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As of 2015, construction projects worth $1.30 trillion
are in the pipeline in the GCC region.

GCC thermal Insulation market to top $975m

NEW YORK, September 27, 2016

Driven by investments in construction of projects pertaining to sectors such as power, oil & gas, chemicals, etc., the demand for thermal insulation in the GCC is expected to cross $975 million by 2021, a report said.

Furthermore, extreme climatic conditions and favourable government policies will propel GCC thermal insulation market over the next five years, added the report entitled  "GCC Thermal Insulation Market By Type, By Application, By Country, Competition Forecast and Opportunities, 2011 - 2021"from TechSci Research, a research based global management consulting firm.

Owing to limited natural water resources, the GCC nations are heavily dependent on water desalination to cater the growing demand for water. Since the demand for water has outstripped the availability in the GCC region, desalination of seawater provides a substantial portion of the region's fresh water needs.

In 2014, desalination plants in the region have a total capacity of over 26 million cubic metre of water per day, which is equivalent to 36 per cent of global capacity in the same year. As desalination consumes considerable amounts of energy, extensive thermal insulation is required on appliances and piping, thereby aiding its market in the GCC region.

Saudi Arabia dominated the GCC thermal insulation market during 2011-2015, and the same trend is anticipated to continue over the next five years as well. Saudi Arabian government plans to build around 5,00,000 housing units in the country over the next five years by investing around $68 billion to ease housing shortage in the country. Further, ongoing commercial constructions like King Abdul-Aziz International Airport are expected to drive the demand for thermal insulation in the Kingdom through 2021. Fiberglass was the most preferred type of thermal insulation material in the GCC region in 2015.

"Per capita electricity consumption of the GCC nations is higher than the world average. Over the next few years, GCC nations are anticipated to emerge as the world leaders, in terms of per capita energy consumption,” said Karan Chechi, research director with TechSci Research.

“Oman, which accounts for the least per capita electricity consumption among the GCC nations, has almost twice the global average of per capita electricity consumption. The ability to reduce the energy flow across another material makes thermal insulation the key measure for energy saving.” – TradeArabia News Service




Tags: GCC |

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