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Safety Valves Market Projected to reach $5.5 billion by 2024
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
The market for stainless steel material safety valve is expected to witness significant growth during the forecast period. Rising demand for high-quality safety valve to mitigate the threat of contamination in critical processes, such as water and steam handling, in the food & beverages and chemicals industries will drive the market for steel safety valve during the forecast period.
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Among all sizes, the safety valve market for 1" to 6" is expected to grow at the highest rate from 2019 to 2024. This growth is attributed to the increasing demand for transportation and energy & power-based applications;
The pharmaceutical industry of the safety valve market is expected to grow at a high rate during 2019–2024. Refurbishment is undertaken to avoid accidents such as gas leakage and a mixture of chemicals at pharmaceuticals plants. This would require the replacement of old valves with new valves, thereby driving the growth of the safety valve market for pharmaceuticals.
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Among all regions, the safety valve market in APAC holds the largest share for 2018. The population growth and rapid urbanization in developing economies, such as China and India, have prompted the speedy development in the region, which will boost the demand for safety valve from several industries such as energy & power, water & wastewater treatment, construction, chemicals, pharmaceuticals, and oil & gas. Key industry players expanding their presence in oil & gas dominant regions, such as the Middle East, are expected to gain competitive advantage over other industry players.