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.
With 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.
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