India’s export revenues of control valves are growing in double digits, a trend that will gain further momentum as process industries continue to grow there, according to recent research from the ARC Advisory Group (ARC).
India is seeing process industries, such as chemical, oil & gas, power, refining, and others that extensively use control valves, expanding. As demand grows, global competitors such as Azbil, CCI, Emerson, Flowserve, and others have established facilities for manufacturing, engineering, sourcing, and marketing of control valves in India, ARC reports. These and other control valves supplier companies are competing with domestic suppliers, such as Instrumentation Limited and MIL Controls.
ARC says global suppliers are attracted to India, not only by the growth in market demand for control valves, but also by other advantages the country offers, such as low-cost arbitrage, availability of design and engineering capabilities, and world-class casting and forging facilities.
India now produces a range of valves including special-purpose valves, such as severe-service valves conforming to global standards, factors which ARC says can set the country up to emerge as a leading manufacturer and exporter of control valves. ARC says because India’s economy is driven by domestic consumer demand, recession is less likely and suppliers of control valves should maintain steady growth.
ARC plans to release its research in the India Control Valves, Actuators, and Positioners (CVAP) Market Outlook Study, which will include a five-year growth forecast.
To read the full ARC report on this story, click here.