Oil revenues accounts for almost the entirety of Kuwait's export earnings and contributes more than 50% towards the country's nominal GDP.In light of the slump in oil prices during 2014-17, the government spending was severely affected in Kuwait, leading to the scrapping of multiple new projects which were expected to hit the market.
According to 6Wresearch, Kuwait Air Compressor market revenues are projected to grow at a CAGR of 3.9% during 2018-24. The government 2035 Economic Vision focuses on diversification of the country's economy through investment in infrastructural development. The government intends to reduce the dependency of Kuwait on oil revenues and transform the country into a commercial and financial hub. The growing construction activities in Kuwait would therefore translate into an increase in demand for air compressor systems in the country in near future.
According to Rachit Gulati, Research Analyst, Research and Consulting, 6Wresearch" Rotary air compressor systems held the major market revenue share by technology in the overall air compressor market in Kuwait in 2017, primarily on account of their energy-efficiency, movability and cost-effectiveness. Strong demand for energy efficient air compressors along with development in the infrastructure, housing and commercial sectors in the country also contributed in the growth of such systems in the market."
"Reciprocating air compressor systems are expected to gain a stronger foothold in the Kuwait air compressor market over the coming years owing to their growing usage in segments such as manufacturing and oil & gas applications," Rachit further added.
According to Akshay Thakur, Research Associate, Research and Consulting, 6Wresearch, the major revenue share in the overall air compressor systems market in Kuwait is occupied by the oil & gas sector followed by significant contributions from the manufacturing and construction sectors.
"Multiple oil & gas sector projects are in the development pipeline in Kuwait such as Al Zour Refinery, Mina Al Ahmadi Refinery Expansion. This is likely to boost the demand for air compressors in the oil & gas sector during the forecast period," Akshay further added.
Key players in the Kuwait air compressor market include Atlas Copco, Ingersoll Rand, Doosan, Sullair, Kaeser Kompressoren and Bauer Kompressoren.
"Kuwait Air Compressor (2018-2024)" report provides an in-depth analysis with 52 figures and 3 tables covered in more than 100 pages. "The report estimates and forecast the overall Kuwait Air Compressor market by air compressor types, by lubrication method, by technology, by power rating, by end user applications and by regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics."