Government initiatives to reduce dependency of many countries in the Middle East region on the oil sector and to invest heavily in infrastructure development such as hotels, stadiums, offices and recreational facilities along with the strengthening of public service sectors such as education, recreation, tourism and health would open up new avenues for the application of low voltage switchgears over the coming years.
According to 6Wresearch, Middle East low voltage switchgear market size is projected to grow at a CAGR of 3.3% during 2019-25. Though oil & gas refineries and plants would continue to play an important role in the overall growth of Middle East countries, the efforts to diversify the economy by development of new public and private infrastructures in these countries would bode well for the growth of low voltage switchgear market in the region during the forecast period.
According to Chhavi Malpani, Research Analyst, 6Wresearch, "The residential and commercial verticals holds the maximum revenue share, by application due to the rapid urbanization being observed in these verticals across many countries. Further, owing to the construction of new office spaces, retail outlets and hotels, the commercial sector in the Middle East is also expected to witness a boom over the coming years."
"Moreover, growing number of international tourist arrivals would drive the hospitality industry in the Middle East region. With new hotels and other tourism related infrastructure being developed, the commercial application segment of low voltage switchgears would exhibit a healthy growth in the region during the forecast period," Chhavi further said.
According to Shivani Gupta, Research Associate, 6Wresearch, "UAE, Saudi Arabia and Qatar are the key revenue generators in the overall Middle East low voltage switchgear market. The construction of infrastructural projects under initiatives such as Saudi Vision 2030, Qatar National Vision 2030, World Expo 2020 and National Transformation Plan (NTP) would play a pivotal role in the overall development in this region."
Some of the major companies in the Middle East low voltage switchgear market include Schneider Electric, Siemens, Eaton, ABB, Alfanar and Larsen & Toubro.
"Middle East Low Voltage Switchgear Market (2019-2025)" provides an in-depth analysis with 165 figures and 53 tables covered in 297 pages. The report estimates and forecast the overall Middle East low voltage switchgear market by types, voltage, applications and countries. The report provides an unbiased and detailed analysis of the on-going 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.