The slump in crude oil prices prompted the government of Saudi Arabia to slash its budget for 2016. This has further resulted in a decline in government spending and delayed payment to contractors leading to a halt of several projects across the region. Deployment of industrial pumps has been low and was primarily noticeable across industrial settlements which were established during the past in addition to petrochemical and oil & gas applications.
According to 6Wresearch, Saudi Arabia Industrial Pumps market size is projected to grow at a CAGR of 2.4% during 2017-23. Following the decline in 2015 & 2016, a similar trend is expected in 2017 as well. However, the market is anticipated to recover post-2017 due to the expected recovery of oil prices, the rebound of the construction industry, exponential growth across the industrial sector, and establishment of petrochemical industries, which would drive Saudi Arabia Industrial pump market forecast period revenues.
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Amongst all applications, oil & gas and chemical primarily Petrochemical and Fertilizers (PCF) led Saudi Arabia industrial pumps market share. Significant growth lies ahead for chemical, power, and water and wastewater treatment applications.
The key players 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.
Key Highlights of the Report:
- Historical data of Global Industrial Pumps Market for the Period 2014-2016
- Market Size & Forecast of Global Industrial Pumps Market until 2023
- Saudi Arabia Industrial Pumps Market Overview
- Saudi Arabia Industrial Pumps Market Outlook
- Market until 2023
- Market Drivers and Restraints
- Saudi Arabia Industrial Pumps Market Trends
- Recommendations
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