Indian Industrial Valve market expected to reach USD 3

billion by 2023
16 hours ago Business economictimes

COIMBATORE: With over nine per cent Compounded Annual Growth Rate, the Indian
Industrial Valves market is expected to touch USD three billion by 2023.
A few major players in the sector, who participated in a Technology Meet on the
development on upgraded and smart Industrial Valves, stressed the importance of
technology upgradation to remain competitive globally, a release from the Engineering
Export Promotion Council said.
ith the global industrial valve market all set to touch USD 88.4 billion by 2021, there
was huge potential for Indian manufacturers to cross USD three billion by 2023, it
said.

The meet also stressed the importance of Indian valve industry to invest in R and D
and technology to meet the future demand, expected from the substantial investment
proposed in power generation, petrochemicals, gas and fertilizer plants and to
compete globally.
The Indian valve industry must have a complete portfolio, including development of
the upgraded and smart Industrial Valves in order to capitalize on global demand,
EEPC said.
"The growing demand for flow control equipment is expected to favorably impact
market growth," the release, quoting K Sureshkumar, Scientist, Office of Principal
Scientific Adviser to Government of India, said.
A key area of development is 'smart' control valves, to which 90 per cent of offshore
players are expected to devote research and development resources over the next
few years, he said.
The day-long technology meet deliberated, among others, on technology needs to
formulate a strategy on development of smart valves and regulatory requirements of
the valve sector, the release said.
The meet was organised by the EEPC here today.

Link - http://www.mytimesnow.com/news/business/580311/indian-industrial-valve-market-
expected-to-reach-usd-3-billion-by-2023