BURNABY, Canada, October 29, 2014 /PRNewswire/ --
Large Number of Upcoming Construction Projects are set to Contribute to Faucet Demand in Saudi Arabia Over the Next Five Years
According to the recently published report by TechSci Research "Saudi Arabia Faucets Market Forecast & Opportunities, 2019", the faucet market in Saudi Arabia is projected to witness exponential growth at a CAGR of around 15%in value terms during 2014-19. Major factors driving the demand for faucets in Saudi Arabia include growth in real estate sector due on the back of various construction projects in the country. The country has been witnessing significant increase in projects involving development of buildings, hotels, housing units, etc. In addition, due to significantly high per capita disposable income and lavish standard of living, demand for premium faucets featuring contemporary designs is increasing in the country.
The report reveals that a large number of construction projects are in execution in Saudi Arabia, which are expected to contribute to the demand for faucets in the country. For instance, the government of Saudi Arabia has planned to build 500,000 low-cost houses across the country. The report also that highest demand for faucets is emerging from the central region of the country. Western and eastern regions are other key demand generators for faucets in the Saudi Arabian market.
Further, emergence of significant number of green buildings, continuous introduction of more innovative and advanced technology faucets, where sensors faucets are becoming increasingly popular, and increasing adoption of more sleek and stylish designed faucets are major trends being witnessed in the Saudi Arabian market.
"RAK Ceramics, Saudi Ceramics, Delta Faucets and Chicago Faucets are the leading companies in the Saudi Arabia faucet market. However, new entrants are expected in future due to latent opportunities available in the country." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm." Majority of the demand for faucets is addressed through imports, primarily from the United States, China and India. However, Saudi Arabian customers are highly inclined towards buying high quality faucets that are mainly imported from European markets." added Mr. Karan Chechi.
"Saudi Arabia Faucet Market Forecast & Opportunities, 2019" has evaluated the future growth potential of faucet market in Saudi Arabia and provides statistics and information on market structure and industry behavior trends. The report also includes Saudi Arabia faucet market and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decision. Besides, the report also identifies and analyzes emerging trends along with key drivers, challenges and opportunities available in faucet market in Saudi Arabia.
About TechSci Research
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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SOURCE TechSci Research