According to Stratistics MRC report, the global market size was USD 4.05 billion in 2017 and the figure is expected to increase to USD 6.45 billion by 2026, at a compound annual growth rate (CAGR) of 5.3%.

       The major drivers for the market growth come from the increase in nuclear power generation, rising demand for oil and gas, and growing development of industrial processes. In addition, the increase in the application of 3D printing in production lines provides numerous opportunities for the market growth. However, high cost of 3D printing on the other hand poses a constraint on the market growth.

       Valves are mechanical devices that regulate the flow of liquids or gases in a process. Safety valves are fail-safe valves. When the pressure on the inlet side of the valve increases to a predetermined pressure, the safety valve is automatically activated and the valve flap opens and discharges the fluid (steam or gas). Pressure reducing valves are widely used safety valves worldwide.

       In terms of end-use applications, the agriculture sector accounted for a considerable market share during the reporting period. Agricultural safety valves are mainly used in irrigation and precision agriculture. In irrigation, safety valves are used to prevent the formation of water hammer and keep the flow of water in the water pipeline unimpeded.

       Geographically, Asia Pacific is expected to dominate the market during the report period due to increasing population growth and urbanization in developing countries and further drive the market growth of safety valves in various industries such as energy, power, chemical, oil & gas, and others in the region.

       The key players in the safety valves market include The Weir Group, Curtis White, Bosch Rexroth, IMI PLC, Rice, Fries, Emerson, Forbes Marshall, Schlumberger, Baker Hughes Incorporated (part of the GE Group), Alfa Laval, ARI-Armaturen, Swagelok, Kiehl, and VYC Industrial. power, and chemical, Oil & Gas and many other industries are growing in the market.

       Key players in the safety valves market include The Weir Group, Curtis White, Bosch Rexroth, IMI PLC, Rice, Fries, Emerson, Forbes Marshall, Schlumberger, Baker Hughes Incorporated (part of the GE Group), Alfa Laval, ARI-Armaturen, Swagelok, GEA, and VYC Industrial.