Posted On: 2018-07-23
Investment in the existing power transmission & distribution network coupled with the development of new power infrastructure to curb the increasing power demand would drive the demand for Load Break Switch and Recloser market in the Middle East region. Further, the Middle East countries are strengthening their non-oil sectors which includes setting up of new offices, residential units, education institutes, data centers, hotels, and manufacturing facilities. These initiatives would also act as some of the key growth drivers of the Load Break Switch and Recloser Market.
According to 6Wresearch, Middle East Load Break Switch and Recloser Market is projected to grow at a CAGR of 6.7% and 5.5%, respectively during 2018-24. The Load Break Switch and Recloser market in the Middle East region has experienced a slowdown in the wake of crash in oil prices in 2014. However, with growth in the construction sector along with the power and industrial sectors of several countries growing significantly, the market is back on the road to recovery. As a result, the demand for Load Break Switch and Recloser in the Middle East region is expected to rise at a healthy growth rate over the next six years.
According to Ravi Bhandari, Assistant Manager, 6Wresearch, "With development of the Power sector and strengthening of other social infrastructure areas, the market for Load Break Switch and Recloser is expected to benefit consequently over the coming years."
"Several countries have adopted plans, such as Saudi Arabia's Vision 2030, Turkey Vision 2023 and Qatar's National Vision 2030, to achieve all-round economic development over the next decade. Under these initiatives, huge development activities would be undertaken in the power sector which would have a positive impact on the growth of load Break Switch market", Ravi further added.
According to Prakhar Srivastava, Senior Research Analyst, Research and Consulting, 6Wresearch, "Saudi Arabia, Turkey and UAE are amongst the top market revenue shareholders in the Load Break Switch and Recloser market in the Middle East region. Further, development of the power sector and transportation infrastructure in these countries through projects such as Riyadh Metro, Doha Metro, Istanbul new Airport Phase 1 and Abu Dhabi Metro, would generate more demand for Load Break Switch and Recloser in these domains in future."
According to Vikrant Tomar, Research Associate, Research and Consulting, 6Wresearch, "The UAE World Expo 2020 and Qatar FIFA World Cup 2022 would prove to be the major drivers for the growth of Load Break Switch and Recloser market in the region. Multiple convention centers, exhibition centers, stadiums and related sports infrastructure would be constructed in these countries to prepare for upcoming mega-events."
Some of the major companies in the Middle East Load Break Switch and Recloser Market include - Schneider, Tavrida, GE and Eaton.
"Middle East Load Break Switch and Recloser Market (2018-2024)" provides an in-depth analysis with 230 figures and 25 tables, covered in more than 200 pages. The report estimates and forecast the overall Middle East Load Break Switch & Recloser market by revenue, types, countries and applications such as industrial and distribution power utilities. The report also offer insights on competitive landscape, company profiles, market drivers and restraints.