During 2014-17, Saudi Arabia economy witnessed a setback owing to a decline in oil prices, consequently, leading to delay in construction projects across the country. The industrial valves market in Saudi Arabia registered a weak demand amidst the crisis which resulted in a decline in the market.
However, the market is further expected to bounce back over the coming years owing to the recovery of oil prices, economic stability, and growth of the non-oil sector. Additionally, growing construction projects would further proliferate the market demand.
According to 6Wresearch, Saudi Arabia industrial valves market size is projected to grow at a CAGR of 3.3% during 2018-24. The government of Saudi Arabia has introduced several development plans such as Saudi Vision 2030 and the National Transformation Plan 2020, with the objective of accelerating growth and diversification of the economy. Such initiatives would help the non-oil sectors to grow and promote the development of commercial buildings, offices, healthcare centers, and hotels in the future. Hence, the market for industrial valves in the country is expected to grow substantially during the forecast period.
Water and wastewater application registered the highest Saudi Arabia industrial valves market share as compared to other applications, to regulate the water flow round the clock. Being a basic component while designing of infrastructure, industrial valves are used on a large scale for regulating various functions in water and wastewater applications.
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Key Highlights of the Report:
- Saudi Arabia Industrial Valves Market Overview
- Industry Life Cycle & Value Chain Analysis
- Saudi Arabia Industrial Valves Market Share, By Players
- Saudi Arabia Industrial Valves Market Overview on Competitive Landscape
- Competitive Benchmarking & Company Profiles
- Key Strategic Pointers
- Saudi Arabia Industrial Valves Market Outlook
- Saudi Arabia Industrial Valves Market Forecast
- Market Drivers and Restraints
- Saudi Arabia Industrial Valves Market Trends and Opportunities
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