Control valves, actuators, and positioners market in India driven by domestic demand
The control valves, actuators, and positioners market in India is largely driven by process industries, which are under multiple pressures: to improve energy management; adhere to standards and regulations; streamline production processes; and reduce costs. Economic instability and exchange rate fluctuations caused some uncertainty in 2011 but the market is still growing. India’s domestic demand driven market propels rapid industrialization and economic growth. Growth is further regulated by monetary and fiscal policies. While the economy of India has slowed down due to weakening external demand, the robust domestic demand continues to remain strong. Due to its domestic-demand-driven economy, India has emerged as one of the fastest growing economies in the world.
According to ARC Advisory Group’s research, the total control valve, actuator, and positioner market in India will register CAGR of over 7.5 percent by 2016. ARC’s latest study, “Control Valves for India Market Research Study” provides an in-depth analysis of the control valve, actuator, and positioner business in India. In addition to market analysis and forecasts, the study also covers the current market nuances, strategic issues, and the future outlook. The report also highlights the factors that influence the control valve market in India and its dynamics.
Expanding Economy Drives the Market for Control Valves in India
According to G. Ganapathiraman, Country Manager, ARC Advisory Group, and co-author of this study, “Process industries, such as chemical, oil and gas, power, refining, and others, which extensively use control valves, are expanding in India and this provides the impetus for the growth of the control valves market. India is emerging as an important market for control valve suppliers seeking sustainable long-term growth oriented markets.”
India Attracts Global Control Valves Suppliers
According to the principal author of ARC’s study, Ritika Agrawal , “Global suppliers are attracted not only by the country’s demand for control valves, but also by the advantages that the country offers, such as the low cost arbitrage, availability of design and engineering capabilities, and world-class casting and forging facilities, and such others.”
The country not only acts as a good demand-centric market, but also as an excellent manufacturing base that can serve the growing markets in the region. While the market offers opportunities, the suppliers’ strategies ultimately contribute to success in the marketplace. Suppliers should understand the market nuances, identify emerging opportunities aligning with the overall corporate objectives, and develop their growth strategies.