Increasing industrialization, growing industrial pipeline infrastructure as well as rise in the number of regional valves manufacturers are some of the key factors which are driving the growth of industrial valves market in India. Additionally, policies such as 100% FDI in petroleum products & pipeline sector along with capacity expansion by the existing industries are also expected to boost the demand for industrial valves in the country.
According to 6Wresearch, India Industrial Valves market is projected reach $ 3 billion by 2023. In 2016, On-Off valves (Isolation valves) captured majority of the revenue share out of the total industrial valves market, followed by Control Valves. Oil & gas industry was the leading application sector of industrial valves and captured majority of the market share followed by Petrochemical, Chemical and Fertilizers (PCF), and Power sectors. Surging demand for industrial valves across several industries, coupled with increasing investments in the pipeline infrastructure by government are likely to drive the sales for industrial valves over the coming years. India is emerging as a key market for the valves manufacturers and attracting many international players to invest in the market; however, instead of several growth opportunities, the industrial valves market has not reached its true potential owing to presence of market restraints such as increasing competition from regional players and fluctuating raw material prices.
According to Prijo Samuel, Senior Research Analyst, Research and Consulting, 6Wresearch, "Industrial valves market recorded significant growth over the last few years. India being one of the most lucrative markets for industrial valves is attracting many international players. Several companies are trying to penetrate the Indian market primarily due to its fast pace and low cost of inputs and labor as compared to the European countries. Additionally, increasing participation of Indian companies in off-shore drilling activities and low gas prices are also anticipated to increase the demand for high quality sub-sea valves. Major demand for industrial valves is fulfilled by local manufacturers. However, large sized and complex valves are imported in India owing to lack of R&D facility and technical expertise."
"In the On-Off valves segment, Ball, Butterfly and Gate Valves sub-segments caters majority of the market attributed to its applications across various industries. On the contrary, in the Control valves segment, the Globe valve sub-segment registered major share as a result of its growing application in the power industry," Prijo Concluded.
According to Nikunj Shrivastava, Research Associate, Research and Consulting, 6Wresearch, "The Oil & gas sector was the major revenue generator for industrial valves. Oil & Gas– downstream segment accounted for maximum revenue share, followed by midstream and upstream segments. Further, government policies such as Coal Bed Methane (CBM) and New Exploration Licensing Policies (NELP) are likely to expand the demand for industrial valves in the Oil & Gas– upstream segment during the forecast period."
"PCF, power and other sectors including food & beverages, paper & pulp, and pharmaceutical have also played considerable role in shaping industrial valves market of India. Growing chemical and fertilizer industries in states such as Madhya Pradesh, Uttar Pradesh and Punjab as well as increasing investment in power sector by the NTPC and GAIL, along with growing investments from global petrochemical companies in India are projected to further drive industrial valves market over the coming years," He further added.
Major companies for India Industrial Valves market are, Kirloskar Brothers Limited, Larsen & Toubro Ltd, Emerson Electric Co., NSSL Ltd, CRI Pumps Pvt. Ltd, Microfinish Valves Inc, Hawa Valves (India) Pvt. Limited, VAG-Valves India Pvt. Limited, Amco Industrial Valves and Chemtech Industrial Valves Limited.
India Industrial Valves Market (2017-2023) report provides in-depth analysis with 58 figures and 5 tables covered in 127 pages. The report estimates and forecast the overall India industrial valves market by revenues, technology, and applications such as Oil & Gas, PCF, Power and Others. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.