Posted On: 2020-01-23
Saudi Arabia hold the largest market revenue share in the Middle East switchgear market in 2018– 6Wresearch
The switchgear market in Middle East is expected to witness moderate growth due to rise in construction of commercial and non-commercial projects, requiring widespread application of switchgear in the electrical infrastructure. Along with this, increasing focus on enhancing existing infrastructure and rising demand for renewable energy sources, would boost the market growth.
According to 6Wresearch, Middle East switchgear market size is projected to grow at a CAGR of 2.7% during 2019-25. The power sector of Middle East region is stable, marked by single-digit growth in GDP and electricity demand. Due to the past elections in some of the major economies of the region, potential effects of the new administration will be prevalent in energy policies. Moreover, the non-conventional renewable resources’ role would continue in the energy sectors across Middle East. Along with this, the price bids have also increased for solar and wind power in countries such as UAE and Saudi Arabia.
According to Akash Sharma, Research Analyst, 6Wresearch, “Low Voltage segment acquired the maximum revenue share, by voltage, on account of increasing construction of commercial buildings as medium voltage switchgears are majorly utilized in the residential and commercial sector. Secondly, increasing electricity consumption to satisfy the countries having the largest population and growing urbanization across several countries with development in the residential and commercial sector would benefit the switchgear market in terms of revenue in Middle East.”
According to Shubham Chaurasia, Research Associate, 6Wresearch, “Power utilities acquired the highest market revenue share, by applications, owing to recovering investor’s confidence due to stabilizing political situation would lead to more investment in the commercial and residential sector which will eventually accelerate the growth of switchgears in the Middle East market. Furthermore, increasing private participation in the electricity sector and linkage of power grids of various countries will also skyrocket the demand for switchgears in the region.”
Some of the major companies in Middle East switchgear market include Siemens AG, ABB Ltd., Schnieder Electric SE and General Electric.
"Middle East Switchgear Market (2019-2025)" report provides an in-depth analysis with 90 figures covered in 250 pages. The report estimates and forecast the overall Middle East switchgear market by voltage, insulation type, applications, camera and countries. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.