Posted On: 2020-09-08
The instrumentation valves segment acquired the largest revenue share in the overall UAE instrumentation valves and fittings market in 2019- 6Wresearch
The UAE instrumentation valves and fittings market witnessed a reduced demand over the past few years due to the production cuts in the oil & gas sector as a result of falling oil prices. However, the negative impact of the oil crisis on the market demand for valves and fittings was somewhat outweighed by the growing demand from the developing industrial sector and the construction spree that the country was going through in preparation for the world expo. Additionally, the market revenues for instrumentation valves and fittings are expected to witness a phase of decline during the year 2020 on the back of falling global demand, due to the COVID-19 pandemic, leading to production cuts on a large scale across all OPEC countries.
According to 6Wresearch, UAE Instrumentation Valves and Fittings Market size is projected to grow at a CAGR of 8.7% during 2020-2026F. On account of government efforts to revive the economy with stimulus packages being announced to support the small and medium-sized enterprises and other government initiatives such as Dubai’s industrial strategy 2030, Abu Dhabi Vision 2030 along with relaxation in COVID-19 curtailment measures, the UAE instrumentation valves and fittings market revenues are anticipated to witness significant growth during the forecast period. Rapid growth in the chemical industry, the pharmaceutical sector, and water treatment plants is another primary factor that would augment the demand for instrumentation valves and fittings in UAE over the coming years.
According to Kanchan Negi, Assistant Manager, Research and Consulting, 6Wresearch, “Instrumentation valves contribute a major portion to the overall instrumentation valves and fittings market revenues in UAE. The instrumentation valves spawn huge demand from the oil & gas and marine sector, as such equipment are required to regulate the flow and transportation of oil & gas and other liquids. The instrumentation valves market revenues grew moderately in recent years. However, significant growth is foreseen in the instrumentation valves market revenues in UAE for the coming years, especially in the ball valves segment, on the back of rising government investment in upstream, midstream, and downstream sectors.”
According to Alpana Tyagi, Research Analyst, Research and Consulting, 6Wresearch, “The oil & gas industry captured the highest share in the UAE instrumentation valves and fittings market during 2019 and the same trend is anticipated to manifest in the forecast period as well. Further, projects such as the Upper Zakum- Production Capacity Enhancement, which is all set to get fully operational by 2024, the Hail and Ghasha Sour Gas project, and several other projects in the oil & gas vertical would give a massive boost to the demand for instrumentation valves and fittings over the coming years in the oil & gas sector.”
Some of the major companies in the UAE Instrumentation valves and fittings market include Hy-Lok, Swagelok, Parker Hannifin, Safelok components, DK-Lok, etc.
“UAE Instrumentation Valves and Fittings Market (2020-2026F)" report provides an in-depth analysis with 20 figures and 8 tables, covered in 95 pages. The report estimates and forecasts the overall UAE instrumentation valves and fittings market by valves types, fittings types, applications, and regions including Abu Dhabi, Dubai and Other Emirates. 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 devise and align their market strategies according to the current and future market dynamics.