The global market was $4.05 billion in 2017 and is expected to grow to $6.45 billion by 2026, with a compound annual growth rate (CAGR) of 5.3%, according to the Stratistics MRC report.

    The market growth is driven by increased nuclear power generation, rising demand for oil and gas, and growing industrial processes. In addition, the increasing use of 3D printing in the production line also provides many opportunities for market growth. However, the high cost of 3D printing is another constraint on the market.

    Valves are mechanical devices that regulate the flow of liquid or gas in a process. The safety valve is a fail-safe valve. When the pressure on the inlet side of the valve increases to a predetermined pressure, the relief valve activates automatically, the disc opens and the fluid (steam or gas) is discharged. Pressure relief valve is widely used in the world safety valve.

    In terms of end applications, the agricultural sector accounted for a significant market share during the reporting period. Agricultural safety valves are mainly used for irrigation and precision agriculture. In irrigation, safety valves are used to prevent the formation of water hammer and to keep the flow of water clear in the pipe.

    In terms of geographical distribution, apAC is expected to dominate the market during the reporting period due to population growth and accelerated urbanization in developing countries, further driving the growth of the safety valve market in the region in various industries such as energy, power, chemicals, oil and gas.