Saudi Arabia industrial pumps market recorded sluggish demand in 2016 on account of decrease in government spending on the back of falling crude oil prices. The Kingdom of Saudi Arabia lowered its budget on transportation and infrastructure projects in 2016 by over 60% as compared to 2015, which in turn majorly impacted the market for industrial pumps in Saudi Arabia.
However, government efforts towards industrial development including construction of cities across several regions would led to sustained demand for industrial pumps in the coming years. Jubail and Yanbu industrial cities and establishment of Saudi Industrial Development Fund (SIDF) would spur the growth of the market.
According to 6Wresearch, Saudi Arabia industrial pumps market revenues are projected to grow at a CAGR of 2.4% during 2017-23. Expansion of petrochemical and chemical industries in the region coupled with rising investment in infrastructure projects are expected to drive growth of industrial pumps market in the near-future. Additionally, growing water & electricity consumption propelled by rising population as well as expansion of non-oil sector would further aid in driving the market revenues.
According to Rishi Malhotra, Research Analyst, 6Wresearch, "Centrifugal Pumps led the market for industrial pumps in Saudi Arabia. Higher adoption of these pumps over positive displacement pumps primarily in applications such as oil & gas, chemical and power can be attributed to factors such as high efficiency, low maintenance cost and high flow rates. On the other hand, positive displacement pumps were increasingly deployed for water & wastewater and construction applications."
"Centrifugal pumps are further likely to maintain its reign over majority of application areas over the coming years on account of substantial investment in power sector and large scale execution of petrochemical and oil & gas projects," Rishi further added.
According to Sachin Agarwal, Research Associate, Research and Consulting, 6Wresearch, "Oil & Gas followed by chemical application captured the largest revenue share of the market pie for industrial pumps in Saudi Arabia. Saudi Arabia’s petrochemical industry expanded by 5.8% in 2016, outpacing the regional growth of 3.7% across GCC, largely due to expansion of country’s total production capacity.
Chemical application is further anticipated to lead the market during the forecast period primarily due to implementation of downstream petrochemical projects across the country. Construction of $20 Billion Sadara petrochemical facility in Jubail and Ras Tanura Refinery are some of the key projects that are underway and are likely to unfold the path for the growth of industrial pumps market in the Kingdom."
"Water & wastewater treatment, power and construction were other key contributing applications in Saudi Arabia industrial pumps market. Amongst all the regions, the Eastern region was the key revenue contributor for industrial pumps in Saudi Arabia. Increasing deployment of industrial pumps in the region has been accredited due to development of new industry settlements in the region," Sachin further added.
Some of the major companies in Saudi Arabia industrial pumps market include – Flowserve-Al Rushaid Company Ltd., ITT Saudi Co., Sulzer Saudi Pump Company LLC, KSB Pumps Arabia Ltd., EBARA PUMPS SAUDI ARABIA LLC, Grundfos Saudi Arabia Company Ltd. and SPX Flow Saudi Arabia LLC.
"Saudi Arabia Industrial Pumps Market (2017-2023)" provides in-depth analysis with over 30 figures and 8 tables covered in more than 90 pages. The report estimates and forecast the overall Saudi Arabia Industrial Pumps market by revenues, volume, types, regions and applications such as oil & gas, water & wastewater, power, chemical and construction. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints.