Emerging IT/ITeS market, rising SME sector, growing data center spending as well as booming tourism and hospitality sectors will drive Saudi Arabia's UPS (uninterruptible power supply) market revenue to grow at a CAGR (compounded annual growth rate) of 4 per cent during 2017-23, a report said.
With spending on data centers to grow around 10 per cent by 2019, expansion of data centers seems promising in near future, added the report titled "Saudi Arabia UPS Market (2017-2023)" from 6Wresearch, a global market research and consulting firm.
Additionally, IT spending in Saudi Arabia is expected to cross the mark of $7 billion in 2017. Furthermore, 7,000 new economy hotel rooms are likely to develop by 2021, with new brands harnessing the potential of Saudi Arabia's growing tourism and hospital sector in the wake of vision 2030.
Rishi Malhotra, senior research analyst, 6Wresearch, said: "In Saudi Arabia UPS market, small rating (less than 5KVA) and (5.1KVA-20KVA) UPS captured significant revenue share of the market pie. Increasing acceptance amongst small and medium enterprises is one of the prime factors, which is driving the market for small rating UPS in the country."
"Over the next six years, small rating UPS market is expected to maintain its leadership as office space is likely to pick momentum especially in Riyadh as the Kingdom is looking forward to diversify its economy. For instance, The King Abdullah Financial District would be one of the key factors for the development of the Riyadh Commercial Market," he added.
Sachin Agarwal, research associate, Research and Consulting, 6Wresearch, said: "Amongst all applications, the commercial segment contributed significant market demand for UPS in the country, wherein commercial offices generated majority of the revenue share and would continue to post substantial growth over the coming years.
"Additionally, in Saudi Arabia, Central and Western region held significant revenue share for UPS market in the country, owing to greater number of commercial offices, hotels, and universities in these regions."
Some of the major companies in Saudi Arabia industrial pumps market include - ABB Ltd, Arabian Power Electronics Company, Eaton Corporation Plc., Schneider Electric SE, Socomec Middle East and Vertiv Co.
The report estimates and forecast the overall Saudi Arabia UPS market by revenues, volume, rating, regions and applications such as commercial, industrial and residential. The report also offers insights on competitive landscape, companies benchmarking, company profiles, market drivers and restraints. - TradeArabia News Service
Media Source: Trade Arabia