Safety Valve Industry Outlook for (2023 to 2033)

Global safety valve sales are set to reach US$ 4.4 billion in 2023. Over the forecast period, global demand for safety valves is expected to increase at 8.6% CAGR. By 2033, total revenue is predicted to reach around US$ 10.0 billion.

Demand for safety valves will likely remain high in the oil & gas sector during the forecast period. This is due to their ability to protect equipment and workers during overpressure incidents. The latest safety valve industry analysis estimates the target segment to expand at 8.2% CAGR through 2033.

Attributes Key Insights
Global Safety Valve Revenue in 2022 US$ 4.0 billion
Estimated Safety Valve Sales (2023) US$ 4.4 billion
Projected Safety Valve Value (2033) US$ 10.0 billion
Predicted CAGR (2023 to 2033) 8.6%

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Key Highlights from the Report

Safety Valve to Become 10 Billion Dollar Business through 2033

Global safety valve revenue is projected to reach US$ 10.0 billion by 2033 despite a slight drop in the predicted CAGR compared to the historical one. This is due to rapid industrial growth, growing focus on improving workplace safety, and implementation of stringent safety regulations.

Stainless Steel Safety Valves Setting New Standards

As per the latest report, stainless steel will likely remain the most sought-after material among manufacturers for producing safety valves. This is due to growing demand for high-quality safety valves like stainless steel in pharmaceutical, food & beverage, and chemical industries to mitigate the threat of contamination in critical processes.

Stainless steel valves offer several advantages, driving demand across diverse pharmaceuticals and food and beverage industries. These include corrosion resistance, high strength, durability, versatility, temperature resistance, and hygienic properties.

Key companies will likely utilize more corrosion-resistant grades of stainless steel for making safety valves. This will help them to meet end-user demand and gain maximum profits during the forecast period.

Several manufacturers are also inclined to use materials like carbon steel and titanium. This is expected to improve their share during the assessment period.

East Asia to Account for around 38% Sales through 2033

East Asia is expected to remain the leading consumer of safety valves during the forecast period. It will likely contribute about 38% of global sales by 2033. This is attributable to factors such as

  • Rapid industrial growth: East Asian countries like China, Japan, and Korea are witnessing rapid industrial growth. This is expected to create demand for safety valves, which have become essential for improving workplace safety and maintaining asset integrity.
  • Rise of renewable energy sector: Countries like China and Japan are investing heavily in renewable energy sources like solar and wind power. This will likely uplift demand for safety valves as they are used in power plants to prevent overpressure and other hazards.
  • Increasing adoption of automation and digitalization: Leading safety valve manufacturers across China, Korea, and Japan are integrating Industry 4.0 technologies into their products to make them more efficient and reliable. This will help them to meet evolving requirements of end users looking to embrace automation and digitalization.

Safety Valves Overview

Safety valves are witnessing high demand, especially from industries requiring better safety and hygiene. This is because they act as fail-safe and automatically release substances from pressure vessels, boilers, or other systems when the temperature or pressure exceeds certain limits.

The ability of safety valves to protect people and property from the dangers of overpressure is a key factor driving their demand across diverse applications. They find extensive usage in players involved with operating steam boilers, pipelines, water heaters, chemical reactors, nuclear power plants, and other applications where pressure control is critical.

Direct-loaded safety valves and pilot-operated safety valves are the two main types of safety valves in high demand globally. Growing adoption of these valves in industries like pharmaceutical, food & beverage, power generation, etc., to protect workers & equipment and reduce the risk of contamination will likely boost global revenue.

Nikhil Kaitwade
Nikhil Kaitwade

Principal Consultant

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Historical Performance vs. Safety Valve Forecast Analysis

Global safety valve sales increased at a CAGR of 10.3% between 2018 and 2022. Total revenue reached about US$ 4.0 billion in 2022. Global safety valve sales are expected to thrive at a CAGR of 8.6% in the forecast period.

Historical CAGR (2018 to 2022) 10.3%
Forecast CAGR (2023 to 2033) 8.6%

The global safety valve industry outlook remained positive during 2018 and 2022. This was due to increased focus on safety and high adoption of remote monitoring technologies.

The COVID-19 pandemic underscored the critical importance of safety and risk management in diverse industries. Businesses became highly focused on ensuring the safety of their equipment, processes, and personnel. This increased demand for safety valves in pressure management and overpressure protection systems.

Between 2018 and 2022, several industries, including pharmaceuticals and food & beverage, continued to operate and expand even during the pandemic. This increased safety valve demand as they are critical for ensuring safety in these industries.

Sales of safety valves equipped with digital monitoring capabilities witnessed rapid growth during the pandemic. This further boosted global revenue.

