Posted On: 2018-10-09
Saudi Arabia Industrial valves market registered a major decline in 2017 attributed to decreasing oil prices and deteriorating economy. However, substantial investment flows in multiple sectors such as hospitality, healthcare, energy and also mega infrastructure projects are expected to boost the sales for Industrial valves over the coming years.
According to 6Wresearch, Saudi Arabia Industrial Valves Market revenues are projected to grow at a CAGR of 3.3% during 2018-24. In addition to government initiatives such as Saudi Vision 2030 and National Transformation Program 2020, growing infrastructural activities driven by rapid urbanization and development of non-oil sectors would propel the growth of industrial valves market in Saudi Arabia during the forecast period.
According to Rishi Malhotra, Sr. Research Associate, Research and Consulting, 6Wresearch, "Water & Wastewater sector held the majority of revenue share in 2017 on account of government's ambitious plan for infrastructure development of water & wastewater sector including upgradation of plant in Jubail region. Saudi Arabia is further expected to establish two more wastewater treatment plant in Jeddah and Dammam during the forecast period."
"However, construction sector is expected to grow at a faster rate than the Water & Wastewater sector during the forecast period as a result of the ongoing construction activities in the region, as the country prepares itself to host events like Global Health Exhibition and Formula E World Championship," Rishi further added.
According to Siddhant Sharma, Research Associate, Research and Consulting, 6Wresearch, "Gate valves segment captured the maximum revenue share in 2017 on account of its high installation in petrochemical, oil & gas, and other industrial applications. Ball valves are further expected to expand its presence in the market during the forecast period owing to high usage in pharmaceutical and petrochemical industry."
"Moreover, amongst all the regions, the Western region held major revenue share and is expected to maintain its leadership during the forecast period as well, attributed to ongoing and upcoming commercial and transport infrastructure projects in the region," Siddhant concluded.
Some of the key players in Saudi Arabia Industrial valves market includes - Emerson, Pan Gulf Valves, AVK International, Cameron Al-Rushaid, Dresser Al-Rushaid Valve & Instrument Co., KSB Pumps, Forum Energy Technologies, Flowserve Abahsain, Saudi Pipe Systems, Shoaibi Group and YBA Kanoo.
"Saudi Arabia Industrial Valves Market (2018-2024)" provides an in-depth analysis with 73 figures and 11 tables covered in more than 110 pages. The report estimates and forecast the overall Saudi Arabia Industrial valves market by types, applications, functionality and 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.