The Middle East Conveyor Belts Market Is Estimated To Witness High Growth Owing To Rapid Industrialization
SWOT Analysis
Strength:
- The market has strong growth prospects due to growing industrialization and modernization of warehouses and distribution centers in the region.
- Increasing mining and oil & gas activities in countries such as Saudi Arabia and UAE is driving the demand for conveyor belts.
- Presence of widely recognized players offering a variety of conveyor belt solutions.
Weakness:
- High dependence on oil & gas industryexpose the market to volatility in crude oil prices.
- Political instability and security issues in certain countries of the region hampers the growth of the market.
Opportunity:
- Untapped growth opportunities in emerging industries such as food processing, automotive and construction providescope for market expansion.
- Modernization and expansion of airports offer potential for conveyor belt manufacturers.
Threats:
- Threat of substitution from alternative material handling equipmentssuch as hydraulic systems.
- Stiff competition from local and international players impacts the pricing strategies of vendors.
Key Takeaways
Global Middle East Conveyor Belts Market Size is expected to witness high growth, exhibiting CAGR of 4.2% over the forecast period, due to increasing industrialization and rapid infrastructure development activities across various industries.
Regional analysis:
Saudi Arabia dominates the Middle East conveyor belts market owing to increase in oil & gas activities and expansion of airports and seaports in the country. Further, the UAE market is growing at highest pace propelled by large-scale investments in infrastructure projects, logistics, mining and tourism sectors.
Key players:
Key players operating in the Middle East conveyor belts market are Al Kuwaiti Industrial Solutions, Ziligen A.S., Arabian Universal, Semperit AG Holding, Bridgestone Corporation, Schieffer Magam Industries Ltd., ContiTech AG (Continental AG), Phoenix Conveyor Belt Systems Gmbh, Derby Conveyor Belt Industry and Trade Inc., Kale Conveyor, FaBa Commercial Services, and Fenner Dunlop Conveyor Belting.
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