India Valves Market Research Report: Forecast (2022-2027)

Market Overview

Valves play a crucial role in controlling or regulating the flow of liquid or gas in various end-user verticals like oil & gas, petrochemicals, water, power generation, construction, and process industry, among others, as they involve pipelines or other related applications. With the rise in construction activities, expansion of oil & gas refineries, and numerous projects associated with water & wastewater treatment, the demand for valves is rapidly increasing in India and, as a result, generating lucrative prospects for manufacturers to expand their production capacities.

Market Insights

The India Valves Market is projected to grow at a CAGR of around 7.88% during the forecast period, i.e., 2022-27. Most of the market growth would be stimulated by rapid industrialization entwined with significant developments in the oil & gas, water, and other industrial sectors.

Increasing funding by the government of India in various projects associated with water & wastewater treatment, sanitation, metals & mining, and public infrastructure developments like airports & railways, particularly in Maharashtra, Gujarat, Haryana, Madhya Pradesh, Jharkhand, & Uttar Pradesh, are leading to the burgeoning sales of valves in the country.

In addition, the proposed expansion of oil & gas pipelines in western India, as well as the city gas distribution network in Delhi-NCR and Uttar Pradesh, further projects a notable rise in the demand for valves during the forecast period. 

Furthermore, massive investments in public infrastructure developments that are promoting the demand for hydraulic control valves would also create new directions for the valves market to expand notably through 2027. Some recent developments associated with the same include:

• In 2022, the Ministry of Civil Aviation India announced the construction of 16 new airports in five states— Madhya Pradesh, Chhattisgarh, Uttar Pradesh, Rajasthan, & Maharashtra.
• In 2021, Indian Railways announced the transformation of 125 railway stations into world-class transit hubs with an USD6.76 billion investment.

Market Segmentation

Based on Type:

• Hydraulic
  • Mechanical
  • Pneumatic
  • Actuated
• Air
  • Air Release
  • Air/Vacuum
  • Combination

Of both, Hydraulic Valves have been witnessing considerably growing demand in the India Valves Market for the past few years. It owes to technological advancements, like hydraulic fracturing & horizontal drilling in production & pipeline processes, in the oil & gas sector, which witnesses a continuous demand for hydraulic valves. In addition, on account of mounting requirements for hydrocarbon-based fuels, various expansion projects associated with oil & gas refineries are ongoing in India, which are instigating the demand for hydraulic valves.

• In 2020, the Ministry of Petroleum & Natural Gas announced to double its refining capacity to nearly 500 MMTPA by 2030. Under the planned capacity, approximately USD44 billion West coast refinery was announced in 2018 & is under construction.

On the other hand, the rapidly expanding construction industry in India, owing to numerous ongoing infrastructural developments across the country, is another crucial aspect fueling the demand for hydraulic valves. Construction machinery like excavators, graders, loaders, & dump trucks relies heavily on hydraulic valves for their effective operations and in order to attain desired functional performance. Hence, the increasing production of these pieces of equipment is likely to fuel the growth of the India Valves Market in the years ahead.

Based on Application:

• Water
  • Water Supply & Distribution
  • Irrigation
  • Water Treatment Plants
  • Others (Desalination Plants, etc.)
• Oil & Gas
• Power Generation
• Process Industry
• Infrastructure
• Others (Mining, Fire Protection, etc.)

Here, the water application holds a considerable market share & it is driven mainly by substantial funding by the Indian government in various water infrastructure projects for water supply & distribution, irrigation, and sanitation, among others.

• In 2019, the government of India announced the ''Jal Jeevan Mission,' which aims to provide piped water connections to every household in the next five years, i.e., by 2024.

In addition, the government is also rigorously working on improving potable water facilities across both urban & rural areas and implementing desalination projects. Such initiatives clearly indicate a burgeoning demand for valves as fundamental apparatuses to control the water flow in the coming years. Moreover, alarming concerns over untreated wastewater that have raised the demand for optimum water & wastewater treatment systems would also stimulate the growth of the India Valves Market in the coming years.

Based on Distribution Channel:

• Multi-Brand Dealers & Distributors
• EPC (Engineering, Procurement, & Construction)

Of both, the demand for valves through multi-brand dealers & distributors has gradually surged in India in recent years, mainly for smaller projects & by individual customers that require small-sized valves in limited quantity. However, with the increasing number of residential construction activities and the advent of agriculture modernization in the country, there shall be sustained growth in the demand for valves through these channels over the coming years.

On the other hand, EPC (Engineering, Procurement, & Construction) channels hold a majority share in the India Valves Market. It owes to the high sales volume of valves in both commercial & industrial developments, coupled with a sizeable demand for large-sized valves with higher price value in projects associated with infrastructure development, manufacturing units, power plants, petrochemical facilities, etc. in the country.

Market Dynamics

Key Driver: The Rapidly Expanding Oil & Gas Sector

In recent years, numerous oil refineries have been established in India to cater to the ever-increasing demand for petrochemical products like petrol, diesel, kerosene, & aerosols, among others. Consequently, it has escalated the production & sales of a large volume of valves of different sizes. Moreover, India also has plans to increase its oil refining capacity, which would play a notable role in increasing the demand for valves both in the existing capacity expansion of the already established plants and in new ones over the coming years. Hence, ongoing developments in the oil & gas industry and increasing government focus on energy security & enhancing production capacity for petrochemical products are expected to drive the India Valves Market during 2022-2027.

Growth Restraint: Lack of Standardized Norms and Unplanned Downtime of Valves

The major growth restraint to the India Valves Market during 2022-27 is the lack of standardized policies, owing to which valve manufacturers need to abide by different regional certifications & policies, which brings diverseness to product specifications and creates challenges for manufacturers to achieve ideal costs. Moreover, there are concerns over the unplanned downtime of machinery & different operations due to valve malfunctioning or failure, i.e., another aspect projected to hinder the market expansion in the coming years.

Key Questions Answered in the Market Research Report:

1. What are the overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares) of the India Valves Market?
2. What are the region-wise size, growth drivers, and challenges for the India Valves Market?
3. What are the key innovations, opportunities, current & future trends, and regulations in the India Valves Market?
4. Who are the key competitors, their key strengths & weaknesses, and how do they perform in the India Valves Market based on the competitive benchmarking matrix?
5. What are the key results derived from surveys conducted during the India Valves Market study?