세계의 안전 밸브 시장 : 성장, 향후 전망, 경쟁 분석(2024-2032년)

The safety valve market encapsulates an industry dedicated to ensuring the safe operation of equipment across various sectors. At its core, a safety valve automatically releases a substance from a boiler or pressure vessel when the pressure or temperature exceeds preset limits, ensuring the system's integrity and preventing potential catastrophes. This market has witnessed steady growth owing to its paramount importance in industries like oil and gas, power plants, and chemical factories. Safety valve market is estimated to grow at a CAGR of 8.4% from 2024 to 2032.

Driving the Surge: Enhanced Safety Regulations Across Industries

The most pronounced driver for the safety valve market's growth is the stringency in safety regulations and standards across various industries globally. Post-industrial revolution, as machinery and equipment grew sophisticated, the need for advanced safety systems became evident. With several industrial accidents highlighting potential vulnerabilities in equipment, governments and industry regulatory bodies around the world began implementing stringent safety standards. For instance, the American Society of Mechanical Engineers (ASME) has developed codes like the Boiler and Pressure Vessel Code, which mandates the use of safety valves in specific scenarios. Such regulations ensure that industries not only incorporate but maintain and upgrade their safety valves, leading to a consistent demand in the market.

Opportunities Unfold: Expansion of Energy and Manufacturing Sectors

With global energy demands on a perpetual rise, the subsequent expansion of the energy sector, especially in emerging economies, presents lucrative opportunities for the safety valve market. As countries ramp up their power generation capacities, both through traditional methods like thermal and nuclear power plants and newer, sustainable means such as geothermal or biomass energy, the demand for safety valves rises. Furthermore, the resurgence of the manufacturing sector post the COVID-19 pandemic slowdown, particularly in regions like Southeast Asia, is set to boost the market. The increased production capacities invariably require machinery, which, to adhere to global safety standards, integrate safety valves.

Restraint in Sight: High Maintenance Costs and Complex Installation Processes

One of the significant restraints for the safety valve market is the associated high maintenance cost and the intricacies of the installation process. Safety valves, given their critical role, demand regular inspections, tests, and maintenance to ensure they function optimally. This recurrent cost can be a deterrent for smaller industries or those operating on thin margins. Moreover, the installation of these valves requires skilled labor and precision, factors that might inhibit companies from frequent upgrades or new installations.

Facing the Challenge: Counterfeit Products and Quality Concerns

A pressing challenge for the safety valve market is the proliferation of counterfeit products. Markets, especially in regions with lax regulatory oversight, are flooded with sub-standard safety valves that do not meet the global safety standards. These counterfeit products, while cheaper, compromise the safety of the equipment and pose a significant risk. For industries, the repercussions of using such subpar products can be catastrophic, both in terms of potential accidents and subsequent legal liabilities.

Market Segmentation by Material

Among the various materials used to manufacture safety valves, stainless steel led the pack in revenue generation in 2023, mainly due to its durability, resistance to corrosion, and its ubiquitous use across industries. Cryogenic safety valves, though niche, are expected to display the highest CAGR between 2024 and 2032. These valves are gaining traction, particularly in industries handling super-cold liquids, such as LNG (liquefied natural gas) processing and transportation. Cast iron, alloy-based, and other materials have maintained steady demand due to their application-specific advantages and affordability.

Market Segmentation by End-use Dynamics

From an end-use perspective, the oil & gas sector was the dominant revenue-generating sector in 2023, a testament to the extensive infrastructure and the critical nature of safety in this industry. However, it's the food & beverages industry that's expected to show the highest CAGR in the forecasted period from 2024 to 2032, attributed to the sector's rapid growth in emerging economies and stringent safety regulations in food processing. Other sectors like chemical, building & construction, agriculture, metal & mining also contribute significantly to the market, with their demand patterns influenced by regional industrial growth rates and sector-specific dynamics.

Regional Insights

Geographically, North America held the largest revenue share in the safety valve market in 2023, spurred by the extensive oil & gas infrastructure and strict regulatory framework. Yet, the Asia-Pacific region, with its booming industrial sector and infrastructure development, especially in nations like China and India, is expected to witness the highest CAGR from 2024 to 2032. This growth is indicative of the region's commitment to safety standards and the rapid pace of industrialization.

Competitive Trends

On the competitive front, the safety valve market, as of 2023, witnessed the dominance of key players like Badger Meter, Inc, Alfa Laval, Baker Hughes, Bosch Rexroth, Cameron-Schlumberger Ltd, Curtiss-Wright Corporation, Danfoss. Their dominance was majorly due to their expansive product portfolio, robust distribution networks, and continuous R&D endeavors. Between 2024 and 2032, it's expected that these players will amplify their strategic mergers, acquisitions, and partnerships to consolidate their market position further. However, they'll also face competition from emerging regional players who offer cost-effective solutions. As the decade unfolds, the emphasis is expected to shift towards smart safety valves with IoT capabilities, prompting companies to invest heavily in innovation.

Historical & Forecast Period

This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Safety Valve market are as follows:

Research and development budgets of manufacturers and government spending

Revenues of key companies in the market segment

Number of end users & consumption volume, price, and value.

