Posted On: 2020-03-17
Rotary air compressors acquired the largest revenue share in the overall air compressor market in Saudi Arabia in 2019 - 6Wresearch
Saudi Arabia air compressor market registered modest growth in 2015-16 due to completion of ongoing construction projects in the country. However, in 2017-18, the market witnessed a decline due to halt in government projects in the country, lack of funding owing to the growing fiscal deficit and decline in oil prices, that in turn, resulted in a decrease in government revenues. However, a healthy growth is anticipated during the forecast period on account of projected growth in the construction market especially of high rise building along with upcoming new hotels & shopping malls and increasing inflow of FDI in the construction and retail sectors.
According to 6Wresearch, Saudi Arabia Air Compressor Market is projected to grow at a CAGR of 2.9% during 2020-26. Increasing infrastructural development activities, rapidly growing industrial sector of the country are some of the key factors which would drive the demand for air compressors in Saudi Arabia. Moreover, reviving economic conditions due to changing government policies and establishment of special economic zones would further spur the demand for air compressors over the coming years. Additionally, infrastructural development under the Saudi Vision 2030 and the National Transformation Program 2020, would further create new avenues for the application of air compressors in the country over the coming years.
According to Ravi Bhandari, Manager - IT & Electronics, Research and Consulting, 6Wresearch, "Rotary air compressors have a strong demand mainly on account of their energy-efficiency, movability and cost-effectiveness. The rising demand for energy efficient air compressors along with growth in infrastructure, housing and commercial sectors in the country would continue to drive the demand for this segment of air compressors in future."
"Centrifugal air compressors are expected to gain a stronger foothold in the Saudi Arabia air compressor market over the next six years owing to their widespread use in heavy duty industrial applications and in the oil & gas sector." Ravi further added.
According to Akshay Thakur, Senior Research Analyst - IT & Electronics, Research and Consulting, 6Wresearch, "The oil & gas sector accounted for the highest revenue share in the overall air compressor market in Saudi Arabia in 2019 owing to the use of heavy-duty centrifugal and rotary air compressors in the segment. “
“Additionally, major hotel chains are expanding their presence across the country and large-scale government infrastructure development projects, such as airport expansions and development of other social infrastructure, are also strengthening the construction sector in the region. These factors would translate into an increase in demand for air compressors in the country in near future.” Akshay further added.
Some of the key players in Saudi Arabia air compressor market include Atlas Copco, Ingersoll Rand, Doosan, Sullair, Kaeser and Gardner Denver.
"Saudi Arabia Air Compressor Market (2020-2026)" report provides an in-depth analysis with 36 figures and 15 tables covered in more than 80 pages. The report estimates and forecast the overall Saudi Arabia air compressor market by air compressor types, by lubrication method, by technology, by power rating, by 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.