Market Overview
In its research report, Market Research Future (MRFR), emphasizes that the global safety valve market size is slated to reach USD 5.12 billion by 2025, at 5.02% CAGR over the review period of 2019 to 2025.
Drivers and Restraints
The major factors driving the growth of the global Safety Valve Industry Size include increased demand from the oil & gas industry for safety valves and increased generation of nuclear power. In addition, the introduction of safety valves into the Internet of Things (IoT) system is expected to create opportunities for market players in the global security valve industry. Nevertheless, in some parts of the world slow growth in oil & gas exploration is expected to curb the development of the safety valve market.
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Regional Analysis
The geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
North America's demand for safety valves is projected to be the second-largest market due to growing investments in the construction sector. The US construction industry is expected to develop faster than China's market in the next 15 years, which is expected to lead to extensive installation of safety valves in the construction industry. According to the US Department of Commerce, gross spending on residential and non-residential construction in January 2019 amounted to around USD 1.307.34 billion. These investments are expected to boost the region's demand for safety valves as security valves provide the desired liquid pressure and flow inside any device. Germany is expected to dominate the safety valve market in Europe because of an rise in power produced from renewable energy resources driving the safety valve market in this country.
Competitive Analysis
The major market players operating in the global market as identified by MRFR are Emerson Electric Co (US), Schlumberger Limited (US), Bosch Rexroth AG (Germany), General Electric (US), ALFA LAVAL (Sweden), IMI plc (UK), The Weir Group PLC (Scotland), LESER GmbH & Co. KG (Germany),Forbes Marshall (India), Curtiss-Wright Corporation (US), Danfoss (Denmark), and Spirax Sarco Limited (UK).
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