Safety valve are widely used in process industries such as oil & gas, chemicals, pharmaceuticals, metal & mining, energy & power, and others for tight shutoff situations. The safety valve market is expected to be valued at USD 4.5 billion in 2019 and is likely to reach USD 5.5 billion by 2024, at a CAGR of 4.30% during the forecast period. 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. 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.
Major players in the safety valve market have primarily adopted the strategy of expansion to strengthen their position in the market. For instance, Baker Hughes expanded a new steam test facility in Naples, Italy created to better serve the European aftermarket with rapid response ASME Section I safety valves for steam applications. The new plant is an expansion on the current aftermarket center that expands the product scope and capacity of the plant to include the full range of Masoneilan control valves and consolidated safety valves, up to 2000 psi (140 Bar) test pressure.
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Emerson (US) and LESER (Germany) are among the major players in the safety valve market. Emerson (US) is a leader in process control solutions and overall valve industry. The company has shown consistent growth in the market by helping its customers achieve superior projects and operational efficiencies through its extensive product portfolio and vertical industry expertise. The company provides industry-specific engineering, consulting, project management, and maintenance services to industries such as alternative energy, chemical, food & beverages, industrial energy, life sciences, marine, metals and mining, oil & gas, power, pulp and paper, refining, and water treatment. The company offers various types of safety valve under company’s various brand. In August 2016, Emerson (US) acquired the Valves & Controls business of Pentair PLC (US) for USD 3.15 billion. This acquisition will help Emerson expand business position and create new growth opportunities, as well as deliver wide-ranging valve solutions to customers with the most extensive service network. Emerson has achieved a market leadership position in the safety valve market by developing and deploying cutting-edge technologies and gaining outstanding customer support globally. Product development and market offerings are the company’s core competencies that help Emerson to gain a dominating position over its competitors in the safety valve market.
LESER is a manufacturer of safety valves offering its products worldwide. LESER offers spring loaded and pilot operated safety valves for all industrial applications according to the Pressure Equipment Directive and ASME VIII. The company is headquartered at Hamburg, Germany, and has its manufacturing plant located in Hohenwestedt/Germany. LESER has 8 subsidiaries across Europe, America, the Middle East, and Asia, which, in turn, serve in over 80 countries. LESER solely develops and manufactures safety valves producing an average of 30,000 safety valves per year. The company offers safety valves for various industrial applications. The company offers its products worldwide through its subsidiaries in the US, Brazil, France, Singapore, China, India, and Bahrain.
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), and Region - Global Forecast to 2024
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