Future Scope of the Safety Valve Business

Over the forecast period, safety valve sales are projected to total US$ 10.0 billion by 2033. This is due to a combination of several factors, including:

  • Rapid industrialization: As industries continue to expand, demand for safety values to protect equipment, workers, and pipelines for over-pressure situations is set to rise rapidly. These industrial valves are gaining wider popularity across industries like petrochemicals, oil & gas, power generation, and others.
  • Growing focus on improving workplace safety: Alarming rise in workplace accidents is prompting industries to use equipment like safety valves. These valves can maintain a safe working environment by preventing accidents related to overpressure of systems.
  • Strict regulations: Governments worldwide are introducing new regulations and industrial standards that mandate the use of safety valves to ensure safety and reliability of industrial processes. This will bolster sales of safety valves as they help end users comply with standards, such as those set by the American Society of Mechanical Engineers (ASME) and other organizations.
  • Continuous safety valve technology advancements: Advances in valve technology are paving the way for development of smart valve solutions. These smart safety valves are equipped with sensors and monitoring capabilities. They are becoming ideal for enhanced performance and predictive maintenance. Growing adoption of these intelligent valves is expected to boost the revenue of safety valve manufacturers.
  • Increasing energy demand: Growing energy demand is attractive investments in both traditional and renewable energy infrastructure. This, in turn, is expected to fuel safety valve demand as they are integral to systems like turbines, boilers, and pipelines in the energy sector.
  • Expansion of petrochemical and chemical industries: Industries like chemical and petrochemical are increasingly adopting safety valves as they deal with volatile and potentially dangerous materials, requiring high safety measures. These valves prevent catastrophic events in these industries caused by pressure fluctuations. Hence, high adoption of safety valves in petrochemical industry will boost sales.

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Key Safety Valve Trends Shaping Growth

  • Rising popularity of intelligent valves:

Growing adoption of intelligent safety valves is a key trend impacting the global safety valve industry outlook. Today, end users like pharmaceutical companies and food manufacturers are keen to use smart safety valves with monitoring and control capabilities to enhance overall safety and efficiency. Their compatibility with automated technologies is expected to drive sales during the forecast period.

  • Growing focus on preventive maintenance

Amid intense competition, industries are recognizing the importance of preventive maintenance to prevent equipment failures and avoid downtime. As a result, they are installing components like safety valves, which is expected to boost sales.

  • Adoption of advanced manufacturing technologies

Key companies are focusing on utilizing advanced manufacturing technologies like 3D printing to improve quality of safety valves and reduce production costs. This is expected to help them to increase their production capacity, lower product prices, and expand their customer base. Adoption of advanced technologies will also allow them to produce custom-shaped valves with complex geometries.

Key Challenges for the Safety Valve Companies

  • Expensive nature of certain safety valves

Safety valves are relatively expensive, especially those designed for high-pressure systems and critical applications. This cost factor reduces their uptake in specific industries.

  • Adoption of alternative technologies

Several industries are employing alternative pressure relief technologies like pressure safety valves, pressure relief valves, and rupture discs. High adoption of these alternative technologies may negatively impact the safety valve industry outlook.

Country-wise Insights

The table below highlights key countries’ safety valve revenues. China, Japan, and the United States are expected to remain top three consumers for safety valves, with expected valuations of US$ 1.9 billion, US$ 1.5 billion, and US$ 1.7 billion, respectively, in 2033.

Countries Projected Revenue (2033)
United States US$ 1.7 billion
United Kingdom US$ 319.5 million
China US$ 1.9 billion
Japan US$ 1.5 billion
South Korea US$ 423.9 million

Below table shows the estimated growth rates of top five countries. Japan, the United States, and China are set to record higher CAGRs of 8.4%, 8.5%, and 8.4%, respectively, through 2033.

Countries Projected CAGR (2023 to 2033)
United States 8.5%
United Kingdom 8.3%
China 8.4%
Japan 8.4%
South Korea 8.0%

The table below highlights the top five countries’ historical growth rates. With CAGRs of 10.2%, 10.0%, and 9.9%, respectively, the United States, China, and Japan were the key countries for safety valve manufacturers between 2018 and 2022.

Countries Historical CAGR (2018 to 2022)
United States 10.2%
United Kingdom 9.7%
China 10.0%
Japan 9.9%
South Korea 9.1%

Increasing Oil & Gas Activities Fueling Demand in the United States

As per the latest report, the United States is set to remain a highly lucrative country for safety valve manufacturers across North America in the forecast period. This is due to rising oil & gas activities, growing need for improving equipment and workers’ safety, and strong presence of leading safety valve manufacturers.

Sales in the United States are projected to total US$ 1.7 billion by 2033. Over the forecast period, demand for safety valves in the United States is predicted to rise at 8.5% CAGR. One of the key factors for this growth is the rising safety valve usage in oil and gas sector.

The oil & gas exploration and production activities in the United States are increasing rapidly. For instance, as per the World Population Review, the United States currently produces about 12,108,000 daily barrels. This is expected to drive demand for safety valves as they are widely used in the oil & gas industry.

