Posted On: 2019-04-02
Growing demand for instrumentation valves & fittings in oil & gas fields as well as rapid growth of marine and shipbuilding sector in Dubai along with prevalence of automation in manufacturing units across industries are the key drivers for the growth of UAE Instrumentation valves & fittings market during the past years. Furthermore, exploration of newer and proven natural gas reserves in Abu Dhabi emirate, strengthening industrial sector and upcoming Maritime Vision 2030 would act as catalysts for the growth of UAE Instrumentation valves & fittings market.
According to 6Wresearch, UAE instrumentation valves & fittings market revenues are projected to grow at a CAGR of 5.2% during 2019-25. With the implementation of the country's economic diversification plan UAE Vision 2021, Abu Dhabi Economic Vision 2030, and Dubai's Industrial Strategy 2030, the development of the industrial sector is being seen as a strategically important goal for sustainable long-term success for the instrumentation valves & fittings market in UAE. Additionally, the Abu Dhabi Supreme Petroleum Council approved Abu Dhabi National Oil Company $132 billion in capital expenditure to expand the state's energy firm's oil and gas production capacities, which would also drive the demand for instrumentation valves & fittings over the coming years.
According to Priya Sharma, Senior Research Analyst, 6Wresearch, "The oil & gas and marine & shipbuilding industries are the key revenue generating segments in the overall UAE instrumentation valves & fittings market, which may be attributed to the widespread application of valves and fittings for experimentation, storage and controlling the flow of materials during transportation in these industries. Additionally, rising applications of instrumentation valves and fittings in manufacturing and pharmaceutical industry would further surge the demand for instrumentation valves & fittings in the country."
"Ball valves contributes the highest market revenue share in the UAE instrumentation valves market, followed by the manifold valves. Ball valves are prominently deployed in the oil & gas and marine & shipbuilding sectors," Priya further added.
According to Vikrant Tomar, Research Analyst, 6Wresearch, "Instrumentation valves captured the highest market revenue share during the forecast period with growing need for instrumentation valves in oil & gas, shipbuilding industry, water treatment plants and pharmaceutical industry in the country. Upcoming projects such as the tunnel sewage system and Jebel Ali Sewage treatment plant would further drive the instrumentation valves market over the coming years in UAE."
"Abu Dhabi was the highest revenue contributor amongst all the regions in the UAE instrumentation valves & fittings market in 2018 on account of large investment in the emirate's oil & gas sector. Furthermore, Abu Dhabi Water and Electricity Authority plans to launch the largest desalination plant in Abu Dhabi by 2021, which would produce 200 million gallons of water daily would also surge the growth of instrumentation valves & fittings in the region." Vikrant concluded.
Some of the prominent companies in UAE instrumentation valves & fittings Market include Hy-LOK, Oliver Valves, FITOK, Parker Hannifin, Alco Valves, Accutech, Maximator, Swagelok, Bifold, and DK-LOK.
"UAE Instrumentation Valves & Fittings Market (2019-2025)" provides an in-depth analysis with 46 figures covered in more than 105 pages. The report estimates and forecast the overall UAE instrumentation valves & fittings market by types, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.