The Middle East industrial valves market size is projected to reach $4.7 billion by 2024, said 6Wresearch, a global marketing and consulting firm, in a new report.
Burgeoning power and energy sectors along with emerging manufacturing industries in the Middle East countries would act as some of the key factors which would drive the industrial valves market during the forecast period, according to the report titled "Middle East Industrial Valves Market (2018-2024)".
Industrial valves market in the Middle East region witnessed a decline in growth during 2014-17 due to the oil crisis which led to a slowdown in several projects, primarily the demand for valves in the Middle East region.
However, with the shift of Middle East government's investment towards the non-oil sector projects, majorly towards industrial and manufacturing sector, the market for industrial valves is expected to witness mounting adoption by different end-user applications ranging from oil & gas facilities, power & energy to petrochemical, fertilizer, and water & wastewater treatment plants over the coming years.
Additionally, government initiatives to diversify the economies and plans such as Saudi Vision 2030 and the National Transformation Plan 2020 are further expected to fuel the demand for industrial valves in the region.
Priya Sharma, the research analyst, 6Wresearch, said: "With the stabilization of oil prices, government spending is expected to grow, and industrial valve market is likely to regain momentum. Within valve types, in 2017, on-off valves stood as the leading revenue-generating segment as pressure loss is very low in these valves. However, control valves are expected to register the highest growth rate during the forecast period."
"Additionally, among all the applications, oil & gas facilities seized the largest slice in the Middle East Industrial valves market revenue pie on account of upcoming oil & gas capacity expansion projects in various countries of the Middle East and increasing demand for maintenance operations in these refineries.
"During the forecast period, water & waste-water treatment and petrochemical, chemical & fertilizer applications are expected to register healthy growth driven by the growing need for clean water and increasing expenditure on chemicals and enhanced treatment procedures, which would result in the installation of valves in the region," Sharma concluded.
Gurbani Kaur, research associate, Research and Consulting, 6Wresearch, said: "In 2017, Saudi Arabia accounted for the maximum share of revenue pie in the overall Middle East Industrial valves market. Further, it is expected to maintain its dominance during the forecast period as well on account of high electricity consumption, oil production and increasing upcoming and ongoing projects in power, refining and petrochemical sectors, thereby boosting the demand for industrial valves over the coming years.
"Further, upcoming projects such as Saudi Aramco-Gas Field (Saudi Arabia), Barakah Nuclear Power Plant (UAE), Senyar Copper Production Factory (Qatar), and Al Zour Refinery (Kuwait) would further surge the demand for industrial valves in the region," Gurbani concluded.
According to the report, some of the key players in the Middle East Industrial Valves market include AVK Gulf, Emerson FZE, Flowserve Abahsain Flow Control Company Ltd, Cameron Services Middle East LLC, NSSL Almana Middle East W.L.L, Samson Control FZE, KSB Middle East FZE, Alfa Laval Middle East LTD, Bray Controls Middle East FZE, and Metso Automation FZE. - TradeArabia News Service.
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Media Courtesy : Trade Arabia