognizing the importance of preventive maintenance to prevent equipment failures and avoid downtime. As a result, they are installing components like safety valves, which is expected to boost sales.
Adoption of advanced manufacturing technologies
Key companies are focusing on utilizing advanced manufacturing technologies like 3D printing to improve quality of safety valves and reduce production costs. This is expected to help them to increase their production capacity, lower product prices, and expand their customer base. Adoption of advanced technologies will also allow them to produce custom-shaped valves with complex geometries.
Expensive nature of certain safety valves
Safety valves are relatively expensive, especially those designed for high-pressure systems and critical applications. This cost factor reduces their uptake in specific industries.
Adoption of alternative technologies
Several industries are employing alternative pressure relief technologies like pressure safety valves, pressure relief valves, and rupture discs. High adoption of these alternative technologies may negatively impact the safety valve industry outlook.
The table below highlights key countries’ safety valve revenues. China, Japan, and the United States are expected to remain top three consumers for safety valves, with expected valuations of USD 1.9 billion, USD 1.5 billion, and USD 1.7 billion, respectively, in 2033.
| Countries | Projected Revenue (2033) |
|---|---|
| United States | USD 1.7 billion |
| United Kingdom | USD 319.5 million |
| China | USD 1.9 billion |
| Japan | USD 1.5 billion |
| South Korea | USD 423.9 million |
Below table shows the estimated growth rates of top five countries. Japan, the United States, and China are set to record higher CAGRs of 8.4%, 8.5%, and 8.4%, respectively, through 2033.
| Countries | Projected CAGR (2023 to 2033) |
|---|---|
| United States | 8.5% |
| United Kingdom | 8.3% |
| China | 8.4% |
| Japan | 8.4% |
| South Korea | 8.0% |
The table below highlights the top five countries’ historical growth rates. With CAGRs of 10.2%, 10.0%, and 9.9%, respectively, the United States, China, and Japan were the key countries for safety valve manufacturers between 2018 and 2022.
| Countries | Historical CAGR (2018 to 2022) |
|---|---|
| United States | 10.2% |
| United Kingdom | 9.7% |
| China | 10.0% |
| Japan | 9.9% |
| South Korea | 9.1% |
As per the latest report, the United States is set to remain a highly lucrative country for safety valve manufacturers across North America in the forecast period. This is due to rising oil & gas activities, growing need for improving equipment and workers’ safety, and strong presence of leading safety valve manufacturers.
Sales in the United States are projected to total USD 1.7 billion by 2033. Over the forecast period, demand for safety valves in the United States is predicted to rise at 8.5% CAGR. One of the key factors for this growth is the rising safety valve usage in oil and gas sector.
The oil & gas exploration and production activities in the United States are increasing rapidly. For instance, as per the World Population Review, the United States currently produces about 12,108,000 daily barrels. This is expected to drive demand for safety valves as they are widely used in the oil & gas industry.
Safety valves have become essential in high-pressure systems used during oil & gas exploration and production activities. These values prevent accidents and protect expensive equipment, fueling their demand in the United States oil & gas industry.
Another key factor expected to improve the United States safety valve share is the rising need for workplace safety. As industries across the United States become more aware of the importance of safety, they are investing heavily in safety equipment like safety valves. This is expected to create opportunities for companies.
China is anticipated to total a valuation of USD 1.9 billion by 2033. Sales of safety valves in China will likely soar at 8.4% CAGR during the assessment period, making it a highly lucrative region for manufacturers.
A positive growth trajectory has been predicted for China through 2033. This is attributable to rapid industrial growth, rising emphasis on ensuring workplace safety, and growing adoption of novel safety valve manufacturing technologies.
China is witnessing rapid expansion of industries like oil & gas, chemicals, petrochemicals, and power generation. As these industries expand, the need for safety valves to protect equipment, personnel, and pipelines from overpressure situations will rise. This is expected to bolster sales in the country.
