The industrial valves market size in the Kingdom is estimated to be around $1.1 billion in 2023.
Asharqia Chamber, represented by the Investment and Studies Center, in cooperation with the Saudi-German Liaison Office at the Chamber, organized on Monday, September 9, 2024, the German-Saudi Symposium on Innovations in the Valve Industry, which was attended by a number of interested parties and business owners.
This was attended by the Chamber's Board of Directors Member Abdulrahman bin Muhammad Al-Bassam, the Vice President for Technical Affairs in charge of the National Water Company, Eng. Bandar Al-Harbi, the German Commissioner for Industry and Trade in Saudi Arabia, Bahrain and Yemen, Dr. Dalia Samra, and the Secretary-General of the Chamber, Abdulrahman bin Abdullah Al-Wabil.
During the opening of the symposium, Al-Bassam stressed that the valve industry has become of great importance to the Kingdom's economy, which is considered one of the largest producers of oil and fresh water in the world. Given the increasing demand for high-quality valve solutions, the industrial valve market in the Kingdom is estimated at about $ 1.1 billion in 2023 and is expected to continue to grow at a steady rate, supported by increased investments in the oil, gas, petrochemicals, water treatment and power generation sectors.
Al-Bassam said that the Kingdom's Vision 2030 aims to significantly stimulate the development of infrastructure. Based on this, the Kingdom is implementing major projects in the water desalination and energy sectors, as valves are essential components for controlling the flow of liquids and gases, and the valve industry in the Kingdom is expected to grow by more than 5% annually, with about 9,000 kilometers of pipelines for water distribution and major investments in energy and petrochemical plants. For her part, Dr. Samra pointed to the growth of bilateral trade between the two countries, which amounted to more than 20% during the period from 2022 to 2024, noting the interest of leading German companies in the valve industry in opening regional offices in the Saudi market to keep pace with the economic growth and major infrastructure plans currently being implemented by the Kingdom. She also said that the symposium witnessed remarkable interaction from interested parties and business owners in the two countries, as participants reviewed innovations in the field of valves and valve factories that were recently opened in the Kingdom, the opportunities available in this field, and the development of strategic partnerships.
