Investments in Non Oil-and-Gas Industries Key to Sustained Growth of Pumps Market
NEW YORK, Sept. 10, 2015 /PRNewswire/ — The research presents a comprehensive analysis of the Middle Eastern centrifugal pumps market. Investments in non oil-and-gas industries are key to ensuring sustainable growth of the pumps market, especially against the backdrop of decreasing crude prices. Revenue analysis is provided by pump type (single-stage, multi-stage, axial and mixed flow, and submersible) and end user (oil and gas, power and desalination, petrochemicals and chemicals, water and wastewater, and others). The research seeks to identify the market drivers and restraints. It also provides insights into the competitive environment and an understanding of factors influencing the market. The research provides market forecasts for each end-user industry up to 2019.
– In 2014, the total market for centrifugal pumps in the Middle East amounted to about $ million. This was largely driven by the demand for centrifugal pumps for both installation and replacement in the region.
– Flowserve leads the market for centrifugal pumps, followed by KSB, ITT, and Sulzer in terms of sales in the region.
– The Gulf Cooperation Council (GCC) countries account for about % of total centrifugal pump sales in the region. Growth in Rest of Middle East ( RoME), including Iran, Iraq, Jordan, and Lebanon, depends on the political stability in these countries over the next five years.
– The contribution of the oil and gas industry to GCC economies is higher compared to other industries, and stable oil revenues are crucial for investments in other segments.
– Key end-user segments that primarily account for centrifugal pump sales in the Middle East are oil and gas, petrochemicals and chemicals, power and desalination, and water
– Upcoming global events, such as the 2022 FIFA World Cup in Qatar and the World Expo in Dubai in 2020, are expected to lead to higher infrastructure investments in water and wastewater and power and desalination segments, thus increasing the demand for centrifugal pumps.
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