Our engineering expertise protects people and assets in extreme temperatures and pressure environments. We help energy customers operate more cleanly and efficiently, enhancing plant performance and reducing Greenhouse Gas emissions, and we are exploring new decarbonisation technologies to support the energy transition.
Market trends and our response
The energy markets face a significant structural challenge as they transition. The energy ‘trilemma’ of security, affordability and sustainability has led to increasing investment in energy infrastructure, including LNG, nuclear power, natural gas and combined-cycle gas power segments. Renewable and alternative energy technologies, such as wind, solar, bioenergy and hydrogen, will scale rapidly.
Hydrogen and other low-emission alternative fuels are expected to make a significant contribution to energy supply by 2050.
At present, renewables and alternative fuels cannot yet be deployed fast enough to keep up with energy demands, so the reliance on oil and gas remains. We help our customers to optimise their processes, enhance their plant performance and enable them to extract oil and gas safely. We are also evolving our portfolio to support the energy transition, and are developing businesses in hydrogen, carbon capture, bioenergy and sustainable fuel markets.
We are investigating opportunities such as innovative green hydrogen systems that improve production yields.
Digitalisation will radically change how we create value for our customers and how we operate. By monitoring and analysing better quality data, and investing in diagnostic solutions and AI, we can leverage technology to get a deeper insight into our activities and accelerate our growth. For example, by improving the quality of the data on our assets in the field, we can assess how to better support our customers with coverage and potential upgrade solutions. We are digitalising our expertise and combining this with customers’ asset data to help them diagnose problems before they occur and offering preventative solutions. We are also investing in digital tools to speed up our customer response and lead times.
Percent of 2023 sales
IMI growth target
Creating value in Energy
We are helping to reduce emissions in the oil and gas industry and exploring growth opportunities with new decarbonisation technologies.
Engineering a strategic partner’s fleet of the future
We’re using our deep expertise in producing the highest quality valves for extreme environments to power the next generation of surface ships and submarines.
Why Retrofit3D is delivering sustainability
IMI is at the forefront of valve innovation using additive manufacturing, creating opportunities for customers, new engineers and investors
Our sector
Around 400 expert engineers and 200 field service technicians, with the industry knowledge and market insight to solve our customers’ toughest problems
Global customer base, including the world’s leading players in the energy and process sectors
Installed base of over 180,000 severe service valves, supporting critical industrial plants and processes worldwide
Leading market positions in supplying flow control solutions in critical applications, including LNG production, upstream oil and gas facilities, petrochemical processes, biopharma processing, combined-cycle and nuclear power, marine, and other process industries
2023 highlights
Achieved order growth of 22% in the Aftermarket through our customer partnership and cutting-edge Growth Hub solutions, including Retrofit3D, EroSolve, and InSyt
Footprint optimisation and supply chain initiatives have improved operational performance across the platform
Partnering with two UK universities and a research institute in Germany, and winning our first industrial application orders for green hydrogen electrolysers in Europe and Asia Pacific, supporting sustainable energy initiatives
Record order book of £760m, up 21% on 2022, which underpins our confidence to deliver further growth.
Priorities for 2024 and beyond
We will focus on selling more of our products and solutions by leveraging our full product portfolio and applications knowledge. We are investing to further develop our capabilities and geographic coverage for hydrogen electrolyser projects. Beyond hydrogen, our growth will focus on instrumentation, biopharma and marine.
We will aim for continued above-market growth in the Aftermarket, driven by close customer relationships, improved data quality, better use of analytics and our innovative Growth Hub solutions.
We will focus on improving operating performance across all our facilities through best-cost country supply chain development, footprint optimisation and strengthened project management capabilities.
To learn more about Process Automation, visit our sector website.