Industry to touch nearly US$ 5bn in the next five to seven years
The Middle East industrial valve market is set to touch nearly US$ 5bn in the next five to seven years from the current US$ 2.5bn, on the back of the rapid infrastructure development across the region, growing at a CAGR of more than 6 per cent.
Showcasing the upcoming global expo, Valve World Expo 2024, a Messe Duesseldorf spokesperson said the Middle East was one of the largest markets for industrial valves in the world. Messe Duesseldorf is the organiser of the show, the largest globally for industrial valves.
“Despite the geopolitical instabilities of the larger region, with the huge infrastructure developments across the Middle East, particularly in the GCC, the demand for industrial valves have continued to grow exponentially. Oil and gas industry has always been a huge traditional buyer for industrial valves, but rapid development in sectors such as desalination and water treatment, power generation and other sectors has catalysed growth for the industry,” stated Friedrich Georg Kehrer, Global Portfolio Director, Messe Duesseldorf.
Key players
According to Global Market Insights (GMI), the key players in the Middle East in the uptake of valves are Saudi Arabia, the UAE and Egypt. In 2023, Saudi Arabia dominated the global industrial valve market with around 22.4 pr cent of market share. This trend will continue at a CAGR of 6.6 per cent through 2032, closely followed by the UAE at a rate of nearly 6 per cent.
According to a report by Market and Markets, the global industrial valves market will be to the tune of US$ 99.8bn in 2028, from US$ 80.4bn in 2023. Across Asia-Pacific, the market size for industrial valves will be to the tune of US$ 28.95bn by 2029, according to Mordor Intelligence. India and China will be key players in this market, with huge investments made by both the countries in infrastructure facilities.
Kehrer further said that the Valve World Expo 2024 offers Middle Eastern, as well as industrial stakeholders from the Asia-Pacific region, a huge potential procurement opportunity with over520 participants from 36 countries, including 429 international companies and 91 German, showcasing their state-of-the-art products in Dusseldorf from December 3-5, 2024.
Smart valve systems
The range of products showcased will also include smart valve systems that supports energy-efficiency and environmental protection, catering to the focus of the GCC countries on sustainability and reduction of carbon footprints.
“This also ties in with the ongoing digital transformation pursued by the industrial sector across the spectrum with the increasing adoption of smart valve technologies. This trend will further advance and valves with sensors and actuators will be in demand for safety, lower energy consumption, and sustainable operational efficiency,” affirmed Kehrer.
The expo will showcase a plethora of innovations and solutions for the global energy transition, construction industry, the wide area of water and sewage, the chemical and petrochemical industries, the shipbuilding and marine sector, food and pharma industries as well as the classic fossil fuel sectors of oil and gas.
European companies from Italy, UK, Spain and Turkey are strongly represented. Overseas exhibitors will be travelling from China, India, South Korea, Taiwan and the USA to Düsseldorf.