Geographical revenues generated by countries considered in the report

Micro and macro environment factors that are currently influencing the Safety Valve market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.

Market Segmentation

Material

• Stainless Steel
• Cryogenic
• Cast Iron
• Alloy
• Other Materials

End Use

• Oil & Gas
• Chemical
• Building & Construction
• Agriculture
• Metal & Mining
• Food & Beverages
• Other End Uses

Region Segment (2022-2032; US$ Million)

North America

U.S.

Canada

Rest of North America

UK and European Union

UK

Germany

Spain

Italy

France

Rest of Europe

Asia Pacific

China

Japan

India

Australia

South Korea

Rest of Asia Pacific

Latin America

Brazil

Mexico

Rest of Latin America

Middle East and Africa

GCC

Africa

Rest of Middle East and Africa

Key questions answered in this report

What are the key micro and macro environmental factors that are impacting the growth of Safety Valve market?

What are the key investment pockets concerning product segments and geographies currently and during the forecast period?

Estimated forecast and market projections up to 2032.

Which segment accounts for the fastest CAGR during the forecast period?

Which market segment holds a larger market share and why?

Are low and middle-income economies investing in the Safety Valve market?

Which is the largest regional market for Safety Valve market?

What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?

Which are the key trends driving Safety Valve market growth?

Who are the key competitors and what are their key strategies to enhance their market presence in the Safety Valve market worldwide?

Table of Contents

1. Preface

• 1.1. Report Description
  • 1.1.1. Purpose of the Report
  • 1.1.2. Target Audience
  • 1.1.3. Key Offerings
• 1.2. Market Segmentation
• 1.3. Research Methodology
  • 1.3.1. Phase I - Secondary Research
  • 1.3.2. Phase II - Primary Research
  • 1.3.3. Phase III - Expert Panel Review
  • 1.3.4. Assumptions
  • 1.3.5. Approach Adopted

2. Executive Summary

• 2.1. Market Snapshot: Global Safety Valve Market
• 2.2. Global Safety Valve Market, By Material, 2023 (US$ Million)
• 2.3. Global Safety Valve Market, By End Use, 2023 (US$ Million)
• 2.4. Global Safety Valve Market, By Geography, 2023 (US$ Million)
• 2.5. Attractive Investment Proposition by Geography, 2023

3. Safety Valve Market: Competitive Analysis

• 3.1. Market Positioning of Key Safety Valve Market Vendors
• 3.2. Strategies Adopted by Safety Valve Market Vendors
• 3.3. Key Industry Strategies
• 3.4. Tier Analysis 2023 Versus 2032

4. Safety Valve Market: Macro Analysis & Market Dynamics

• 4.1. Introduction
• 4.2. Global Safety Valve Market Value, 2022 - 2032, (US$ Million)
• 4.3. Market Dynamics
  • 4.3.1. Market Drivers
  • 4.3.2. Market Restraints
  • 4.3.3. Key Challenges
  • 4.3.4. Key Opportunities
• 4.4. Impact Analysis of Drivers and Restraints
• 4.5. See-Saw Analysis
• 4.6. Porter's Five Force Model
  • 4.6.1. Supplier Power
  • 4.6.2. Buyer Power
  • 4.6.3. Threat Of Substitutes
  • 4.6.4. Threat Of New Entrants
  • 4.6.5. Competitive Rivalry
• 4.7. PESTEL Analysis
  • 4.7.1. Political Landscape
  • 4.7.2. Economic Landscape
  • 4.7.3. Technology Landscape
  • 4.7.4. Legal Landscape
  • 4.7.5. Social Landscape

5. Safety Valve Market: By Material, 2022-2032, USD (Million)

• 5.1. Market Overview
• 5.2. Growth & Revenue Analysis: 2023 Versus 2032
• 5.3. Market Segmentation
  • 5.3.1. Stainless Steel
  • 5.3.2. Cryogenic
  • 5.3.3. Cast Iron
  • 5.3.4. Alloy
  • 5.3.5. Other Materials

6. Safety Valve Market: By End Use, 2022-2032, USD (Million)

• 6.1. Market Overview
• 6.2. Growth & Revenue Analysis: 2023 Versus 2032
• 6.3. Market Segmentation
  • 6.3.1. Oil & Gas
  • 6.3.2. Chemical
  • 6.3.3. Building & Construction
  • 6.3.4. Agriculture
  • 6.3.5. Metal & Mining
  • 6.3.6. Food & Beverages
  • 6.3.7. Other End Uses

7. North America Safety Valve Market, 2022-2032, USD (Million)

• 7.1. Market Overview
• 7.2. Safety Valve Market: By Material, 2022-2032, USD (Million)
• 7.3. Safety Valve Market: By End Use, 2022-2032, USD (Million)
• 7.4.Safety Valve Market: By Region, 2022-2032, USD (Million)
  • 7.4.1.North America
    • 7.4.1.1. U.S.
      • 7.4.1.1.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 7.4.1.1.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 7.4.1.2. Canada
      • 7.4.1.2.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 7.4.1.2.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 7.4.1.3. Rest of North America
      • 7.4.1.3.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 7.4.1.3.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)

