‘IoT’ integrated valves – A mega trend in Indian valve market
The widespread trend of ‘IoT’ has augmented the level of ‘energy-efficiency’ by valves implemented in an extensive array of industries including oil and gas, water and wastewater management, thermal power and mining. Alone in the United States, approximately 20% of the primary energy utilized during operations in petroleum refining manufacturing is lost throughout utility production. Consequently, there is a surge in demand for solenoid valves that automates the process towards energy efficiency. As valves and fittings are an integral constituent of above illustrated industries dealing with fluid management systems, IoT technology integrated with sensors is a playing a vital role as a mega trend. Similarly, the Indian valve market players with several lucrative application industries in its revenue pocket majorly oil and gas, and water and wastewater are manufacturing products in alignment with the trend. For instance, Kirloskar Brothers Limited has launched “KirloSmart,” that is a software technology that enables real-time and remote monitoring of solenoid vales and pumps and its critical health parameters to avoid any failures and restrict downtime economic adverse effects.
The energy sector in India is the primary industry adding impetus to the Indian valve market demand. India being the 3rd largest energy consumer globally has a flourishing oil and gas sector that is downright reliant on valves for liquid and gas flow management systems. Consequently, the Indian valve market size was estimated to be $1.82 billion in 2018. The market is well supported by other industries such as automotive, waste water treatment services and pulp and paper industry that employs safety valves and control valves for a myriad of applications including measuring pH, regulating pressure and temperature, boiler control and flow measurements. Hence, the Indian valve market demand is estimated to be progressing at a CAGR of 4.82% during the forecast period of 2019 – 2025.
Download Sample Report : https://www.industryarc.com/pdfdownload.php?id=18971
Indian Valve Market Growth Drivers:
Indian government to provide piped water connection to every household by 2024 –
In 2015, India had the capacity to treat only 37% of its waste water that was 22,963 million litres per day (MLD), whereas the daily sewage generation was approximately 61,754 MLD. Furthermore, the operations at present related to water and waste water is yet to meet the requisite potential. Hence, 21% of contagious ailments in India are associated with unsafe water and the absence of hygiene practices. As a consequence, the Indian government has implemented a policy (Jal Shakti ministry) to provide piped water connection to every household by 2024. Valves such needle valves and ball valves are fundamental apparatuses employed to control the flow pf water. Hence, the Indian valve market demand is gaining substantial impetus from this governmental plan. And, water and wastewater application industry has emerged as the fastest growing segment progressing with an application CAGR of 7.27% during the forecast period of 2019 – 2025.
Indian automotive sector witnessed a growth rate of 8% during 2017 – 2018:
Valves are the pivotal constituent of engines in automotive. Intake and exhaust valves are the final component in the valve train system. As the Indian automotive sector is expanding in terms of production as well as evolving with focus on the trade of electric vehicles, Indian valve market demand is witnessing tremendous growth. During 2017 – 2018, the Indian automotive sector manufactured approximately 5.1 million vehicles, a growth of 8% from the preceding year. Similarly, Indian government under the scheme titled ‘Faster Adoption and Manufacturing of Electric Vehicles in India’ has allotted a total $ 1.5 billion to drive the mobility towards electric.
An analysis of Indian oil and gas sector-
Oil and gas sector is the most pivotal industry in the Indian vale market. Valves and fittings are basic necessity in this sector to control the flow of liquid and gases in pipelines of plants and refineries. In 2017, India was the 3rd largest consumer of oil with consumption of 4.69 mbpd and the 4th largest Liquefied Natural Gas (LNG) importer in the same year. Therefore, the flourishing Indian oil and gas sector is directly influencing the Indian valve market demand. Moreover, the Government of India is under preparation to inaugurate around 5,000 compressed bio gas (CBG) plants by 2023.
Indian Valve Market Companies:
Some of the key player with majority of Indian valve market share are Larsen & Toubro Limited, Virgo Valves & Controls Ltd, Weir Group, Koso India Pvt Ltd, NSSL Private Limited, Samson Controls Private Limited, Kirloskar Brothers Limited, KSB Aktiengesellschaft, Emerson Electric Co., IMI plc, The Flowserve Corporation, and Cameron International Corporation.
Indian valve market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Indian valve market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various types of trends in global Indian valve market, and their specific advantages to the market.
IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to firstname.lastname@example.org to discuss more about our consulting services.