Report Overview

The growth of the India Industrial Valves Market can be attributed to rapid industrialization coupled with increasing automation of industrial processes. In addition, the increasing number of oil and gas (O&G) exploration activities in offshore areas, associated with increasing energy demand, is also a key growth driver. Moreover, the expansion of nuclear power plants and oil refineries will enhance the growth of the market. In addition, increasing pipeline installations and growing demand for pipeline monitoring and control from a central location are having a positive impact on the market.

India Industrial Valves Market- Industry Trends & Forecast Report 2028

India industrial valves market was valued at USD 2.6 billion in 2021 and is projected to reach USD 3.7 billion by 2028, growing at a CAGR of 5.2% during the forecast period. Technological upgrades and product development highly influence the Indian industrial valves market. Also, the increasing adoption of industrial valves in sewage pumps, sewage treatment plants, and several other applications further fuels the growth of the industrial valve market. Recent technological developments have led companies to use cutting–edge tools such as artificial intelligence (AI) and Internet of Things (IoT) technologies to reduce unplanned downtime and other adverse conditions caused by valve failure. These valve technologies allow professionals to remotely verify the functionality and health of industrial valves. As industrialization progresses, the industry implements censored valves to minimize failure rates and overall maintenance costs. Adoption of these cutting–edge assets is expected to strengthen the market during the forecast period.

India Industrial Valves – Overview

Industrial valves are electromechanical devices used to regulate the flow and pressure of liquids, gases, vapors, powders, and slurries in piping systems. These valves consist of bodies, trims, discs, seats, stem packings, end connections, seal rings, bonnet bodies, union bolts, yokes and yoke nuts, and drivers and controls. They help stop the flow through the pipe when necessary, prevent backflow to the discharge side, and protect equipment from overpressure hazards. There are various types of industrial valves on the market today based on size, design, function, and operation. These valves are widely used in the refineries, chemical, pharmaceutical, water and wastewater treatment, food and beverage (F&B), energy, oil, and gas sectors.

India Industrial Valves Market – Industry Trends and Market Forecast

Growth Drivers

Starting of Make in India movement

Since the start of the Make in India initiative, many foreign companies have entered India and established manufacturing facilities to support the growth of the Indian economy and produce many products. The initiative has also increased exports of Indian products to overseas markets and added value to the industrial valve market. The boycott of Chinese products has proven beneficial for Indian companies as consumers look forward to Indian products.

Industrial valves have applications in those industries that contribute significantly to India's GDP, so these valves are in great demand in the forecast period as well.

Huge increase in power consumption

Increasing urbanization has led not only the urban population growth but also to the launch of new projects such as smart cities, commercial hubs, and other initiatives. From inception to maintenance, these projects require 24/7 electrification to meet all requirements. Uninterrupted electrical power is required for the smooth operation of commercial centers and all related facilities, so industrial valves play a key role in this process. In the power industry, valves are used in a variety of applications such as Boiler start-up, feed pump recirculation, steam regulation, and turbine bypass. In power industry water systems, valves are used to recirculate boiler feed pumps. Valves play an important role in this scenario as they are designed to work with on/off and modulated operations.

Additionally, valves are used in mainstream systems, such as for superheaters, turbine bypasses, and superheater bypasses. Regulating valves are used to control pressure. A report from the Government of India's ministry of power stated that the generation of power increased 7.96% from 1,381.827 BU in 2020–21 to 1,491.859 BU in 2021–22. Furthermore, with the increase in disposable income in both urban and rural areas, the demand for energy is increasing rapidly, which increases the demand for industrial valves in the forecast period.

Restraints

Lack of standardization coupled with high maintenance costs restrain the market growth

Although the industrial valve market is experiencing tremendous growth, several factors restrain its growth. The lack of standardization in these valve industries hinders the market growth. In addition, various regulations and guidelines from governments regarding the use of valves are also restricting market growth. Moreover, high maintenance costs are another factor hindering market growth in the market.

Impact of COVID–19 on India Industrial Valves Market

The COVID-19 pandemic has affected a large portion of the population. This global pandemic has left many people without their livelihoods. It has influenced the dynamism and growth of several industries. Under lockdown conditions, various end-user industries have shut down, reducing demand in the industrial valve market and further leading to lower sales. Supply chain networks are also in turmoil, leading to lower profit margins. However, the market is expected to grow steadily until the end of 2022 by making appropriate strategies according to market needs.

India Industrial Valves Market – By End User Industry

Based on the end-user industry, India's industrial valves market is segmented into oil & gas, power generation, wastewater effluent, chemicals & petrochemicals, food & beverages, and others. The oil & gas segment has the highest share in 2021 and is expected to dominate the market in the forecast period. Increased application of industrial valves in the oil and gas sector with more than 21 refineries. India is one of the largest countries with large–scale refineries, offering a wide range of opportunities for valve manufacturers. Upcoming projects such as GAIL's oil and gas exploration in Gujarat are also expected to drive the growth of the oil & gas sub-segment in the coming years. The Power generation sector is expected to grow fastest during the forecast period, supported by installing new power plants and expanding existing power plants in the country.

Competitive Landscape

The Indian industrial valve market is highly fragmented, with around 600 companies. The industry faces consolidation as large multinational valve suppliers are expected to acquire smaller companies to leverage their strong distribution and supply chain networks. Fueled by an optimistic investment scenario and a slowdown in the Middle East market growth, major global players have shifted their focus to India. Key Players operating in India Industrial Valves Market are L&T Valves, Kirloskar Brothers Limited, Ampo Valves, Emerson Electric Co., CRI Pumps, VIP Valves Private Limited India, Amco Industrial Valves, Amtech Valves, Hawa Engineers Ltd, Novel Valves, and other players. Market leaders maintain their growth advantage by investing in research and development, incorporating cutting–edge technology into their products, and releasing improved items to their customers.

Recent Development

• In August 2021, IMC Swarnaa Ventures Pvt. Ltd., a joint venture between Hubballi–based IMC and the Swarnaa Group of Companies, announced the acquisition of a 100% stake in Trillium Flow Technologies India Private Limited, a leading valve manufacturer.

• In August 2021, Danfoss' Indian subsidiary, Danfoss Power Solutions, completed the global acquisition of Eaton's hydraulics business for USD 3.3 billion in cash. The company gained market share, headcount, and revenue in India.

Scope of the Report

By Type

• Globe Valve

• Ball Valve

• Check Valve

• Butterfly Valve

• Gate Valve

• Others

By End User Industry

• Oil & Gas

• Power Generation

• Wastewater Effluent

• Chemicals & Petrochemicals

• Food & Beverages

• Others

By Region

• North India

• Central and West India

• South India

• East India