KSA package substation market to grow
Posted On: 17-02-2020
Growing energy demand, rising power transmission & distribution network, increasing infrastructure development activities, and shift towards power generation from renewable sources of energy are anticipated to drive the demand for package substation market in Saudi Arabia.
According to 6Wresearch, Saudi Arabia Package Substation Market is projected to reach $842.9 Million by 2022. Package Substation market in Saudi Arabia grew over the past five years on the back of increasing power requirements due to the growing population, infrastructure development, and rapid industrialization. Though, during the forecast period, the growth of the market is expected to decline owing to lower infrastructure spending due to lower oil prices.
According to Ravi Bhandari, Research Analyst, 6Wresearch, In Saudi Arabia, the industrial sector has captured major revenue share in the overall market, however, power sector revenues are expected to rise with the expansion of transmission and distribution network and the setup of new power plants in the country.
"Even though, the economy of the Kingdom has suffered majorly due to the collapse of global crude oil prices; the country is expected to bounce back post-2018 with the recovery of these prices. Public infrastructure projects, transportation, industrial cities, and power projects are expected to fuel the demand for package substation in Saudi Arabia," Ravi further added.
According to Anuj Sharma, Research Associate, Research and Consulting, 6Wresearch, "Package Substations with voltage rating less than 36KV are the main drivers of the market in Saudi Arabia, with sub-segment of voltage rating 13.8KV showcasing the major demand. Infrastructure development, power projects, and industrial expansion lined up in the forecast period are expected to fuel the market in Saudi Arabia," Anuj concluded.
Some of the major companies in the Saudi Arabia Package Substations market Include Al-Fanar, ABB, Schneider Electric, Siemens, and Lucy Electric, among others.
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