LONDON--(BUSINESS WIRE)--The cement market in Saudi Arabia is expected to post a CAGR of more than 5% during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report.
In 2016, the Saudi Arabian government launched the Saudi Vision 2030 with an aim to boost economic development by reducing the country’s dependence on oil resources. The project is expected to fuel the growth of various sectors such as tourism, healthcare, and real estate. This will increase the number of residential and non-residential construction projects in the country. These factors will be crucial in driving the growth of the cement market during the forecast period.
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As per Technavio, the construction of low power-consuming cement plants will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Cement Market in Saudi Arabia: Construction of Low Power-Consuming Cement Plants
Production costs of cement is expected to increase during the forecast period owing to the proposed cut in energy subsidies in Saudi Arabia. This is compelling many cement manufacturers to invest in new infrastructure projects that reduce power consumption. For instance, in 2018, Saudi Cement partnered with GE to upgrade three turbines at its Saudi’s Hofuf plant. The project is expected to improve the overall efficiency of the turbines while reducing the power consumption from the grid supply. This trend will have a positive impact on the growth of the cement market in Saudi Arabia.
“Increase in the number of mergers and acquisitions and the resumption of cement exports will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Cement Market in Saudi Arabia: Segmentation Analysis
This market report segments the cement market in Saudi Arabia by application (residential and commercial) and geography (Central, Western, Southern, Eastern and Northern Saudi Arabia).
The Central Saudi Arabia region led the market in 2017, followed by the Western, Southern, Eastern, and Northern Saudi Arabia respectively. During the forecast period, the Central Saudi Arabia region is expected to maintain its dominance over the market. This is due to the strong presence of key players in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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