Rapid Industrialization as well as Increasing Emphasis on Development of Downstream Petroleum Sector would Spur the Growth of Saudi Arabia Industrial Boilers Market - 6Wresearch
Government initiatives such as Saudi Vision 2030 and National Transformation Plan 2020 have been put in place to develop the country's non-oil sectors including manufacturing, chemical and hospitality. Further, the government of Saudi Arabia is focused on changing the current industrial landscape of the country by taking steps such as expansion of several chemical & petrochemical complexes and setting up of new industrial cities; for instance, recent plans to develop $4.4 billion worth Saudi Aramco's Industrial Energy City. With an anticipated increase of around 150% in foreign direct investment by 2020 and rise in investors' confidence, the country's industrial boilers market would register substantial growth over the coming years.
According to 6Wresearch, Saudi Arabia Industrial Boilers market revenues are projected to grow at a CAGR of 5.0% during 2018-24. Non-condensing industrial boilers are more environment friendly, however their usage is limited in Saudi Arabia as end users are opting for more economical condensing boilers. Expansion of the existing petrochemical complexes such as $47 million Yanbu Refinery and petrochemical complex as well as $95 million Jubail refinery coupled with rise in exports of refined products are likely to surge the demand for industrial boilers.
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According to Ravi Bhandari, Assistant Manager, 6Wresearch, "The processing industry, which includes food & beverage, automobile, surface finishing, plastics, pharmaceutical, cement, fabrics, dyeing and textiles is expected to grow rapidly due to growing investments in these sectors. Continuous steam generation is a pre-requisite in processing industry for various processes and thus the demand for industrial boilers are expected to surge over the coming years."
"Saudi Arabia Industrial Boilers service market revenues are projected to grow at a CAGR of 3.7% during 2018-24 and is dominated by repair & maintenance services due to the constant need for repairing and maintaining industrial boilers - old or new," Ravi further added.
According to Akash Jain, Research Associate, 6Wresearch, "Low capacity industrial boilers ranging from 0.5-10 tonnes/hr dominated the market due to growing demand from hospitality, pulp & paper and construction sectors. Further, Saudi Arabia is poised to become an automotive manufacturing hub in the Middle East region with several companies set to launch their vehicle manufacturing facilities over the coming years."
"Oil fired industrial boilers are expected to dominate the market while natural gas fired boilers are anticipated to register maximum growth during the forecast period. Water tube industrial boilers are preferred by end users due to their high capacity, sound work efficiency (up to 90%) and better recovery than fire tube boilers", Akash concluded.
Some of the key players in Saudi Arabia Industrial Boilers market include- Thermax, Bosch, Cochran, Cleaver Brooks, Macchi, Amec Foster Wheeler and Hurst Boiler.
"Saudi Arabia Industrial Boilers Market (2018-2024)" provides in-depth analysis with 63 figures and 10 tables covered in 125 pages. The report estimates and forecast the overall Saudi Arabia Industrial Boilers market by capacity, type, fuel, types of services offered, end users and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
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