Apr 24, 2019 SOURCE: BusinessWire

Global Safety Valves Market to 2024 by Material (Stainless Steel, Cast Iron, Alloy, Cryogenic) & Industry (Oil & Gas, Energy & Power, Water & Wastewater) - ResearchAndMarkets.com

The "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), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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 valve replacement, use of 3D printers in manufacturing lines are among the other factors fueling the growth of the safety valve market. However, the high cost of fabrication can hinder the growth of the safety valve market.

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.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

4.1 Attractive Growth Opportunities in Safety Valve Market

4.2 Safety Valve Market, By Material

4.3 Safety Valve Market in APAC, By Country and Industry

4.4 Safety Valve Market, By Country (2019)

5 Market Overview

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.1.1 Importance of Safety Valves in Industrial Processes

5.2.1.2 Increased Need From Oil & Gas

5.2.1.3 Growth in Nuclear Energy Generation

5.2.2 Restraints

5.2.2.1 Decline in Oil and Gas Extraction

5.2.3 Opportunities

5.2.3.1 Constant Need for Safety Valve Replacement

5.2.3.2 Use of 3D Printers in Manufacturing Lines

5.2.4 Challenges

5.2.4.1 High Cost of Fabrication

5.3 Value Chain Analysis

6 Safety Valve Market, By Material

6.1 Introduction

6.2 Steel

6.2.1 Steel to Dominate Safety Valve Market During Forecast Period

6.3 Cast Iron

6.3.1 Cast Iron for Safety Valves Gained Traction in Water & Wastewater Industry and Hydroelectric Power Plants

6.4 Alloy

6.4.1 Alloy-Based Safety Valves Play Significant Role in Overall Safety Valve Market

6.5 Cryogenic

6.5.1 Cryogenic Valves to Grow at Fastest Rate

6.6 Others

6.6.1 Brass

6.6.2 Bronze

6.6.3 Plastic

7 Safety Valves Market, By Size

7.1 Introduction

7.2 Up to 1"

7.2.1 Up to 1" Safety Valves to Witness Significant Growth

7.3 1" to 6"

7.3.1 1" to 6" Safety Valves to Dominate the Market During Forecast Period

7.4 6" to 25"

7.4.1 6" to 25" Safety Valves to Drive the Market for High-Pressure Applications

7.5 25" to 50"

7.5.1 Chemicals, Energy & Power, and Pharmaceutical Plants are Key Industries for 25" to 50" Safety Valves for High Temperature and Pressure Handling Applications

7.6 50" and Larger

7.6.1 50" and Larger Safety Valves to Drive Market for Oil & Gas, Power, and Petrochemicals

8 Safety Valve Market, By Industry

8.1 Introduction

8.2 Oil & Gas

8.2.1 Oil & Gas Industry to Dominate the Safety Valves Market During the Forecast Period

8.3 Energy & Power

8.3.1 Energy & Power Industry to Witness Significant Growth in Safety Valves Market

8.4 Chemicals

8.4.1 APAC Dominates the Safety Valves Market for Chemical Industry

8.5 Water & Wastewater

8.5.1 Water & Wastewater is Expected to Be the Fastest Growing Industry for Safety Valves Market Owing to Modernizing the Aging Water Infrastructure and Increased Investments in Smart Cities

8.6 Building & Construction

8.6.1 Building & Construction Industry is Expected to Witness Significant Growth Owing to Urbanization and Smart Infrastructure

8.7 Pharmaceuticals

8.7.1 APAC to Drive Safety Valves Market for Pharmaceuticals

8.8 Agriculture

8.8.1 Irrigation and Precision Farming are Key Application Areas of Safety Valves for Agriculture Industry

8.9 Metal & Mining

8.9.1 APAC to Drive Safety Valves Market for Metal & Mining

8.10 Paper & Pulp

8.10.1 APAC to Dominate the Safety Valves Market for Paper & Pulp Industry During the Forecast Period

8.11 Food & Beverages

8.11.1 Food & Beverage Industry to Witness Significant Growth in Safety Valves Market