Safety Valves Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Valve Type (Spring Loaded Safety Valves, Pilot Operated Safety Valves, Dead Weight Pressure Relief Valves), By Material Type (Cast Steel, Cast Iron, Bronze), By Application (Petroleum Refining, Chemical Manufacturing, Power Generation), And By Geography - Forecasts From 2023 To 2028

A safety valve is installed to control the rise in pressure in pressurized pipes and vessels. This valve is designed in such a way that it opens at a pre-set maximum pressure. It is a safety device against overpressure. These devices may be used in powerplant cycles, refineries and mills, pressure reduction and air systems, industrial boiler systems, and many more. This industrial growth is driven by increasing awareness of safety valves, the growing need for power plants that generate clean energy, the extraction and supply of oil and gases, etc.

Safety Valve Market Drivers

• The global safety valve market will grow due to the huge increase in demand for oil and gas

Oil and gas are the world's major energy sources right now. Most of the global energy demand is fulfilled by this source. According to the International Energy Agency (IEA), around 31.4% of global energy produced is from oil, and 22.9% is from natural gas. About 38% of the total electricity generated in the United States comes from natural gas. In January 2023, the Indian Oil Corporation announced its plan to invest around 2,200 crores in petroleum projects in Tamil Nadu. Additionally, a report from the IEA indicates that China's total energy produced using natural gas has increased to 11,101,990.0 TJ in 20220 from 3,742,442.0 TJ in 2010. There has also been a tremendous increase of 54.49% between 2010 and 2020 in the total energy produced using oil in China. The growth of these industries is directly related to the safety valve industry’s expansion, as these devices are an integral part of building power plants for the extraction and supply of oil and gas for the production of energy.

• Nuclear power plants being used as energy-producing sources also boosts the revenue of this market

The purpose of safety valves is to control the outburst of excessive pressure in machines. However, in nuclear power plants, safety valves have the additional job of preventing radioactive substances from scattering outside. These substances can be very harmful; hence, safety valves are an important need in such plants. The constant rise of these plants also ensures the growth of the safety valve market. According to the data for 2020 by the Energy Information Administration, countries like the United States of America, China, Japan, and Russia have a significant share of nuclear energy in their overall energy generation and distribution. For instance, the US held around 96.5 million kW of nuclear electricity generation capacity in 2020. Among the total electricity generated in 2020, 69% was nuclear energy in France and 21% in Russia. In September 2022, China approved the construction of two new nuclear plants, making the total number of nuclear units in the country 10. Thus, the safety valve market is bound to see tremendous growth in the coming years due to factors such as the rise of nuclear energy as a power generation source.

Safety Valve Market – Geographical Outlook

• The safety valve market sees tremendous growth in the North American region

According to the U.S. Energy Information Administration, out of 4108 billion kWh of electricity generated in 2021, 2508 billion kWh was generated from natural gas, and 889 billion kWh was generated from oil sources. Similarly, according to EIA, natural gas and petroleum were the major sources of energy consumption in Mexico in 2020. In 2018, about 15% of electricity generated in Canada was from nuclear power generation sources. Canada has developed CANDU, a distinctive nuclear reactor technology with 10 reactors in Ontario and 1 in New Brunswick. Canada also held 4% in the global nuclear energy generation of 2,586 terawatt hours in 2019. This proves that with greater demand for oil and gas in these regions, the market growth of safety valves is inevitable. Safety valves are also responsible for preventing potential malfunctions of 3D printers. This ultimately enhances the efficiency and quality of the final 3D-printed product. The increased use of 3D printers for manufacturing will have a positive effect on the safety valve market in the future. For instance, in October 2010, NASA announced that it would use Advanced 3D Printing Construction Systems for the Moon and Mars.

Safety Valve Market Key Developments

• In Feb 2022, GEA announced the launch of a mix-proof double-seat valve Type MX from the GEA VARIVENT family. This is a key element for process safety in the food, beverage, dairy, and pharmaceutical industries
• In April 2021, LESSER acquired LESSER Poland and made it a subsidiary. The motive of this acquisition was to expand services for Polish customers. LESSER Poland has its workshop in Poznan, which is used to adjust and maintain safety valves.

Safety Valves Market Scope:

The Safety Valve Market is segmented and analyzed as follows:

•  By Valve Type
  • Spring Loaded Safety Valves
  • Pilot Operated Safety Valves
  • Dead Weight Pressure Relief Valves
• By Material Type
  • Cast Steel
  • Cast Iron
  • Bronze
• By Application
  • Petroleum Refining
  • Chemical Manufacturing
  • Power Generation
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    •  Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Others