Implementation of efficient manufacturing procedures coupled with low costs have helped the industrial valves industry improve their position in the Indian economy. The market revenues for this industry in 2011 was INR 3,880.5 crores which will cross INR 5,57.1 crores by 2016 due to massive demand from the oil and gas sector.
Though there are quite a few registered valve manufacturers, there seems to be a problem as the number of unregistered manufacturers are quite more. There are many opportunities for these industries to prosper, however, due to unchecked growth of unregistered manufacturers, entry of national and international suppliers is hindered to quite an extent. On the whole it translates to a situation where there is dilution of market share pertaining to key suppliers which in turn reduces profit margins considerably. Factors like widening gap between supply and demand of power have forced the government to rethink power management programs thereby investing in gas distribution and refining which translate into higher sales of industrial valves and assorted requirements.
Industrial valve suppliers though they are faring well, need to focus their attention not only on providing superior and quality merchandise to their customers but also on Research & Development to help provide consumers with sophisticated and customized goods which will help them better their prospects in the future.