Posted On: 2020-05-14
Ball valves acquired the largest revenue share by valves types in the overall Qatar instrumentation valves & fittings market in 2019 – 6Wresearch
The economic blockade imposed by the government of Saudi Arabia, UAE, Bahrain, and Egypt along with the major drop in the oil prices had a negative impact on the economy of Qatar which further had an adverse effect on the industrial and oil & gas sector leading to declining growth of Qatar instrumentation valves & fittings market in 2017. However, initiatives such as Qatar National Vision 2030 and National Development Strategy (2018-2022) by the government of Qatar would accelerate the development across the oil & gas and industrial sectors of the country and would help increase the demand for the instrumentation valves & fittings market in the country during the forecast period.
According to 6Wresearch, Qatar Instrumentation Valves & Fittings Market size is projected to grow at a CAGR of 0.1% during 2020-2026. Projects such as the Barzan Gas Project and North Field Expansion in the oil & gas sector of the country would drive the growth of the industry in the forecast period. Further, the increasing investment in the industrial sector of Qatar would be a significant reason behind the increasing demand for instrumentation valves & fittings. However, due to COVID-19, the economy of the country would witness a decline due to slowing down construction and manufacturing activities which would further have a negative impact on the growth of instrumentation valves & fittings market in 2020.
According to Akshay Thakur, Senior Research Analyst, Research and Consulting, 6Wresearch, “By application, oil and gas sector accounted for maximum revenue share on account of widespread usage of instrumentation valves & fittings in oil and gas plants due to their usage to control the highest level of flow control components to achieve the high standards of reliability, corrosion resistance, vibration, temperature cycles, and pressure surges. Further, projects such as Al Shaheen Oil Field Development along with the plan of the country to ramp-up the production of LNG by 64% by 2027 would act as the main drivers behind the strong growth of oil & gas application of instrumentation valves & fittings market in Qatar.”
According to Sarthak Bansal, Research Analyst, Research and Consulting, 6Wresearch, “By region, northern region acquired the maximum revenue share in the instrumentation valves & fittings market owing to projects such as Barzan Gas Project, North Field Expansion and Lusail City in the northern region of Qatar.”
Some of the major companies in Qatar instrumentation valves & fittings market include Swagelok, Oliver, and Fitok.
"Qatar Instrumentation Valves & Fittings market (2020-2026)" provides an in-depth analysis with 28 figures covered in 72 pages. The report estimates and forecasts the overall Qatar instrumentation valves & fittings market by valves & fittings types, applications, and regions. The report provides an unbiased and detailed analysis of the Qatar instrumentation valves & fittings market on-going trends, outlook, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.