India’s valve industry set to thrive
India's valves industry is expected to grow by 25% per year and reach $5 billion (€4 billion) by 2020.
The country hopes that by building large power and petrochemical units, this will create a significant demand for valves.
'We expect country's valve industry may witness CAGR growth of 20-25%and we have set a target of $5 billion by 2020 from the present $2 billion,' I S Malhotra, CII valves and actuators division chairman, and managing director, Pentair Valves and Controls, told PTI.
At present, the Indian valve industry is worth $2 billion, while the global market is valued at $60 billion, he went on to say.
'We need to upgrade our infrastructure so that India can produce high end engineered valves,' says Malhotra. The Indian manufacturers are today capable of producing high end engineered valves that require a lot of approvals and accreditation due to the critical nature of services, he said.