In China, safety valves are widely used in industrial processes like chemical processing, water and wastewater treatment, etc. Growing adoption of safety valves in these industrial applications will likely boost revenue through 2033.
China-based safety valve companies manufacture safety valves using novel technologies like 3D printing. This is helping them to enhance quality of safety valves and reduce their production cost.
As per the latest report, the United Kingdom is forecast to attain a total valuation of USD 319.5 million in 2033. It is set to exhibit a robust CAGR of 8.3% during the assessment period.
Several factors are expected to drive demand for safety valves in the United Kingdom through 2033. These include enforcement of stringent safety regulations and increasing need for safety valves in renewable energy projects.
The United Kingdom government is introducing strict safety regulations for businesses operating in hazardous industries. Implementation of these regulations will prompt businesses to install safety valves, thereby boosting revenue.
Rise of the renewable energy sector is anticipated to uplift safety valve demand in the country. The United Kingdom rigorously invests in renewable energy projects like wind and solar farms. This is expected to drive demand for safety valves as they protect equipment and workers from overpressure.
Japan is expected to progress at a CAGR of 8.4% during the forecast period. By 2033, Japan is predicted to attain a valuation of USD 1.5 billion. This is attributable to flourishing industrial landscape and growing focus on improving industrial safety.
Japan is strong in chemicals, manufacturing, pharmaceuticals, and oil & gas. These industries require reliable and efficient safety valves as they rely on high-pressure systems.
Growing emphasis on improving industrial safety is another prominent factor fueling safety valve sales in the country. These valves protect equipment, personnel, and processes from overpressure incidents.
South Korea is poised to register a CAGR of 8.0% during the assessment period compared to a 9.1% CAGR recorded from 2018 to 2022. Total valuation in the country is set to reach USD 423.9 million.
Multiple factors are expected to drive sales across South Korea. These include the booming industrial sector, growing demand for smart safety valves, and increasing adoption of industrial automation.
Korea has a strong manufacturing sector, creating high demand for safety valves, and the trend is expected to continue through 2033. Industries like oil & gas and chemicals increasingly use safety valves, thereby boosting revenue.
Growing trends like automation and digitalization are having a strong influence on safety valve sales in Korea. Top Korea-based safety valve manufacturing companies are incorporating 4.0 technologies into their products to make them more efficient and reliable.
Below section shows the stainless steel segment dominating based on material. It is forecast to progress at 8.4% CAGR between 2023 and 2033.
Based on end use, oil & gas segment is expected to hold a dominant share through 2033. It is set to exhibit a CAGR of 8.2% during the forecast period.
| Top Segment (Material) | Stainless Steel |
|---|---|
| Predicted CAGR (2023 to 2033) | 8.4% |
Safety valves are generally made from stainless steel, cryogenic, cast iron, alloy, and other materials. Among these, the stainless steel segment is expected to dominate during the forecast period.
As per the latest safety valve industry analysis, the stainless steel segment will thrive at 8.4% CAGR during the forecast period. This is due to rising preference of manufacturers towards using stainless steel for making safety valves and growing end user demand for stainless steel safety valves.
Stainless steel is becoming an ideal material for manufacturing safety valves. This is because of its several advantages, including corrosion resistance, durability, strength, and ease of fabrication. High usage of stainless steel for producing safety valves is set to boost the target segment.
Rising popularity of stainless steel valves among end-use industries is another key factor prompting safety valve companies to use stainless steel. Stainless steel valves are widely used in pharmaceutical and food & beverage processing applications where corrosion resistance is required.
High strength and durability of stainless steel make it suitable for making safety valves that withstand high temperatures and pressures. Companies looking to expand their reach in pharmaceuticals, oil & gas, and others will likely expand their stainless steel safety valve portfolios.
Stainless steel safety valves are ideal for maintaining product purity and preventing contamination. As a result, they are gaining immense traction across industries like pharmaceutical and food & beverage processing, where hygiene and product safety are critical.
