Saudi Arabian uninterruptible power supply (UPS) systems market revenues are projected to grow at a compound annual growth rate (CAGR) of 4.5 per cent during 2018 to 2024, according to report by 6Wresearch, a leading market intelligence and advisory centre.
Significant growth in the IT and SME sectors of the country along with an expected increase in data centre spending over the next few years would be the key driving factors behind the growth of UPS systems market in the kingdom, said the report titled "Saudi Arabia Uninterruptible Power Supply (UPS) Systems Market (2018-2024)".
The report estimates and forecast the overall Saudi Arabia UPS Systems market by revenues, volume, rating, regions and applications such as commercial, industrial and residential.
The report also offer insights on the competitive landscape, company profiles, market drivers and restraints.
After experiencing financial turmoil over the past few years, the Saudi Arabian economy is back on the road to recovery. With ambitious plans in place such as Saudi Vision 2030, the country is set to witness construction of new hospitals, offices, retail spaces and education institutions over the coming years.
Additionally, growing number of data centres, SMEs as well as other commercial utilities in the country is expected to boost the growth of uninterruptible power supply (UPS) systems market in Saudi Arabia at a modest rate during the forecast period.
Ravi Bhandari, assistant manager, 6Wresearch, said: "Lower rating UPS systems are used predominantly in the Saudi Arabian market due to their widespread applicability in the commercial and industrial sectors."
"Increasing penetration of ATMs, growing number of modern retail outlets along with development of other such public utilities would generate more demand for lower rating UPS systems in future," he said.
"The commercial sector application of UPS systems is expected to grow substantially on account of government emphasis on strengthening the country's social infrastructure which includes offices, retail spaces and hotels," he added.
According to Rachit Gulati, research associate, research and consulting, 6Wresearch, said: "Over the next six years, as the kingdom continues to diversify its economy, a number of economic city projects such as the Knowledge Economic City, Jazan Economic City and the King Abdullah Economic City are expected to boost the development of the commercial sector in Saudi Arabia and are predicted to have a positive effect on the growth of the UPS systems market in the country."
"The Central and Western regions in Saudi Arabia holds majority of the market revenue share in the overall UPS systems market, this is primarily due to large number of commercial offices, education institutes, and hotels in these regions," he added.
Some of the major companies in Saudi Arabia uninterruptible power supply (UPS) systems market include - Schneider Electric SE, Vertiv Co., Socomec Middle East, Eaton Corporation and ABB Ltd, it stated. - TradeArabia News Service
Media Source : Trade Arabia