Safety valves have become essential in high-pressure systems used during oil & gas exploration and production activities. These values prevent accidents and protect expensive equipment, fueling their demand in the United States oil & gas industry.

Another key factor expected to improve the United States safety valve share is the rising need for workplace safety. As industries across the United States become more aware of the importance of safety, they are investing heavily in safety equipment like safety valves. This is expected to create opportunities for companies.

Rapid Industrial Growth Bolstering Sales in China

China is anticipated to total a valuation of US$ 1.9 billion by 2033. Sales of safety valves in China will likely soar at 8.4% CAGR during the assessment period, making it a highly lucrative region for manufacturers.

A positive growth trajectory has been predicted for China through 2033. This is attributable to rapid industrial growth, rising emphasis on ensuring workplace safety, and growing adoption of novel safety valve manufacturing technologies.

China is witnessing rapid expansion of industries like oil & gas, chemicals, petrochemicals, and power generation. As these industries expand, the need for safety valves to protect equipment, personnel, and pipelines from overpressure situations will rise. This is expected to bolster sales in the country.

In China, safety valves are widely used in industrial processes like chemical processing, water and wastewater treatment, etc. Growing adoption of safety valves in these industrial applications will likely boost revenue through 2033.

China-based safety valve companies manufacture safety valves using novel technologies like 3D printing. This is helping them to enhance quality of safety valves and reduce their production cost.

Implementation of Strict Safety Regulations Boosting the United Kingdom

As per the latest report, the United Kingdom is forecast to attain a total valuation of US$ 319.5 million in 2033. It is set to exhibit a robust CAGR of 8.3% during the assessment period.

Several factors are expected to drive demand for safety valves in the United Kingdom through 2033. These include enforcement of stringent safety regulations and increasing need for safety valves in renewable energy projects.

The United Kingdom government is introducing strict safety regulations for businesses operating in hazardous industries. Implementation of these regulations will prompt businesses to install safety valves, thereby boosting revenue.

Rise of the renewable energy sector is anticipated to uplift safety valve demand in the country. The United Kingdom rigorously invests in renewable energy projects like wind and solar farms. This is expected to drive demand for safety valves as they protect equipment and workers from overpressure.

Growing Focus on Enhancing Industrial Safety to Drive Sales in Japan

Japan is expected to progress at a CAGR of 8.4% during the forecast period. By 2033, Japan is predicted to attain a valuation of US$ 1.5 billion. This is attributable to flourishing industrial landscape and growing focus on improving industrial safety.

Japan is strong in chemicals, manufacturing, pharmaceuticals, and oil & gas. These industries require reliable and efficient safety valves as they rely on high-pressure systems.

Growing emphasis on improving industrial safety is another prominent factor fueling safety valve sales in the country. These valves protect equipment, personnel, and processes from overpressure incidents.

Increasing Industrialization Making Korea a Lucrative Region for Manufacturers

South Korea is poised to register a CAGR of 8.0% during the assessment period compared to a 9.1% CAGR recorded from 2018 to 2022. Total valuation in the country is set to reach US$ 423.9 million.

Multiple factors are expected to drive sales across South Korea. These include the booming industrial sector, growing demand for smart safety valves, and increasing adoption of industrial automation.

Korea has a strong manufacturing sector, creating high demand for safety valves, and the trend is expected to continue through 2033. Industries like oil & gas and chemicals increasingly use safety valves, thereby boosting revenue.

Growing trends like automation and digitalization are having a strong influence on safety valve sales in Korea. Top Korea-based safety valve manufacturing companies are incorporating 4.0 technologies into their products to make them more efficient and reliable.

Category-wise Insights

Below section shows the stainless steel segment dominating based on material. It is forecast to progress at 8.4% CAGR between 2023 and 2033.

Based on end use, oil & gas segment is expected to hold a dominant share through 2033. It is set to exhibit a CAGR of 8.2% during the forecast period.

Manufacturers Prefer Stainless Steel for Producing Safety Valves

Top Segment (Material) Stainless Steel
Predicted CAGR (2023 to 2033) 8.4%

Safety valves are generally made from stainless steel, cryogenic, cast iron, alloy, and other materials. Among these, the stainless steel segment is expected to dominate during the forecast period.

As per the latest safety valve industry analysis, the stainless steel segment will thrive at 8.4% CAGR during the forecast period. This is due to rising preference of manufacturers towards using stainless steel for making safety valves and growing end user demand for stainless steel safety valves.

Stainless steel is becoming an ideal material for manufacturing safety valves. This is because of its several advantages, including corrosion resistance, durability, strength, and ease of fabrication. High usage of stainless steel for producing safety valves is set to boost the target segment.

Rising popularity of stainless steel valves among end-use industries is another key factor prompting safety valve companies to use stainless steel. Stainless steel valves are widely used in pharmaceutical and food & beverage processing applications where corrosion resistance is required.

