Posted On: 2021-04-29
Portable type air compressor held the largest revenue share in 2020 in Qatar air compressor market - 6Wresearch
Qatar air compressor market witnessed negative growth in past years due to falling oil prices along with the economic blockade imposed by the governments of Saudi Arabia, UAE, Bahrain and Egypt. The uncertainties raised due to COVID-19 along with the drop in oil prices in 2020 had a negative impact on the complex infrastructure and energy projects leading to delay and default which would ultimately result in low demand for air compressor in 2021 as well. However, Qatar National Vision 2030 and National Development Strategy (2018-2022) are some of the initiatives that have been put in place to aid the economic growth of Qatar over the years. Such initiatives would accelerate the development across the oil & gas and industrial sectors of the country and would help increase the demand for air compressors in the country during the forecast period.
According to 6Wresearch, the Qatar Air Compressor Market size is projected to grow at a CAGR of 3.9 % during 2021-2027F. Presently, the northern region acquires the maximum share in the overall revenues of the air compressor market of Qatar on account of projects such as Barzan Gas Project, North Field Expansion and Lusail City in the northern region of the country. Further, the allocation of QR12 billion for 13 new housing areas and the mega water reservoir projects in the southern region of Qatar would be the main driver for the increase in demand for air compressor in the coming years.
According to Ravi Bhandari, Senior Manager Operations, 6Wresearch, “Based on applications, oil & gas sector registered the highest market share in the air compressor market for the year 2020 owing to the projects such as Barzan Gas Project and North Field Expansion which would lead to growth in demand for air compressors in the country. However, the construction sector is anticipated to witness the highest growth during the forecast period on account of projects such as Lusail City, Qetaifan Island North and the construction of two residential projects worth more than $1.37 billion by UrbaCon Trading and Contracting (UCC). These projects are expected to have a positive impact on the upcoming construction projects in the commercial and residential domain of the country stimulating the demand for air compressors in the country in the years to come.
According to Sarthak Bansal, Senior Research Analyst, 6Wresearch, “Based on types, portable air compressor accounted for the highest revenue share for the year 2020 as the majority of the demand from construction, manufacturing and healthcare sector were for portable air compressors owing to the handy features, compact design and movability convenience of portable air compressors.
Some of the major companies in the Qatar air compressor market include Ingersoll Rand PLC, Kaeser Kompressoren FZE, Atlas Copco AB, Gardner Denver FZE, FS-ELLIOTT CO., LLC and such other players.
“Qatar Air Compressor Market (2021-2027) report provides an in-depth analysis with 21 figures and 15 tables covered in 81 pages.” The report estimates and forecasts the overall Qatar air compressor market by revenues, types, sectors and regions. The report provides an unbiased and detailed analysis of the ongoing 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.