Posted On: 2019-02-02
The development of several large-scale projects across multiple domains such as the $100 billion King Abdullah Economic City in Saudi Arabia, the $23 billion Barakah Nuclear Power Plant in UAE and the $563 million Doha South Sewage Treatment infrastructure in Qatar are expected to drive the demand for industrial pumps market in the Middle East region over the coming years. Further, with several Middle East countries have launched their vision initiatives to achieve economic diversification, several sectors such as food & beverage and oil & gas are anticipated to witness significant growth in the near future. This would lead to an increase in the deployment of industrial pumps in the non-oil sectors across multiple Middle East countries during the forecast period.
According to 6Wresearch, Middle East Industrial Pump Market revenues are projected to grow at a CAGR of 2.8% during 2018-24. The development of projects such as $3.5 billion Al Dur Independent Water & Power Project (IWPP) - Phase 2 in Bahrain, the $7 billion Duqm Refinery in Oman, and the $1.8 billion Umm Al Hayman Wastewater Treatment Plant in Kuwait, would help to generate new opportunities in the region for the application of industrial pumps over the coming years.
According to Ravi Bhandari, Senior Research Manager, Research and Consulting, 6Wresearch, "The water & wastewater treatment industry is a major application area for industrial pumps and the segment is predicted to continue its dominance in terms of market revenue shareholding. The growth of the water & wastewater segment could be attributed to the fact that many countries in the Middle East region have a shortage of potable water and thus rely heavily on recycling and treatment of water throughout the year."
According to Akshay Thakur, Research Associate, Research and Consulting, 6Wresearch, "As the crude oil prices across the region continues to recover, the oil & gas sector in the Middle East is also strengthening gradually. Therefore, the oil & gas application segment held a considerable revenue share in the overall Middle East industrial pumps market."
According to Devesh Kumar, Research Associate, Research and Consulting, 6Wresearch, "Centrifugal pumps lead the market for industrial pumps, by type, in terms of both revenue and volume shares. The segment is anticipated to maintain its dominance during the forecast period as well owing to several advantages offered by these pumps over their PDP counterparts, such as higher efficiency, low maintenance costs and high flow rates."
"Saudi Arabia dominated the Middle East industrial pumps market, in terms of revenue share, owing to the higher density of industries present in the country. The country is expected to remain a key market for the application of industrial pumps in future on account of several upcoming projects in the country such as $100 billion King Abdullah Economic City, $15 billion Al Ruwaid redevelopment and $8 billion Prince Abdulaziz bin Musaed Economic City, " Devesh further added.
Some of the major companies in the Middle East Industrial Pump Market includes KSB, Xylem, Wilo, Grundfos, and Flowserve.
"Middle East Industrial Pump Market (2018-2024)" provides an in-depth analysis with 158 figures and 35 tables covered in more than 300 pages. The report estimates and forecast the overall Middle East Industrial Pump market by countries, types and applications. 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.