6Wresearch recently published a new report titled "Middle East Power & Distribution Transformer Market (2017-2023)" provides an in-depth analysis with 229 figures and 18 tables covered in more than 390 pages. The report estimates and forecast the overall Middle East power & distribution transformer market by revenues, volume, types, power rating, cooling system such as dry type and liquid type, applications such as power utilities and industrial as well as regions. The report also offer insights on competitive landscape, company profiles, market drivers and restraints.
Growth in public infrastructural development and construction activities on account of Dubai World Expo 2020, Qatar FIFA World Cup 2022, Saudi Vision 2030, Qatar National Vision 2030 and Dubai Plan 2021 are the key factors which are expected to drive the market of power and distribution transformers during 2017-23. Further, growing population is contributing to rise in electricity consumption which has resulted in the growth of power infrastructure, thus driving the Middle East transformer market. With depreciation in crude oil prices, the power and distribution transformer market in volume terms has declined, mainly due to slump in the construction market.
According to 6Wresearch, Middle East Power and Distribution Transformer market revenue is projected to reach $1.6 billion by 2023. Mega projects such as Riyadh Light Rail Transit, Lusail city (Qatar), Al Maktoum International Airport expansion, Al Raha Beach Development and ETIHAD RAIL (EMIRATES RAILWAY PROJECT) - Stage 2 would further increase the demand for power and distribution transformers in the region. Additionally, government initiatives to expand the power transmission and distribution network as well as allowance for economic diversification across the region to cater the growing electricity demand would fuel the growth of transformer market over the coming years.
According to Prakhar Srivastava, Senior Research Analyst, Research and Consulting, 6Wresearch, "Distribution transformers lead the overall power and distribution transformer market in volume terms on account of their high utilization in distribution network and industrial setup in the Middle East region."
"Whereas, power transformers holds minor share in volume terms but their market is expected to spur due to construction of new thermal, wind, solar, geothermal, gas-fired and coal-fired power plants across the Middle East region," Prakhar further added.
According to Raman Preet Singh Khera, Research Associate, Research and Consulting, 6Wresearch, "315.1 KVA - 5 MVA and 5.1 MVA - 50 MVA are the most commonly used power ratings for distribution transformers and power transformers in the region. Amongst all the applications, power utilities sector dominates the market."
"In the Middle East region, Turkey, Saudi Arabia, UAE and Iran are anticipated to hold major revenue share of the power and distribution transformer market. Over the next six years, countries such as Qatar, Oman, Jordan and Turkey are expected to witness substantial growth," Raman Preet further added.
Some of the major companies in Middle East Transformer market include- ABB, GE, Hyundai, Siemens, Emirates Transformers & Switchgears and Saudi Transformers Company.
Media Courtesy : Naija Tech Guide