High strength and durability of stainless steel make it suitable for making safety valves that withstand high temperatures and pressures. Companies looking to expand their reach in pharmaceuticals, oil & gas, and others will likely expand their stainless steel safety valve portfolios.

Stainless steel safety valves are ideal for maintaining product purity and preventing contamination. As a result, they are gaining immense traction across industries like pharmaceutical and food & beverage processing, where hygiene and product safety are critical.

Growing focus of industries like oil & gas on adhering to stringent safety and quality standards is set to drive demand for stainless steel safety valves. This is because stainless steel valves help them meet these standards and improve reliability of safety systems.

Safety Valve Usage to Remain High in Oil & Gas Industry

Top Segment (End Use) Oil & Gas
Projected CAGR (2023 to 2033) 8.2%

According to the latest safety valve industry analysis, demand for safety valves is predicted to remain high in the oil & gas industry. This is due to rising importance of safety valves in several oil & gas applications.

The oil & gas segment exhibited a CAGR of 9.8% between 2018 and 2033. Over the forecast period, the same segment is projected to thrive at a CAGR of 8.2%.

Safety valves are becoming crucial components in the oil & gas industry. This is because they provide protection against overpressure situations and enhance overall safety and integrity of operations. Rising adoption of safety valves in oil & gas applications is set to boost sales.

The growing focus of oil & gas companies on improving equipment safety, personnel, and the environment will likely uplift safety valve demand. These valves tend to protect workers and equipment by preventing overpressure situations.

Safety valves are increasingly installed in boiler systems, pipelines, and emergency shutdown systems (ESD) to prevent overpressurization. To gain maximum profits, key companies must offer safety valves like spring-loaded safety valves intended for usage in oil & gas applications.

Safety Valve Competition Landscape

Key manufacturers of safety valves listed in the report include Alfa Laval, Baker Hughes, Bosch Rexroth, Cameron-Schlumberger Ltd, Curtiss-Wright Corporation, and Danfoss.

These leading safety valve companies continuously upgrade their portfolios by introducing novel solutions. They also adopt strategies like partnerships, distribution agreements, mergers, acquisitions, and alliances to strengthen their global footprint.

Recent Developments:

  • In February 2022, GEA launched new valves (Varivent MX family) designed to improve safety and hygiene in the food, beverage, dairy, and pharmaceutical industries.
  • In November 2020, Danfoss launched a new 65 bar safety valve SFA 10H for industrial refrigeration and food retail applications. The new safety valve is ideal for applications with CO2 and synthetic oils.
  • In August 2022, Alfa Laval completed the acquisition of Desmet, a global leader in engineering and supplying processing plants and technologies for biofuel and edible sectors.
  • In December 2021, Quality Valve acquired Griffco Valve to expand its product reach, customer base, and end market potential, especially in water/wastewater.
  • In November 2022, Danfoss introduced new Danfoss OFC check and stop valve, a game-changing solution for enhancing the efficiency and reliability of oil-free heat pumps and chillers.

Report Scope

Attribute Details
Estimated Value (2023) US$ 4.4 billion
Projected Value (2033) US$ 10.0 billion
Expected Growth Rate (2023 to 2033) 8.6% CAGR
Historical Data 2018 to 2022
Forecast Period 2023 to 2033
Quantitative Units Revenue in US$ Million/Billion, Volume (Units), and CAGR from 2023 to 2033
Report Coverage Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered Material, End Use, and Region
Regions Covered North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and the Middle East & Africa
Key Countries Covered United States, Canada, Brazil, Mexico, Germany, United Kingdom, France, Italy, Spain, Nordic, Russia, Poland, China, India, Thailand, Indonesia, Australia and New Zealand, Japan, GCC countries, North Africa, South Africa, and others.
Key Companies Profiled
  • Badger Meter, Inc
  • Alfa Laval
  • Baker Hughes
  • Bosch Rexroth
  • Cameron-Schlumberger Ltd
  • Curtiss-Wright Corporation
  • Danfoss

Segmentation

By Material:

  • Stainless Steel
  • Cryogenic
  • Cast Iron
  • Alloy
  • Other Materials

By End Use:

  • Oil & Gas
  • Chemical
  • Building & Construction
  • Agriculture
  • Metal & Mining
  • Food & Beverages
  • Other End Uses

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia and Pacific
  • Middle East and Africa

Frequently Asked Questions

How big is the safety valve business?

The global revenue is expected to total US$ 4.4 billion in 2023.

What is the safety valve industry outlook?

By 2033, global sales are set to total US$ 10.0 billion.

What is the demand outlook for safety valves?

Global safety valve demand is expected to rise at 8.6% CAGR through 2033.

What is the sales prospect for China?

Sales in China are predicted to reach US$ 1.9 billion by 2033.

Who are the key manufacturers of safety valves?

Alfa Laval, Baker Hughes, Bosch Rexroth, and Danfoss are few leaders.

Who is the leading end user of safety valves?

