6Wresearch has recently published a new report titled "Middle East Industrial Valves Market (2018-2024)" provides an in-depth analysis with 300 figures and 21 tables covered in around 328 pages. The report estimates and forecast the overall Middle East industrial valves market by functionality, valve types, applications, and countries. 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.
Industrial valves market in the Middle East region witnessed a decline in growth during 2014-17 due to the oil crisis which led to slowdown in several projects, primarily the demand for valves in Middle East region.However, with the shift of Middle East government's investment towards the non-oil sector projects, majorly towards industrial and manufacturing sector, the market for industrial valves is expected to witness mounting adoption by different end-user applications ranging from oil & gas facilities, power & energy to petrochemical, fertilizer, and water & wastewater treatment plants over the coming years. Additionally, government initiatives to diversify the economies and plans such as Saudi Vision 2030 and the National Transformation Plan 2020 are further expected to fuel the demand for industrial valves in the region.
According to 6Wresearch, Middle East Industrial Valves market size is projected to Reach $4.7 Billion by 2024. Burgeoning power and energy sectors along with emerging manufacturing industries in the Middle East countries would act as some of the key factors which would drive the industrial valves market during the forecast period.
According to Priya Sharma, Research Analyst, 6Wresearch, "With the stabilization of oil prices, government spending is expected to grow, and industrial valve market is likely to regain momentum. Within valve types, in 2017, on-off valves stood as the leading revenue generating segment as pressure loss is very low in these valves. However, control valves are expected to register the highest growth rate during the forecast period.
Additionally, among all the applications, oil & gas facilities seized the largest slice in the Middle East Industrial valves market revenue pie on account of upcoming oil & gas capacity expansion projects in various countries of the Middle East and increasing demand for maintenance operations in these refineries. During the forecast period, water & waste-water treatment and petrochemical, chemical & fertilizer applications are expected to register healthy growth driven by growing need for clean water and increasing expenditure on chemicals and enhanced treatment procedures, which would result in the installation of valves in the region," Priya Concluded.
According to Gurbani Kaur, Research Associate, Research and Consulting, 6Wresearch, "In 2017, Saudi Arabia accounted for the maximum share of revenue pie in the overall Middle East Industrial valves market. Further, it is expected to maintain its dominance during the forecast period as well on account of high electricity consumption, oil production and increasing upcoming and ongoing projects in power, refining and petrochemical sectors, thereby boosting the demand for industrial valves over the coming years.
"Further, upcoming projects such as Saudi Aramco-Gas Field (Saudi Arabia), Barakah Nuclear Power Plant (UAE), Senyar Copper Production Factory (Qatar), and Al Zour Refinery (Kuwait) would further surge the demand for industrial valves in the region," Gurbani concluded.
Some of the key players in the Middle East Industrial Valves market include- AVK Gulf, Emerson FZE, Flowserve Abahsain Flow Control Company Ltd, Cameron Services Middle East LLC, NSSL Almana Middle East W.L.L, Samson Control FZE, KSB Middle East FZE, Alfa Laval Middle East LTD, Bray Controls Middle East FZE, and Metso Automation FZE.
Source Link : https://www.6wresearch.com/press-releases/middle-east-industrial-valves-market-share-trends-growth-opportunity.html
-Ends-
Rishab Tripathi | Media Relations Manager
Research | Consulting | Database | Outsourcing
Email: media@6wresearch.com | Mob: +91-98-26-26-7966
Website: www.6wresearch.com
© Press Release 2019Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
