India Industrial Valve Market to Register Growth at 13% CAGR Till 2020
Ongoing developments in oil and gas pipelines coupled with intensified oil & gas processing to boost industrial valves sales in India through 2020
According to the recently published report by TechSci Research, “India Industrial Valves Market Forecast and Opportunities, 2020”, India’s industrial valves market is largely dominated by organized manufacturers and is expected to witness double digit growth at a CAGR of 13% during the forecast period. Over the past two decades, many of the leading global valve manufacturers have identified India as a high potential market for valves and thus entered the market. Leveraging their expertise and technical know-how, these players have been able to identify the potential applications of valves in various industrial applications and process industries.
In 2013, L&T Valves emerged as the market leader in industrial valves market, followed by Virgo Valves and Controls, Tyco Valves & Controls, BDK Weir, Emerson, Microfinish, MIL, KBL and Technik. By 2020, it is expected that L&T would continue its lead in the market. Oil & gas pipeline infrastructure is growing at a higher pace in India. Penetration of natural gas pipelines are increasing robustly in the country on account of decline in domestic production of natural gas.
“Government of India has announced to introduce first cross border pipeline of natural gas in the country. Presently, India imports gas in the form of LNG from gas rich nations such as Turkmenistan, Iran and other Middle-East countries. Government’s plans to install TAPI pipeline covering Turkmenistan, Afghanistan, Pakistan and Indiawould be approximately 1,680 km in length. Construction of this pipeline is expected to surge the demand for valves in India.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Industrial Valves Market Forecast and Opportunities, 2020” has evaluated the future growth potential of industrial valves market and provides statistics and information on market structure, industry behaviour, trends and trade dynamics. The report includes industrial valves market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities existing in industrial valves in India.