8. UK and European Union Safety Valve Market, 2022-2032, USD (Million)

• 8.1. Market Overview
• 8.2. Safety Valve Market: By Material, 2022-2032, USD (Million)
• 8.3. Safety Valve Market: By End Use, 2022-2032, USD (Million)
• 8.4.Safety Valve Market: By Region, 2022-2032, USD (Million)
  • 8.4.1.UK and European Union
    • 8.4.1.1. UK
      • 8.4.1.1.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 8.4.1.1.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 8.4.1.2. Germany
      • 8.4.1.2.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 8.4.1.2.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 8.4.1.3. Spain
      • 8.4.1.3.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 8.4.1.3.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 8.4.1.4. Italy
      • 8.4.1.4.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 8.4.1.4.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 8.4.1.5. France
      • 8.4.1.5.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 8.4.1.5.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 8.4.1.6. Rest of Europe
      • 8.4.1.6.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 8.4.1.6.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)

9. Asia Pacific Safety Valve Market, 2022-2032, USD (Million)

• 9.1. Market Overview
• 9.2. Safety Valve Market: By Material, 2022-2032, USD (Million)
• 9.3. Safety Valve Market: By End Use, 2022-2032, USD (Million)
• 9.4.Safety Valve Market: By Region, 2022-2032, USD (Million)
  • 9.4.1.Asia Pacific
    • 9.4.1.1. China
      • 9.4.1.1.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 9.4.1.1.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 9.4.1.2. Japan
      • 9.4.1.2.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 9.4.1.2.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 9.4.1.3. India
      • 9.4.1.3.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 9.4.1.3.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 9.4.1.4. Australia
      • 9.4.1.4.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 9.4.1.4.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 9.4.1.5. South Korea
      • 9.4.1.5.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 9.4.1.5.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 9.4.1.6. Rest of Asia Pacific
      • 9.4.1.6.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 9.4.1.6.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)

10. Latin America Safety Valve Market, 2022-2032, USD (Million)

• 10.1. Market Overview
• 10.2. Safety Valve Market: By Material, 2022-2032, USD (Million)
• 10.3. Safety Valve Market: By End Use, 2022-2032, USD (Million)
• 10.4.Safety Valve Market: By Region, 2022-2032, USD (Million)
  • 10.4.1.Latin America
    • 10.4.1.1. Brazil
      • 10.4.1.1.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 10.4.1.1.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 10.4.1.2. Mexico
      • 10.4.1.2.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 10.4.1.2.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 10.4.1.3. Rest of Latin America
      • 10.4.1.3.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 10.4.1.3.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)

11. Middle East and Africa Safety Valve Market, 2022-2032, USD (Million)

• 11.1. Market Overview
• 11.2. Safety Valve Market: By Material, 2022-2032, USD (Million)
• 11.3. Safety Valve Market: By End Use, 2022-2032, USD (Million)
• 11.4.Safety Valve Market: By Region, 2022-2032, USD (Million)
  • 11.4.1.Middle East and Africa
    • 11.4.1.1. GCC
      • 11.4.1.1.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 11.4.1.1.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 11.4.1.2. Africa
      • 11.4.1.2.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 11.4.1.2.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)
    • 11.4.1.3. Rest of Middle East and Africa
      • 11.4.1.3.1. Safety Valve Market: By Material, 2022-2032, USD (Million)
      • 11.4.1.3.2. Safety Valve Market: By End Use, 2022-2032, USD (Million)

12. Company Profile

• 12.1. Badger Meter, Inc
  • 12.1.1. Company Overview
  • 12.1.2. Financial Performance
  • 12.1.3. Product Portfolio
  • 12.1.4. Strategic Initiatives
• 12.2. Alfa Laval
  • 12.2.1. Company Overview
  • 12.2.2. Financial Performance
  • 12.2.3. Product Portfolio
  • 12.2.4. Strategic Initiatives
• 12.3. Baker Hughes
  • 12.3.1. Company Overview
  • 12.3.2. Financial Performance
  • 12.3.3. Product Portfolio
  • 12.3.4. Strategic Initiatives
• 12.4. Bosch Rexroth
  • 12.4.1. Company Overview
  • 12.4.2. Financial Performance
  • 12.4.3. Product Portfolio
  • 12.4.4. Strategic Initiatives
• 12.5. Cameron-Schlumberger Ltd
  • 12.5.1. Company Overview
  • 12.5.2. Financial Performance
  • 12.5.3. Product Portfolio
  • 12.5.4. Strategic Initiatives
• 12.6. Curtiss-Wright Corporation
  • 12.6.1. Company Overview
  • 12.6.2. Financial Performance
  • 12.6.3. Product Portfolio
  • 12.6.4. Strategic Initiatives
• 12.7. Danfoss
  • 12.7.1. Company Overview
  • 12.7.2. Financial Performance
  • 12.7.3. Product Portfolio
  • 12.7.4. Strategic Initiatives
• 12.8. Others
  • 12.8.1. Company Overview
  • 12.8.2. Financial Performance
  • 12.8.3. Product Portfolio
  • 12.8.4. Strategic Initiatives