Low Lift Safety Valve Market Size, Share, Growth, And Industry Analysis, By Type (Pendant Hammer Type, Lever Type, Spring-loaded Type, Pilot Type) By Application (Petrochemicals, Chemical, Natural Gas, Metallurgy, Electricity, Others), Regional Insights, and Forecast From 2023 To 2030

Updated On: 13 November 2023

low lift safety valve market Report Overview

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The global low lift safety valve market size expanded rapidly in 2022. As per research the market is expected to generate the substantial revenue by 2029, exhibiting a high CAGR during the forecast period.

Pressure relief valves, commonly referred to as relief valves, are safety valves used to control or regulate system pressure. Without it, the pressure may increase and disrupt a process or spark off a fire or damage equipment or instruments. The pressure is reduced by enabling the pressurised fluid to exit the system via an additional path. In order to prevent pressure vessels and other equipment from going above its design tolerances, the relief valve is programmed or designed to open at a specific set pressure.

Pressure relief valves shield other equipment, such as pressure vessels, from pressures that are too high for them. The valve is used to regulate or control internal pressure that may otherwise result in equipment failure, instrument failure, or fire. By enabling the pressurised fluid to exit the system through an auxiliary route, the pressure is reduced. When the predetermined safety valve pressure and temperature are exceeded, safety valves are preventative valves that immediately function. These safety valves can be used to prevent harm to the important equipment by managing excess pressure without any electrical assistance. These mostly function at a specified pressure to safeguard equipment from dangerous pressure. These valves also safeguard the surrounding environment and the workers near the plants. Safety valves are utilized in many different applications, including the construction, oil & gas, and pharmaceutical sectors, which promotes market expansion.

COVID-19 Impact: COVID-19 Pandemic Hindered the Manufacturing and Supply Chain Hence Impedes Market Growth

The COVID-19 pandemic has stopped the manufacture of pressure relief valves for end users, mostly as a result of the extended government-imposed lockdowns in several countries that also required organizations to cease operations in order to combat the spread of COVID-19. Additionally, the demand for power generation decreased, and the interruption to the supply chain brought on by the trade and transit restrictions further limited the expansion of the market for pressure relief valves. These elements have had a big impact on how the pressure relief valve has developed over the epidemic. The demand for pressure relief valves has decreased as a result of supply chain interruptions and the closure of industrial and manufacturing plants. Additionally, the market has been impacted by the drop in oil and gas prices. However, the need for pressure relief valves is anticipated to rise as economies begin to recover and factories begin to reopen.

Latest Trends

"Rising Demand for Oil and Gas May Result Market Expansion "

In 2021, the globe produced 95.57 million barrels of oil per day; it is predicted that this number would rise to 99.89 million barrels per day in 2022. The total daily demand for crude oil rose to 91 million barrels in 2020. The demand was at its lowest point since 2012, but it swiftly rose when the COVID-19 pandemic lockdowns started to be lifted in 2021 and early 2022. The equivalent of 4.7 billion barrels of oil's worth of crude oil and natural gas were found in 2021. 17.178 million barrels of oil are used daily in the US. As a result, China, which uses 14.225 million barrels of oil daily, and India, which consumes 4.669 million barrels daily, follow the United States as the top oil-consuming nations.

low lift safety valve market Segmentation

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• By Type Analysis

According to type, the market can be segmented into pendant hammer type, lever type, spring-loaded type, pilot type. Pendant hammer type is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into petrochemicals, chemical, natural gas, metallurgy, electricity, others. Petrochemicals will be the dominating segment.

Driving Factors

"Expanding Demand in The Food and Beverage Sector Will Lead to Market Expansion"

The popularity of neatly packaged food products has grown as a result of the fast expansion in urbanization. On the other hand, the demand for premium packaged food has expanded as the middle class has grown. As pressure relief valves are used more often in the food and beverage sector, it is anticipated that their use will rise. To maintain a clean environment for food processing, these applications span from sanitary liquid procedures to dry bulk storage. Therefore, the growing food and beverage sector will spur the pressure relief valves market's expansion throughout the anticipated timeframe.

"Rising Water and Electricity Demand and Process Industries Will Lead to Market Expansion"

The primary drivers driving this market are the rising demand for safety valves in the oil and gas industry, the increase in nuclear energy production, and the expanding significance of safety valves in industrial processes. The constant requirement for safety valve replacement and the integration of 3D printers into production processes are driving the market's expansion. Investments in manufacturing facilities are crucial to the safety valve industry.

Rising water and electricity demand, pollution control laws, and the explosive expansion of process industries are just a few of the many variables that are expected to fuel the safety valve market throughout the assessment period. The market is expanding as nuclear power plant building increases. The expansion of the worldwide market is being driven by the rise in unintentional occurrences and the growing need for safety valves in several industrial sectors.

Restraining Factors

"Leaky Valve Issue May Hamper the Market Expansion"

Although valve leakage is a common issue, it may be quite problematic in industrial facilities. While some valve leaking is normal, particularly when they reach the nameplate set pressure, other valve leakage is viewed as a concern. It can be dangerous for the building. If the pressure relief valves aren't completely closed, leakage will occur. Typically, industrial workplaces with unclean or dusty conditions are to blame for this. Any trash that gets lodged in the valve might prevent it from shutting all the way and cause leaks. These elements so limit the market's ability to flourish.

low lift safety valve market Regional Insights

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"Asia Pacific Will Hold the Largest Market Share During Forecast Period"

The pressure relief valves market is examined in terms of each region, including North America, Europe, Asia Pacific, and LAMEA. In terms of revenue, the pressure relief valves market in Asia Pacific had the fastest growth in 2021. This is a result of the region's growing urbanization in developing economies, which has sped up its rate of growth. Pressure relief valve demand will increase as a result of this advancement in a number of industries, including wastewater treatment, energy & power, chemicals, oil & gas, etc. A further factor driving up demand for pressure relief valves is the nuclear energy sector's rapid technological improvement. Thus, it is anticipated that the aforementioned reasons will spur market expansion in the Asia Pacific region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• ValvesOnly (New York)
• Sankyo Seisakusho (Japan)
• Luofu Valve Group (China)
• ALLBIZ ENTERPRISE (Cyprus)
• Yongjia Goole Valve (China)
• Henghua Valve (China)
• SVR VALVES (India)
• Shanghai Guxi energy-saving Technology (Japan)
• ZODA Safety Valve(China)
• Yongyi Valve Group (China)
• Vatac Valve (China)
• ALL PROSPERITY ENTERPRISE (Taiwan)
• YNV Co.,Ltd (Korea)
• Shuangtian Valve (China)
• Shanghai Guangao Valve (Japan)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.