Posted On: 2020-04-10
Sandwich busway is expected to hold the largest market share in revenue terms during the forecast period – 6W research.
The massive infrastructure development and growing population in Saudi Arabia are leading to a rise in power requirements. With initiatives to promote clean energy, the government is focusing on renewable energy resources to meet the power demand. In 2019, the government of Saudi Arabia revised its target of renewable power generation upwards to 70%, displaying the country’s ambitious plans for increasing the penetration of renewable power sources would have a substantial impact on the busway market.
According to 6Wresearch, Saudi Arabia Busway Market size is projected to grow at a CAGR of -0.1% during 2020-26. Busway would grow owing to increasing commercial and industrial infrastructure in the country, coupled with the growing trend of using busbar for electrification networks in factories and manufacturing units. Moreover, ever-increasing fire incidents in commercial and manufacturing establishments have raised a concern in the country, which increases the scope for technological advancement in the electrical transmission involved in the establishment mentioned above; these factors would spur the demand for bus duct trunking systems in the country over the coming years. The busway market in the region registered a decline during the first half of 2020 on account of the global economic slowdown caused by COVID-19, however, the aforementioned market is expected to recover post-2020 as the economy recovers after this pandemic.
According to Prithu Chawla, Senior Research Analyst, 6Wresearch, “The sandwich insulated bus duct trunking segment acquired significant revenue share in the overall Saudi Arabia bus duct trunking system market in 2019 and would continue to dominate the market during the forecast period due to increasing trend in the installation of busway in the industrial sector due to more fire-resistant capacity than its substitutes. Moreover, an increasing number of upcoming projects in the commercial sector across the Kingdom of Saudi Arabia would have a positive impact on the aforementioned product in the market.
“Commercial and industrial domains account for significant busway application due to efforts from private and public associations for bringing infrastructural growth in the aforementioned sectors, which triggered the demand for electrification solutions for construction sites, preferably by the implementation of the busway.” Prithu further added.
According to Siddharth Saxena, Research Associate, 6Wresearch, “High power range bus duct system dominated the market revenue share in 2019 on account of growing industrialization in Saudi Arabia. However, low and medium power range are anticipated to grow in the forecast period, owing to increasing transportation infrastructure and commercial sector in the Kingdom of Saudi Arabia.”
“Saudi Arabia Busway Market (2020-2026)" provides an in-depth analysis with 35 figures, covered in 70 pages. The report estimates and forecasts the overall Saudi Arabia busway market by insulation, by power range, and by the conductor. 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.