According to a recently published TechSci Research report “Saudi Arabia Valves Market, By Material Used, By Application, Competition Forecast & Opportunities, 2011 – 2021“, the valves market in Saudi Arabia is anticipated to cross SAR 18 billion ($5 Bn) by 2021. Rapid industrialization, favourable government support in the form of beneficial FDI policies in oil & gas sector coupled with advantageous incentives schemes are some of the major factors driving the demand for valves in the country.
“Saudi Arabia Valves Market, By Material Used, By Application, Competition Forecast & Opportunities, 2011 – 2021“ has evaluated the future growth potential of Saudi Arabia valves market and provides statistics and information on market structure, market size, market share, forecast and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in Saudi Arabia valves market.
Robust water & wastewater infrastructure play a critical role in economic growth of any country. However, Saudi Arabia has been facing huge water crisis due to depleting water resources. Water consumption has exceeded 8 million cubic meters per day (m3/d), and is expected to reach 20 million m3 /d by 2020. With growing need to develop and expand water & waste water infrastructure, the demand for valves in Saudi Arabia is expected to increase over the next five years.
According to the Saudi Arabia Statistical Country Profile 2015, which was issued by the Federal Statistical Office of Germany (Destatis), the country’s electricity consumption stood at 8,405 kwh per capita, which is one of the highest in the world. Moreover, as per the Ministry of Water and Electricity, the total electricity produced in the country was 215.67TWH in 2015, while total electricity consumed stood at 286.1TWH in the same year. Widening demand-supply electricity gap in the country is anticipated to aid Saudi Arabia valves market during forecast period.
“Oil & Gas sector emanates the maximum demand for valves in Saudi Arabia on account of easy availability of huge oil reserves and increasing oil & gas exploration & production activities. With a daily crude oil production of 12,013 thousand barrels, Saudi Arabia is the largest crude oil producer in the Middle East & Africa region. In addition, rapid growth in construction sector and ongoing projects in power, refining and petrochemical sectors are also expected to boost the demand for industrial valves in Saudi Arabia during 2016 – 2021.” Said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.