India’s industrial valves market has been catalysed by rising demand for power across diverse end use sectors such as oil and gas, power and petrochemicals. According to a new report from TechSci Research, ‘India Industrial Valves Market Forecast & Opportunities, 2020’, the industrial valves market is expected to register substantial growth at a CAGR of 13% during 2015 - 2020.
Growing demand for industrial valves in the power and oil and gas processing sectors have been driving the sales of industrial valves in the country. The Indian government is also investing significantly in the country's oil and gas pipeline infrastructure development, which is expected to drive the installation of valves over the forecast period. The market is also moving towards significant consolidation on account of rising merger and acquisition activities in the country.
Furthermore, the widening demand supply gap in the Indian power industry has been driving the need for power capacity additions, which in turn is providing a boost to the valves market. With policy liberalisation, the sector has received a huge inflow of investments over the past few years. In the 12th Five Year Plan (2012 - 2017), the government of India allocated 76 000 MW of capacity addition to the country's power infrastructure. The sector also attracted ample foreign direct investments over the 2000 - 2014 period, which added to the growth of the industrial valves market. On account of rising growth, other industries including chemicals, petrochemicals and fertilisers, have also been driving the demand for valves in the country.
In addition to robust growth opportunities, the industrial valves market is also facing various challenges such as volatility in raw material prices and dependence on imports for large size choke valves. Some of the major players engaged in offering industrial valves in the Indian market are L&T Valves Limited, NSSL Limited, Microfinish Valves Pvt. Ltd., CRI Valves and Kirloskar Brothers Limited.
Adapted from press release by Rosalie Starling