Growing focus of industries like oil & gas on adhering to stringent safety and quality standards is set to drive demand for stainless steel safety valves. This is because stainless steel valves help them meet these standards and improve reliability of safety systems.
| Top Segment (End Use) | Oil & Gas |
|---|---|
| Projected CAGR (2023 to 2033) | 8.2% |
According to the latest safety valve industry analysis, demand for safety valves is predicted to remain high in the oil & gas industry. This is due to rising importance of safety valves in several oil & gas applications.
The oil & gas segment exhibited a CAGR of 9.8% between 2018 and 2033. Over the forecast period, the same segment is projected to thrive at a CAGR of 8.2%.
Safety valves are becoming crucial components in the oil & gas industry. This is because they provide protection against overpressure situations and enhance overall safety and integrity of operations. Rising adoption of safety valves in oil & gas applications is set to boost sales.
The growing focus of oil & gas companies on improving equipment safety, personnel, and the environment will likely uplift safety valve demand. These valves tend to protect workers and equipment by preventing overpressure situations.
Safety valves are increasingly installed in boiler systems, pipelines, and emergency shutdown systems (ESD) to prevent overpressurization. To gain maximum profits, key companies must offer safety valves like spring-loaded safety valves intended for usage in oil & gas applications.
Key manufacturers of safety valves listed in the report include Alfa Laval, Baker Hughes, Bosch Rexroth, Cameron-Schlumberger Ltd, Curtiss-Wright Corporation, and Danfoss.
These leading safety valve companies continuously upgrade their portfolios by introducing novel solutions. They also adopt strategies like partnerships, distribution agreements, mergers, acquisitions, and alliances to strengthen their global footprint.
Recent Developments:
| Attribute | Details |
|---|---|
| Estimated Value (2023) | USD 4.4 billion |
| Projected Value (2033) | USD 10.0 billion |
| Expected Growth Rate (2023 to 2033) | 8.6% CAGR |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million/Billion, Volume (Units), and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Material, End Use, and Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; and the Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others. |
| Key Companies Profiled | Badger Meter, Inc; Alfa Laval; Baker Hughes; Bosch Rexroth; Cameron-Schlumberger Ltd; Curtiss-Wright Corporation; Danfoss |
The global revenue is expected to total USD 4.4 billion in 2023.
By 2033, global sales are set to total USD 10.0 billion.
Global safety valve demand is expected to rise at 8.6% CAGR through 2033.
Sales in China are predicted to reach USD 1.9 billion by 2033.
Alfa Laval, Baker Hughes, Bosch Rexroth, and Danfoss are few leaders.
Thriving at 8.2% CAGR, oil and gas industry remains a key end user of safety valves.
1. Executive Summary 2. Industry Analysis Overview 3. Industry Analysis Background 4. Global 2018 to 2022 and Forecast, 2023 to 2033 5. Global 2018 to 2022 and Forecast 2023 to 2033, By Material 5.1. Stainless Steel 5.2. Cryogenic 5.3. Cast Iron 5.4. Alloy 5.5. Other Materials 6. Global 2018 to 2022 and Forecast 2023 to 2033, By End Use 6.1. Oil & Gas 6.2. Chemical 6.3. Building & Construction 6.4. Agriculture 6.5. Metal & Mining 6.6. Food & Beverages 6.7. Other End Uses 7. Global 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Analysis 16. Industry Structure Analysis 17. Competition Analysis 17.1. Alfa Laval 17.2. Baker Hughes 17.3. Bosch Rexroth 17.4. Cameron–Schlumberger Ltd. 17.5. Curtiss-Wright Corporation 17.6. Danfoss 17.7. Emerson Electric Co. 17.8. Forbes Marshall 17.9. General Electric 17.10. IMI Plc 17.11. LESER GmbH & Co. KG 17.12. Spirax Sarco Limited 17.13. Weir Group Plc 18. Assumptions & Acronyms Used 19. Research Methodology
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Safety Valve Market
