COIMBATORE: With over nine per cent compounded annual growth rate, the Indian Industrial Valves market is expected to touch $3 billion by 2023.

The global industrial valve market all set to touch $88.4 billion by 2021, there was huge potential to Indian manufacturers to cross $3 billion by 2023, a release from Engineering Export Promotion Council (EEPC) said here on Monday.

A few major players in the sector, who participated in a technology meet on the development on upgraded and smart industrial valves, organised by EEPC here, stressed on the importance of technology upgradation to remain competitive globally, it said.

The meet also stressed on the importance of Indian valve industry to invest in R&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. smart valves with intelligent control systems are expected to gain significant importance which is anticipated to expedite their development,” Dr. 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 on technology requirements to formulate a strategy on development of smart valves, various funding scheme offered by the government to aid technology development projects, latest advancements in industrial valve technology and regulatory requirements of the valve sector.