DUBLIN--(BUSINESS WIRE )--The "Saudi Arabia Air Compressor Market Outlook: Market Forecast By Types, By Technology (Rotary, Centrifugal, Reciprocating), By Lubrication, By Applications, By Regions And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Saudi Arabia Air Compressor Market size is projected to grow at a CAGR of 3.6% during 2021-2027F.
The report provides an unbiased and detailed analysis of the on-going Saudi Arabia air compressor market trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
Saudi Arabia Air Compressor Market Synopsis
In the recent past, Saudi Arabia air compressor market showed a decent growth on back of projects in oil & gas sector, industrial development, and growing construction sector over the years. Additionally, government reforms and mega developmental projects announced by the government in sectors such as educational institutions, hotels and office spaces are propelling the demand for air compressors in Saudi Arabia.
Moreover, reviving economic conditions due to changing government policies, establishment of special economic zones would further drive the demand for air compressors in the country over the coming years. However, the outbreak of the COVID-19 pandemic resulted in decline in the market revenues during the year 2020 as a result of the falling demand from the construction and manufacturing sector due to halt in the business operations owing to the stringent lockdown imposed across the country.
Moreover, the supply chain across countries got disrupted due to the locked borders of exporting countries. Despite of the decline in market revenues during 2020, recovery is expected in market revenues by 2021, with gradual opening of economic activities and restart of construction projects.
Saudi Vision 2030 is one of government mega initiatives which aims at developing and strengthening public service sectors such as healthcare, education, and infrastructure. The fulfilment of these initiatives would require the application of air compressors on large scale, and this would further spur the market growth for air compressors in the country.
The Eastern region occupies maximum share of air compressor market due to the presence of major oil companies such as ARAMCO and SABIC. Moreover, ongoing and upcoming infrastructural advancement are escalating the growth of air compressor market in Saudi Arabia.
In terms of Applications, Oil & gas sector in Saudi Arabia is expected to exhibit strong growth during the forecast period (2021-27) on account of various upcoming petrochemical and oil and gas projects. Additionally, upcoming projects such as SABIC - Oil-To-Chemicals Plant worth $30 Billion would be the primary reasons behind the dominance of oil & gas sector in the air compressor market in the country.
In terms of Technology, Rotary air compressor is anticipated to witness healthy growth in the forecast period. Further, petrochemical projects such as Jizan Refinery Project and COTC (a crude-oil-to-chemicals project) along with upcoming construction projects in commercial, residential, and healthcare sectors, would surge the demand for centrifugal air compressors in the country in the forecast period (2021-27).
Key Highlights of the Report
The report provides a detailed analysis of the following market segments:
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900