The safety valves market was valued at US$ 4.7 billion in 2020 and is expected to reach US$ 7.2 billion by 2029. The market is expected to witness a CAGR of 4.0% from 2021 to 2029. Technological advancement and integrations is expected to propel the global market over the next eight years. Growth for nuclear energy generation coupled with increasing demand from oil & gas industry sectors are some of the driving factors of the global safety valves market. However, concerns related to fabrication costs are one of the major factors critically impacting the industry growth.
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Technological innovations
Introduction of novel safety valve for gases, the SV805 Smart, with integrated sensor technology and communication interface from Witt is available in the market. The gas technology specialist has made an important contribution to networking and digitalization on the valve sector’s journey to Industry 4.0. For the oil and gas users, this advancement aims at handling gases with greater safety and in an efficient manner. Safety valves are indispensable in gas applications for protecting people, equipment and process integrity from overpressure. Witt's safety valves are spring-loaded and direct-acting. They automatically release overpressure from vessels, pipelines and equipment before an accident occurs. If the pressure drops below the danger threshold, they close again automatically. The status of the valve is continuously monitored by integrated sensors and communicated via optical and digital signals. Witt has accommodated the smart function extremely compactly in a box which is firmly connected to the fitting. If the valve opens, this is indicated immediately, optically by a red/green diode directly on the valve and digitally by an NPN/PNP Open Collector signal.
Brass segment is expected to witness considerable growth over the forecast period
The SV805 Smart can be used for all technical gases and is available in brass or stainless steel. The opening pressure is individually adjustable from 0.5 to 45 bar. A TÜV certificate confirming the correctly adjusted opening pressure is supplied by Witt. The permissible temperature range is -30 °C to +60 °C. The component is mounted in any position. The SV805 Smart conforms to the Pressure Equipment Directive 2014/68/EU, category III, module B and D. The benefits associated with the same include real-time communication along with resultant safety and quality benefits. The gap in Industry 4.0 is expected to be filled by Witt.
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The Impact of Covid-19 on the Safety Valves Market
The pandemic situation has changed the overall supply-chain. The oil & gas industry accounted the largest share of the safety valves market in 2020 owing to the rising energy and utilities demand and rising drilling activities in the Gulf Cooperation Council (GCC) countries. However, at present, the world is facing an economic crisis owing to the COVID-19 pandemic. In recent times, the global economy is facing a financial crisis due to the COVID-19 pandemic situation. The pandemic situation has severely affected the oil & gas industry, with oil prices declined to below zero levels. The major oil-producing providers are running out of space to store the extracted oil, while the demand for oil has declined drastically, which has created a huge demand-supply gap in the concerned sector. Oil & gas is among the key end-user industries of safety valves market. Such demand-supply gap is expected to affect the demand for safety valves at a downward rate at first but as the economies are rising from the crisis situation, the economy is expected to benefit from the same.
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Safety Valves Market:
- By Application
- Fired Heaters
- Transmission /City Gate /Distribution Station
- Cryogenics and Refrigeration
- Boilers
- Industrial
- Pressure Control
- Produced Fluids Management
- Others
- By Material
- Brass
- Bronze
- Steel
- Cast Iron
- Alloy
- Cryogenic
- Others
- By End User
- Chemical
- Oil and gas
- Petrochemical
- Energy
- Technical gases and LNG/LPG
- Pharmaceutical
- Food and beverage
- Shipbuilding
- Heating and air conditioning
- Others
- By Size
- Up To 1”
- 1” to 6”
- 6” to 25”
- 25” to 50”
- 50” and Larger
- By Geography
- North America
- U.S
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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