LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the pumps and valves services market in the Middle East is expected to grow at a CAGR of more than 9% during the predicted period.
This research report titled ‘Pumps and Valves Services Market in the Middle East 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Pumps and valves services are two different types of services, based on the equipment to be serviced. The revenue contribution by pumps services was more than the valves services market in 2016 at 58.38%. This is due to the major contribution of the oil and gas industry in this region, where pumps have numerous applications. Valves are generally used in almost all companies to allow unidirectional motion of liquid and maintain safety.
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Technavio’s analysts categorize the pumps and valves services market in the Middle East into the following segments by end user. They are:
- Oil and gas industry
- Water and wastewater industry
- Chemical and petrochemical industry
- Power industry
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The top three end-user segments of the pumps and valves services market in the Middle East are discussed below:
Pumps and valves services market in the Middle East in oil and gas industry
The oil and gas industry is a major contributor to the pumps and valves services market in the Middle East. The sudden decrease in the price of oil led to a declining revenue in many countries. However, it is expected that the prices will eventually stabilize and will allow the industry to concentrate more on efficient production. The downstream market is already experiencing a good profit margin; with the prices settling down, more businesses and investors will invest in future oilfield projects.
According to Sushmit Chakraborty, a lead automation research analyst from Technavio, “The settling down of oil prices and the rising demand will drive upstream applications in the oil and gas industry in terms of new exploration activities. This will drive the demand for more pumps and valves services in the fields. Increased exploration of unconventional resources and workover of existing fields are propelling the onshore field projects to dominate the industry.”
Pumps and valves services market in the Middle East in chemical and petrochemical industry
This industry is mainly responsible for producing chemicals using petrol and natural gas as the main raw materials. The processes involved in the industry extract hydrocarbons such as ethane, butane, propane, and others, which are again used as raw materials in other industries. The industry can be divided into two divisions, one as the production site of chemicals and the other that converts chemicals into materials that are used by other industries.
“The petrochemical industry faces unique challenges to maintain safety in the industry. Creating and maintaining a safe and protective environment in the industry while dealing with hazardous chemicals leads to a need for continuous maintenance services. Issues such as leakage from valves and pumps, corrosion, the and presence of unskilled labor are making industry owners schedule proper maintenance services of equipment,” says Sushmit.
Pumps and valves services market in the Middle East in water and wastewater industry
The water and wastewater industry contributed 17.11% of the market revenue in 2016. The wastewater industry manages the process of converting wastewater into a standard-quality water that can be reused or absorbed by the water cycle without any negative impact on the environment. Wastewater treatment involves the removal of impurities, biological organisms, and harmful chemicals from discharged water.
Wastewater management has become an issue of concern. Rapid industrialization and urbanization have increased the demand for water, and the scarcity of freshwater has resulted in a shortage of optimum supply to fulfill the demand. Moreover, a major challenge is faced in the disposal of water. The availability of free space to dispose off wastewater is reducing with the development of infrastructure and growth in high-rise buildings.
The top vendors highlighted by Technavio’s research analysts in this report are:
- General Electric (GE)
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