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Report
India Industrial Valves - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029
Market Report I 2024-02-17 I 80 Pages I Mordor Intelligence
The India Industrial Valves Market size is estimated at USD 2.41 billion in 2024, and is expected to reach USD 3.38 billion by 2029, growing at a CAGR of greater than 7% during the forecast period (2024-2029).
The COVID-19 pandemic negatively affected the market for industrial valves due to several restrictions imposed by India's government. The pandemic affected the oil and gas, power, and chemicals sectors, impacting the industrial valve market. However, post-COVID-19, the market recovered significantly owing to the rising consumption of industrial valves in water treatment, oil and gas, chemical, and power applications.
Key Highlights
-Over the short term, the increasing demand for valves from water treatment plants, the oil and gas industry, and the power industry are significant factors driving the growth of the market studied.
-However, the high costs and need for regular maintenance of valves are likely to restrain the growth of the market.
-Nevertheless, the increase in demand for automatic valves is likely to create lucrative growth opportunities for the industrial valves market.
India Industrial Valves Market Trends
Growing Demand in the Oil and Gas Industry
- The oil and gas industry includes offshore and onshore platforms for oil and gas exploration, production, and refining, as well as refineries, pipelines, gas pipelines, petrochemical units, and storage terminals. Industrial valves are used in upstream, midstream, and downstream applications in the oil and gas industry. The valves are used in long pipelines as compressors to keep the product moving. Valves will help to protect equipment while offering minimal restriction to the flow.
- India's oil and gas sector is amongst the country's eight core industries and plays a crucial role in influencing the decision-making of all other chief sections of the economy. As per the India Energy Outlook 2021 (IEA) report, primary energy demand in the country is likely to nearly double to 1,123 million tonnes (MT) of oil equivalent by 2040. The country is estimated to be one of the most significant contributors to the global non-OECD (Organization for Economic Cooperation and Development) petroleum consumption growth.
- According to BP PLC, oil production in the country has declined recently. In 2022, the oil production in the country stood at 29.7 million ton, compared to 34 million ton in 2021. However, oil consumption is significantly increasing in the country. In 2022, the country's oil consumption reached 5.15 million barrels, compared to 4.87 million barrels consumed in 2021. Thus, the demand for oil and gas is increasing in the country.
- Several companies have announced investments in starting oil and gas exploration projects to increase the crude oil production capacity of the country. For instance, in 2022, the oil and gas industry in the country attracted USD 25 billion in investments in exploration and production. Thus, oil production is expected to increase, driving the industrial valves market.
- Furthermore, in March 2022, the board of IOCL (Indian Oil Corporation Limited) approved plans to invest INR 72,820 million (~USD 932.6 million) for the development of the City Gas Distribution (CGD) network in nine geographical areas (GAs). Thus, the gas distribution network's increase is expected to drive the market for industrial valves in the country.
- Thus, the country's oil and gas industry growth is expected to drive the industrial valves market.
Increasing Demand from the Power Industry
- The applications of valves in the power industry include boiler startup, feed pump recirculation, steam conditioning, and turbine bypass. For instance, the valves in the condensate system control and regulate the extra flow needed for a condensate pump that circulates fluid. In addition, valves are used to regulate the feedwater heater's deaerator level.
- Valves are used for boiler feed pump recirculation in the feedwater system in the power industry. In this scenario, the valve is crucial because it needs to be used in modulating and on-off services. Valves are also used in conventional systems for superheaters, turbine bypass, superheater bypass, etc. A modulating valve manages pressure. Such valves generate enormous demand throughout the power industry and will propel market expansion.
- India's power generation witnessed its highest growth rate in over 30 years in FY 2023. Power generation in India increased by 8.87% to 1,624.15 billion kilowatt-hours (kWh) in FY 2023. According to data from the Ministry of Power, India's power consumption stood at 130.57 billion units in April 2023.
- In India, various hydropower projects have started in recent years to further increase production. For instance, in January 2023, the Union Cabinet (CCEA) approved an investment of INR 26,410 million (~USD 315 million) for SJVN's 382 MW Sunni Dam Hydro Project. Thus, the construction of new hydropower plants will drive the demand for industrial valves in the country.
- Furthermore, as of 2022, India had 22 nuclear reactors in operation at seven nuclear power plants with a total installed capacity of 7,480 MW, which is only around 2% of the global installed nuclear capacity. The country wants to add over 25,000 MW of nuclear power generation over the next decade. The growing power generation from fossil sources and increasing installation of nuclear power are estimated to drive the valves market during the forecast period.
- Thus, the growth in the power industry in the country is expected to drive the market for industrial valves during the forecast period.
India Industrial Valves Industry Overview
The Indian industrial valves market is highly fragmented in nature. Some of the key players in the market (not in any particular order) include AMTECH, Emerson Electric Co., Hawa Engineers Ltd, IMI Critical Engineering, and L&T Valves Limited.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand for Valves from Water Treatment Plants
4.1.2 Increasing Demand for Valves in the Oil and Gas Industry
4.1.3 Growing Demand from the Power Industry
4.2 Restraints
4.2.1 High Cost and Need for Regular Maintenance
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size in Value)
5.1 Type
5.1.1 Butterfly Valve
5.1.2 Ball Valve
5.1.3 Globe Valve
5.1.4 Gate Valve
5.1.5 Plug Valve
5.1.6 Other Types (Pitch Valve, Check Valve, etc.)
5.2 Product
5.2.1 Quarter-turn Valve
5.2.2 Multi-turn Valve
5.2.3 Other Products (Control Valves, Valve Actuators, etc.)
5.3 Application
5.3.1 Power
5.3.2 Water and Wastewater Management
5.3.3 Chemicals
5.3.4 Oil and Gas
5.3.5 Other Applications (Food Processing, Mining, Marine, etc.)
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 ALFA LAVAL
6.4.2 AMPO
6.4.3 AMTECH
6.4.4 AVK Valves India Pvt. Ltd
6.4.5 Baker Hughes Company
6.4.6 C.R.I. Pumps Private Limited
6.4.7 Emerson Electric Co.
6.4.8 Flowserve Corporation
6.4.9 Hawa Engineers Ltd
6.4.10 IMI Critical Engineering
6.4.11 KIRLOSKAR BROTHERS LIMITED (INDIA)
6.4.12 KITZ Corporation
6.4.13 L&T Valves Limited
6.4.14 Novel Valves India Pvt. Ltd
6.4.15 VIP Valves Private Limited India
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increase in Demand for Automatic Valves
7.2 Other Opportunities
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