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Industrial Pumps Market in the GCC Region
Frost & Sullivan, Sep 2011, Pages: 73
The $944.3 million Industrial Pumps Market in the GCC to Reach $1,518.8 Million in 2017 at a Modest CAGR of 7.0 Per cent
Rapid Industrialization to Compensate for the Slowing of the Oil Industry
The low cost of oil and gas extraction in the GCC region coupled with the high price of oil have attracted investments in capital-intensive projects (heavy oil and sour gas). It has also given a leg up to gas production for internal consumption so that oil companies can gain wider margins by exporting extracted oil. The consequent frantic exploration and production activity has created a vast market for industrial pumps in the oil and gas industry. However, once the sheen of this industry wears off, the hectic pace of industrialization is expected to shore up the margins of industrial pump manufacturers. “The industries that are most likely to step into the shoes of the oil and gas sector are power generation, desalination and water and wastewater treatment,” says the analyst of this research. “The growing demand from non-oil and gas industries will not only increase the overall market revenues but also moderately reduce pump manufacturers’ dependence on any one industry.”
Considering a growing number of project orders are won by engineering, procurement and construction (EPC) contractors with regional presence in the GCC countries, pump suppliers prefer to deal directly with EPC contractors as separate accounts, rather than with a particular GCC country. “As individual markets, centrifugal pumps are expected to witness steady growth even as competitive pricing increases its impact on the profit margins of the numerous competitors,” notes the analyst. “Meanwhile, the PD pumps market is expected to grow by 7.6 per cent between 2011 and 2017, despite its limited applications, once pump suppliers ramp up their marketing efforts and American Petroleum Institute (API) requirements for certain applications are relaxed.”
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
Centrifugal Pumps
- Single stage radial flow
- Multi stage radial flow
- Axial and mixed flow
- Submersible
Positive Displacement Pumps
- Rotary
- Reciprocating
- Peristaltic
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