Low voltage panel boards are expected to hold the largest market share in revenue terms during the forecast period – 6W research.
Development of public infrastructure, government policies to support establishment of new industries as well as large-scale investment in the power sector are some of the key drivers for the growth of panel board market in Saudi Arabia. However, the market volume declined in the past few years due to lower government spending as a result of budget deficit on the back of falling crude oil prices.
According to 6Wresearch, Saudi Arabia Panel Board Market size is projected to grow at a CAGR of 4.1% during 2020-26. In Saudi Arabia, surface mount panel board would witness substantial growth owing to aggressive expansion of manufacturing facilities along with optimization of MV grids, along with improved efficiency level and high reliability index making the product more consumers friendly.
According to Prithu Chawla, Senior Research Analyst, 6Wresearch, “low voltage panel board hold the leading share in the overall market in revenue terms due to rising investments in residential and commercial establishments. Furthermore, the increasing government incentives and initiatives including national energy efficiency programs would increase the penetration of both low and medium voltage panel board in the Saudi Arabia panel board market.
“The growth in non-oil sector is expected to drive the recovery of Saudi Arabia panel board market over the coming years. For instance, according to the International Monetary Fund (IMF), the real GDP growth for Saudi Arabia recovered in 2018, after a near-stagnant phase in 2017. The implementation of the Vision 2030 Plan aims to increase the non-oil government revenues to $266 billion and the share of non-oil exports in non-oil GDP to 50% by 2030. Similarly, the non-oil sector contributes 70% to the Saudi Arabia' GDP in 2017 and is expected to swell up to 80% by 2021.” Prithu further added.
According to Siddharth Saxena, Research Associate, 6Wresearch, “The NIDLP outlines more than 300 initiatives which are expected to contribute SAR 1.2 trillion to GDP by 2030, by raising the combined share of the above four sectors to 33 percent by 2030. Such plans would lead to the establishment of new industrial units and the expansion and upgradation of already existing ones. This would lead to rising deployment of panel board component in the Saudi Arabia region.”
“Saudi Arabia Panel Board Market (2020-2026)" provides an in-depth analysis with 35 figures, covered in 70 pages. The report estimates and forecasts the overall Saudi Arabia panel board market by voltage, by mounting. 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.
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