Thriving at 8.2% CAGR, oil and gas industry remains a key end user of safety valves.

Table of Content
1. Executive Summary
    1.1. Global Industry Outlook
    1.2. Demand-side Trends
    1.3. Supply-side Trends
    1.4. Technology Roadmap Analysis
    1.5. Analysis and Recommendations
2. Industry Analysis Overview
    2.1. Industry Coverage / Taxonomy
    2.2. Industry Definition / Scope / Limitations
3. Industry Analysis Background
    3.1. Industry Dynamics
        3.1.1. Drivers
        3.1.2. Restraints
        3.1.3. Opportunity
        3.1.4. Trends
    3.2. Scenario Forecast
        3.2.1. Demand in Optimistic Scenario
        3.2.2. Demand in Likely Scenario
        3.2.3. Demand in Conservative Scenario
    3.3. Opportunity Map Analysis
    3.4. Product Life Cycle Analysis
    3.5. Supply Chain Analysis
        3.5.1. Supply Side Participants and their Roles
            3.5.1.1. Producers
            3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
            3.5.1.3. Wholesalers and Distributors
        3.5.2. Value Added and Value Created at Node in the Supply Chain
        3.5.3. List of Raw Material Suppliers
        3.5.4. List of Existing and Potential Buyer’s
    3.6. Investment Feasibility Matrix
    3.7. Value Chain Analysis
        3.7.1. Profit Margin Analysis
        3.7.2. Wholesalers and Distributors
        3.7.3. Retailers
    3.8. PESTLE and Porter’s Analysis
    3.9. Regulatory Landscape
        3.9.1. By Key Regions
        3.9.2. By Key Countries
    3.10. Regional Parent Industry Outlook
    3.11. Production and Consumption Statistics
    3.12. Import and Export Statistics
4. Global 2018 to 2022 and Forecast, 2023 to 2033
    4.1. Historical Industry Analysis by Value (US$ Million/Billion) & Volume (Units) Analysis, 2018 to 2022
    4.2. Current and Future Industry Analysis by Value (US$ Million/Billion) & Volume (Units) Projections, 2023 to 2033
        4.2.1. Y-o-Y Growth Trend Analysis
        4.2.2. Absolute $ Opportunity Analysis
5. Global 2018 to 2022 and Forecast 2023 to 2033, By Material
    5.1. Introduction / Key Findings
    5.2. Historical Industry Analysis by Value (US$ Million/Billion) & Volume (Units) Analysis By Material, 2018 to 2022
    5.3. Current and Future Industry Analysis by (US$ Million/Billion) & Volume (Units) Analysis and Forecast By Material, 2023 to 2033
        5.3.1. Stainless Steel
        5.3.2. Cryogenic
        5.3.3. Cast Iron
        5.3.4. Alloy
        5.3.5. Other Materials
    5.4. Y-o-Y Growth Trend Analysis By Material, 2018 to 2022
    5.5. Absolute $ Opportunity Analysis By Material, 2023 to 2033
6. Global 2018 to 2022 and Forecast 2023 to 2033, By End Use
    6.1. Introduction / Key Findings
    6.2. Historical Industry Analysis by (US$ Million/Billion) & Volume (Units) Analysis By End Use, 2018 to 2022
    6.3. Current and Future Industry Analysis by (US$ Million/Billion) & Volume (Units) Analysis and Forecast By End Use, 2023 to 2033
        6.3.1. Oil & Gas
        6.3.2. Chemical
        6.3.3. Building & Construction
        6.3.4. Agriculture
        6.3.5. Metal & Mining
        6.3.6. Food & Beverages
        6.3.7. Other End Uses
    6.4. Y-o-Y Growth Trend Analysis By End Use, 2018 to 2022
    6.5. Absolute $ Opportunity Analysis By End Use, 2023 to 2033
7. Global 2018 to 2022 and Forecast 2023 to 2033, By Region
    7.1. Introduction
    7.2. Historical Industry Analysis by (US$ Million/Billion) & Volume (Units) Analysis By Region, 2018 to 2022
    7.3. Current Industry Analysis by (US$ Million/Billion) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033
        7.3.1. North America
        7.3.2. Latin America
        7.3.3. Western Europe
        7.3.4. Eastern Europe
        7.3.5. South Asia and Pacific
        7.3.6. East Asia
        7.3.7. Middle East and Africa
    7.4. Industry Attractiveness Analysis By Region
8. North America 2018 to 2022 and Forecast 2023 to 2033, By Country
    8.1. Historical Industry Analysis by (US$ Million/Billion) & Volume (Units) Trend Analysis By Industry Taxonomy, 2018 to 2022
    8.2. Industry Analysis by (US$ Million/Billion) & Volume (Units) Forecast By Industry Taxonomy, 2023 to 2033
        8.2.1. By Country
            8.2.1.1. United States
            8.2.1.2. Canada
        8.2.2. By Material
        8.2.3. By End Use
    8.3. Industry Attractiveness Analysis
        8.3.1. By Country
        8.3.2. By Material
