Posted On: 2018-11-22
Air compressors are prominently used in the oil & gas industry in Saudi Arabia; however, with the government taking initiatives to expand other industrial segments, the market for air compressor in Saudi Arabia is expected to increase over the next six years. Saudi Vision 2030 and National Transformation Program would boost the demand for air compressors during 2018-24.
According to 6Wresearch, Saudi Arabia Air Compressor Market is projected to grow at a CAGR of 3.1% during 2018-24. The Saudi Arabian government is taking initiatives for the restructuring of the country's non-oil economy by investing in commercial and industrial sectors. The country's non-oil government revenue increased by 1.5% in 2017 as compared to the previous year and is expected to expand by 3.7% by 2018 and rise further in the coming years, which would significantly create the demand for air compressors in the coming years.
According to Rachit Gulati, Senior Research Analyst - IT & Electronics, Research and Consulting, 6Wresearch, "Rotary air compressor systems 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 market for this segment of air compressors in future."
"Centrifugal air compressor units 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," Rachit further added.
According to Akshay Thakur, Research Associate 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 2017 owing to the use of heavy-duty centrifugal and reciprocating air compressors."
"Saudi Arabia has a pipeline of notable upcoming projects such as Ras Alkhair Power Plant Phase -2, and South Jeddah Ext. Power Plant Phase-2, primarily in the cities of Jeddah, Riyadh and Dammam, which in turn would boost the demand for air compressors in the construction sector domain,"Akshay further added.
Key contributing vendors in Saudi Arabia Air Compressor Market include Atlas Copco Industrial Equipment, Ingersoll Rand, Doosan, Sullair, Kaeser Kompressoren and Gardner Denver.
"Saudi Arabia Air Compressor Market (2018-2024)" provides an in-depth analysis with 61 figures and 8 tables covered in more than 120 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 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.