Westford USA, June 13, 2023 (GLOBE NEWSWIRE) -- The global GCC Industrial Pumps market size is expected to reach USD 13.52 billion by 2030 and exhibit a CAGR of 5.94% in the forecast period (2023−2030), according to Skyquest's latest research report. The growing Water and wastewater treatment, large oil and gas industries, increasing manufacturing and mining industry, and development in infrastructure are fueling the Market's growth.
Government Incentives and Market Trends to Promote the Use of GCC Industrial Pumps
At a global scale, increasing adoption of smart pumps, focus on energy efficiency, growing demand for aftermarket services, adoption of IIoT technology, and shift towards digitalisation are the trends that can help the market improve efficiency and reduce cost and cost enhance performance.
Several government initiatives, such as infrastructure development projects, economic diversification plans, water conservation initiatives, renewable energy initiatives and energy efficiency initiatives, are helping the market to achieve their goals.
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Centrifugal Pump Type Demand to Grow Substantially in the Forecast Period
Centrifugal Pump type dominated the global market owing to its use in water and wastewater treatment, oil and gas, and chemical processing. It is majorly used in water and wastewater treatment for water supply, wastewater collection and treatment processes such as filtration, reverse osmosis and desalination. The GCC region has been investing heavily in water and wastewater infrastructure. For instance, the Saudi Arabian government has invested USD 66 billion in water and wastewater projects to achieve 100% coverage of water supply and 90% coverage of wastewater treatment by 2040.
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Oil and Gas is the Leading Application Segment
In terms of application, the Oil and Gas segment is the leading segment due to its various applications in this industry, such as crude oil transfer, water injection, and gas processing. The crude oil transfer application is one of the major uses of industrial pumps in the oil and gas industry. It is used for the transfer of this crude oil from the production wells to the storage tanks and then to the export terminals. According to a report by SkyQuest, the GCC region is expected to add over 9 million metric tons per annum of LNG capacity by 2025, which will drive the demand for industrial pumps for LNG transfer applications.
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Saudi Arabia is the leading Market for Using Clean Energy
Region-wise, Saudi Arabia is one of the largest growing markets due to the increasing demand for industrial pumps in various industries, such as oil and gas, water and wastewater treatment, and construction. There are several government initiatives that are projected to drive the growth of the GCC industrial pumps market. For example, the Saudi government's Vision 2030 aims to diversify the economy and reduce the country's reliance on oil exports. This is expected to lead to an increase in infrastructure development, which will drive the demand for industrial pumps in the construction sector.
Browse in-depth TOC on " GCC Industrial Pumps Market "
Pages - 242
Tables - 88
Figures - 76
GCC Industrial Pumps Market Report Suggests:
- Graco Inc. has launched QUANTM, its latest electric-operated double diaphragm pump that boasts an innovative motor design up to 8X more efficient than traditional pneumatic pumps. With versatile applications, QUANTM is suitable for various industrial and hygienic purposes, including paint manufacturing, water treatment, chemical processing, food and beverage, and pharmaceuticals.
- In terms of application, the oil and gas segment dominated due to the various applications in the industry
- In terms of type, the centrifugal pump type segment is projected to gain more popularity due to its use in various applications
- Saudi Arabia followed by UAE is the leading market and will continue to exhibit dominance in the global market mainly due presence of major market players
GCC Industrial Pumps Market Segmentation:
The global GCC industrial pumps market report is segmented based on pump type, pump capacity, application, and region.
By Pump Type
- Centrifugal Pumps
- Positive Displacement Pumps
- Others
By Pumping Capacity:
- Small capacity pumps (<100 GPM)
- Medium capacity pumps (100-1000 GPM)
- High-capacity pumps (>1000 GPM)
By Application
- Oil and Gas
- Water and Wastewater
- Chemicals
- Construction
- Power Generation
- Others (food and beverage, pharmaceuticals)
By Region
- Saudi Arabia
- UAE
- Qatar
- Kuwait
- Oman
- Bahrain
GCC Industrial Pumps Market Major Company Profiles:
- Alfa Laval AB
- Atlas Copco AB
- Baker Hughes Company
- Danfoss A/S
- Ebara Corporation
- Flowserve Corporation
- Gardner Denver Holdings Inc.
- Grundfos Holding A/S
- ITT Inc.
- KSB SE & Co. KGaA
- National Pump Company
- Pentair plc
- Ruhrpumpen Group
- Schlumberger Limited
- SPX Flow Inc.
- Sulzer Ltd.
- The Weir Group PLC
- Wilo SE
- Xylem Inc.
- Yokogawa Electric Corporation
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