        8.3.3. By End Use
    8.4. Key Takeaways
9. Latin America 2018 to 2022 and Forecast 2023 to 2033, By Country
    9.1. Historical Industry Analysis by (US$ Million/Billion) & Volume (Units) Trend Analysis By Industry Taxonomy, 2018 to 2022
    9.2. Industry Analysis by (US$ Million/Billion) & Volume (Units) Forecast By Industry Taxonomy, 2023 to 2033
        9.2.1. By Country
            9.2.1.1. Brazil
            9.2.1.2. Mexico
            9.2.1.3. Rest of Latin America
        9.2.2. By Material
        9.2.3. By End Use
    9.3. Industry Attractiveness Analysis
        9.3.1. By Country
        9.3.2. By Material
        9.3.3. By End Use
    9.4. Key Takeaways
10. Western Europe 2018 to 2022 and Forecast 2023 to 2033, By Country
    10.1. Historical Industry Analysis by (US$ Million/Billion) & Volume (Units) Trend Analysis By Industry Taxonomy, 2018 to 2022
    10.2. Industry Analysis by (US$ Million/Billion) & Volume (Units) Forecast By Industry Taxonomy, 2023 to 2033
        10.2.1. By Country
            10.2.1.1. Germany
            10.2.1.2. United Kingdom
            10.2.1.3. France
            10.2.1.4. Spain
            10.2.1.5. Italy
            10.2.1.6. Rest of Western Europe
        10.2.2. By Material
        10.2.3. By End Use
    10.3. Industry Attractiveness Analysis
        10.3.1. By Country
        10.3.2. By Material
        10.3.3. By End Use
    10.4. Key Takeaways
11. Eastern Europe 2018 to 2022 and Forecast 2023 to 2033, By Country
    11.1. Historical Industry Analysis by (US$ Million/Billion) & Volume (Units) Trend Analysis By Industry Taxonomy, 2018 to 2022
    11.2. Industry Analysis by (US$ Million/Billion) & Volume (Units) Forecast By Industry Taxonomy, 2023 to 2033
        11.2.1. By Country
            11.2.1.1. Poland
            11.2.1.2. Russia
            11.2.1.3. Czech Republic
            11.2.1.4. Romania
            11.2.1.5. Rest of Eastern Europe
        11.2.2. By Material
        11.2.3. By End Use
    11.3. Industry Attractiveness Analysis
        11.3.1. By Country
        11.3.2. By Material
        11.3.3. By End Use
    11.4. Key Takeaways
12. South Asia and Pacific 2018 to 2022 and Forecast 2023 to 2033, By Country
    12.1. Historical Industry Analysis by (US$ Million/Billion) & Volume (Units) Trend Analysis By Industry Taxonomy, 2018 to 2022
    12.2. Industry Analysis by (US$ Million/Billion) & Volume (Units) Forecast By Industry Taxonomy, 2023 to 2033
        12.2.1. By Country
            12.2.1.1. India
            12.2.1.2. Bangladesh
            12.2.1.3. Australia
            12.2.1.4. New Zealand
            12.2.1.5. Rest of South Asia and Pacific
        12.2.2. By Material
        12.2.3. By End Use
    12.3. Industry Attractiveness Analysis
        12.3.1. By Country
        12.3.2. By Material
        12.3.3. By End Use
    12.4. Key Takeaways
13. East Asia 2018 to 2022 and Forecast 2023 to 2033, By Country
    13.1. Historical Industry Analysis by (US$ Million/Billion) & Volume (Units) Trend Analysis By Industry Taxonomy, 2018 to 2022
    13.2. Industry Analysis by (US$ Million/Billion) & Volume (Units) Forecast By Industry Taxonomy, 2023 to 2033
        13.2.1. By Country
            13.2.1.1. China
            13.2.1.2. Japan
            13.2.1.3. South Korea
        13.2.2. By Material
        13.2.3. By End Use
    13.3. Industry Attractiveness Analysis
        13.3.1. By Country
        13.3.2. By Material
        13.3.3. By End Use
    13.4. Key Takeaways
14. Middle East and Africa 2018 to 2022 and Forecast 2023 to 2033, By Country
    14.1. Historical Industry Analysis by (US$ Million/Billion) & Volume (Units) Trend Analysis By Industry Taxonomy, 2018 to 2022
    14.2. Industry Analysis by (US$ Million/Billion) & Volume (Units) Forecast By Industry Taxonomy, 2023 to 2033
        14.2.1. By Country
            14.2.1.1. GCC Countries
            14.2.1.2. South Africa
            14.2.1.3. Israel
            14.2.1.4. Rest of Middle East & Africa
        14.2.2. By Material
        14.2.3. By End Use
    14.3. Industry Attractiveness Analysis
        14.3.1. By Country
        14.3.2. By Material
        14.3.3. By End Use
    14.4. Key Takeaways
15. Key Countries Analysis
    15.1. United States
        15.1.1. Pricing Analysis
        15.1.2. Industry Share Analysis, 2023
            15.1.2.1. By Material
            15.1.2.2. By End Use
    15.2. Canada
        15.2.1. Pricing Analysis
        15.2.2. Industry Share Analysis, 2023
            15.2.2.1. By Material
            15.2.2.2. By End Use
    15.3. Brazil
        15.3.1. Pricing Analysis
        15.3.2. Industry Share Analysis, 2023
            15.3.2.1. By Material
            15.3.2.2. By End Use
    15.4. Mexico
        15.4.1. Pricing Analysis
        15.4.2. Industry Share Analysis, 2023
            15.4.2.1. By Material
            15.4.2.2. By End Use
    15.5. Germany
        15.5.1. Pricing Analysis
        15.5.2. Industry Share Analysis, 2023
            15.5.2.1. By Material
            15.5.2.2. By End Use
    15.6. United Kingdom
        15.6.1. Pricing Analysis
        15.6.2. Industry Share Analysis, 2023
            15.6.2.1. By Material
            15.6.2.2. By End Use
    15.7. France
        15.7.1. Pricing Analysis
        15.7.2. Industry Share Analysis, 2023
            15.7.2.1. By Material
            15.7.2.2. By End Use
    15.8. Spain
        15.8.1. Pricing Analysis
        15.8.2. Industry Share Analysis, 2023
            15.8.2.1. By Material
            15.8.2.2. By End Use
    15.9. Italy
        15.9.1. Pricing Analysis
        15.9.2. Industry Share Analysis, 2023
            15.9.2.1. By Material
            15.9.2.2. By End Use
    15.10. Poland
        15.10.1. Pricing Analysis
        15.10.2. Industry Share Analysis, 2023
            15.10.2.1. By Material
            15.10.2.2. By End Use
    15.11. Russia
        15.11.1. Pricing Analysis
        15.11.2. Industry Share Analysis, 2023
            15.11.2.1. By Material
            15.11.2.2. By End Use
    15.12. Czech Republic
        15.12.1. Pricing Analysis
        15.12.2. Industry Share Analysis, 2023
            15.12.2.1. By Material
            15.12.2.2. By End Use
    15.13. Romania
        15.13.1. Pricing Analysis
        15.13.2. Industry Share Analysis, 2023
            15.13.2.1. By Material
            15.13.2.2. By End Use
    15.14. India
        15.14.1. Pricing Analysis
        15.14.2. Industry Share Analysis, 2023
            15.14.2.1. By Material
            15.14.2.2. By End Use
    15.15. Bangladesh
        15.15.1. Pricing Analysis
        15.15.2. Industry Share Analysis, 2023
            15.15.2.1. By Material
            15.15.2.2. By End Use
    15.16. Australia
        15.16.1. Pricing Analysis
        15.16.2. Industry Share Analysis, 2023
            15.16.2.1. By Material
            15.16.2.2. By End Use
    15.17. New Zealand
        15.17.1. Pricing Analysis
        15.17.2. Industry Share Analysis, 2023
            15.17.2.1. By Material
            15.17.2.2. By End Use
    15.18. China
        15.18.1. Pricing Analysis
        15.18.2. Industry Share Analysis, 2023
            15.18.2.1. By Material
            15.18.2.2. By End Use
    15.19. Japan
        15.19.1. Pricing Analysis
        15.19.2. Industry Share Analysis, 2023
            15.19.2.1. By Material
            15.19.2.2. By End Use
    15.20. South Korea
        15.20.1. Pricing Analysis
        15.20.2. Industry Share Analysis, 2023
            15.20.2.1. By Material
            15.20.2.2. By End Use
    15.21. GCC Countries
        15.21.1. Pricing Analysis
        15.21.2. Industry Share Analysis, 2023
            15.21.2.1. By Material
            15.21.2.2. By End Use
    15.22. South Africa
        15.22.1. Pricing Analysis
        15.22.2. Industry Share Analysis, 2023
            15.22.2.1. By Material
            15.22.2.2. By End Use
    15.23. Israel
        15.23.1. Pricing Analysis
        15.23.2. Industry Share Analysis, 2023
            15.23.2.1. By Material
            15.23.2.2. By End Use
16. Industry Structure Analysis
    16.1. Competition Dashboard
    16.2. Competition Benchmarking
    16.3. Industry Share Analysis of Top Players
        16.3.1. By Regional
        16.3.2. By Material
        16.3.3. By End Use
17. Competition Analysis
    17.1. Competition Deep Dive
        17.1.1. Alfa Laval
            17.1.1.1. Overview
            17.1.1.2. Product Portfolio
            17.1.1.3. Profitability by Segmentation
            17.1.1.4. Sales Footprint
            17.1.1.5. Strategy Overview
                17.1.1.5.1. Marketing Strategy
                17.1.1.5.2. Product Strategy
                17.1.1.5.3. Channel Strategy
        17.1.2. Baker Hughes
            17.1.2.1. Overview
            17.1.2.2. Product Portfolio
            17.1.2.3. Profitability by Segments
            17.1.2.4. Sales Footprint
            17.1.2.5. Strategy Overview
                17.1.2.5.1. Marketing Strategy
                17.1.2.5.2. Product Strategy
                17.1.2.5.3. Channel Strategy
        17.1.3. Bosch Rexroth
            17.1.3.1. Overview
            17.1.3.2. Product Portfolio
            17.1.3.3. Profitability by Segments
            17.1.3.4. Sales Footprint
            17.1.3.5. Strategy Overview
                17.1.3.5.1. Marketing Strategy
                17.1.3.5.2. Product Strategy
                17.1.3.5.3. Channel Strategy
        17.1.4. Cameron–Schlumberger Ltd.
            17.1.4.1. Overview
            17.1.4.2. Product Portfolio
            17.1.4.3. Profitability by Segments
            17.1.4.4. Sales Footprint
            17.1.4.5. Strategy Overview
                17.1.4.5.1. Marketing Strategy
                17.1.4.5.2. Product Strategy
                17.1.4.5.3. Channel Strategy
        17.1.5. Curtiss-Wright Corporation
            17.1.5.1. Overview
            17.1.5.2. Product Portfolio
            17.1.5.3. Profitability by Segments
            17.1.5.4. Sales Footprint
            17.1.5.5. Strategy Overview
                17.1.5.5.1. Marketing Strategy
                17.1.5.5.2. Product Strategy
                17.1.5.5.3. Channel Strategy
        17.1.6. Danfoss
            17.1.6.1. Overview
            17.1.6.2. Product Portfolio
            17.1.6.3. Profitability by Segments
            17.1.6.4. Sales Footprint
            17.1.6.5. Strategy Overview
                17.1.6.5.1. Marketing Strategy
                17.1.6.5.2. Product Strategy
                17.1.6.5.3. Channel Strategy
        17.1.7. Emerson Electric Co.
            17.1.7.1. Overview
            17.1.7.2. Product Portfolio
            17.1.7.3. Profitability by Segments
            17.1.7.4. Sales Footprint
            17.1.7.5. Strategy Overview
                17.1.7.5.1. Marketing Strategy
                17.1.7.5.2. Product Strategy
                17.1.7.5.3. Channel Strategy
        17.1.8. Forbes Marshall
            17.1.8.1. Overview
            17.1.8.2. Product Portfolio
            17.1.8.3. Profitability by Segments
            17.1.8.4. Sales Footprint
            17.1.8.5. Strategy Overview
                17.1.8.5.1. Marketing Strategy
                17.1.8.5.2. Product Strategy
                17.1.8.5.3. Channel Strategy
        17.1.9. General Electric
            17.1.9.1. Overview
            17.1.9.2. Product Portfolio
            17.1.9.3. Profitability by Segments
            17.1.9.4. Sales Footprint
            17.1.9.5. Strategy Overview
                17.1.9.5.1. Marketing Strategy
                17.1.9.5.2. Product Strategy
                17.1.9.5.3. Channel Strategy
        17.1.10. IMI Plc
            17.1.10.1. Overview
            17.1.10.2. Product Portfolio
            17.1.10.3. Profitability by Segments
            17.1.10.4. Sales Footprint
            17.1.10.5. Strategy Overview
                17.1.10.5.1. Marketing Strategy
                17.1.10.5.2. Product Strategy
                17.1.10.5.3. Channel Strategy
        17.1.11. LESER GmbH & Co. KG
            17.1.11.1. Overview
            17.1.11.2. Product Portfolio
            17.1.11.3. Profitability by Segments
            17.1.11.4. Sales Footprint
            17.1.11.5. Strategy Overview
                17.1.11.5.1. Marketing Strategy
                17.1.11.5.2. Product Strategy
                17.1.11.5.3. Channel Strategy
        17.1.12. Spirax Sarco Limited
            17.1.12.1. Overview
            17.1.12.2. Product Portfolio
            17.1.12.3. Profitability by Segments
            17.1.12.4. Sales Footprint
            17.1.12.5. Strategy Overview
                17.1.12.5.1. Marketing Strategy
                17.1.12.5.2. Product Strategy
                17.1.12.5.3. Channel Strategy
        17.1.13. Weir Group Plc
            17.1.13.1. Overview
            17.1.13.2. Product Portfolio
            17.1.13.3. Profitability by Segments
            17.1.13.4. Sales Footprint
            17.1.13.5. Strategy Overview
                17.1.13.5.1. Marketing Strategy
                17.1.13.5.2. Product Strategy
                17.1.13.5.3. Channel Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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