Posted On: 2019-12-11
Distribution transformers acquired majority of the revenue share in the overall power & distribution transformer market in Saudi Arabia- 6wresearch
Government plans to boost the installed power capacity of the Kingdom on account of yearly increase in electricity consumption due to growing population, replacement and reinforcement of existing distribution network infrastructure as well as implementation of smart grid technology are some of the key factors which are expected to revive the demand of transformers in Saudi Arabia. Further, growing focus towards renewable energy sector to meet future energy demand would also fuel the growth of transformer market in Saudi Arabia over the coming years
According to 6Wresearch, Saudi Arabia Power And Distribution Transformer Market revenues are projected to decline at a CAGR of 0.3% during 2019-25. The transformer market declined in terms of revenue as well as volume in past few years due to economic slump in the Kingdom. However, upcoming projects such as $500 billion NEOM City, $100 billion King Abdullah Economic City, $27 billion Jazan Economic City, $22.5 billion Riyadh Metro project and $1.4 billion GCC Power Grid Interconnection project would surge the demand for transformers across the country.
According to Kanika Arora, Research Analyst, 6Wresearch, "315.1 KVA- 5000 KVA and above 50 MVA power ratings transformer held majority of the revenue shares in 2018 for distribution transformers and power transformers respectively and are anticipated to maintain its dominance during the forecast period as these are extensively utilized in the power transmission and distribution networks".
"Amongst all the applications, the power utility segment held major of the revenue share in 2018 and is expected to maintain its dominance during the forecast period on account of government initiatives to strengthen and restructure power sector of the kingdom," Kanika further added.
According to Ravi Bhandari, Manager, 6Wresearch, "Saudi Arabia distribution transformer acquired majority of the revenue share in the overall transformer market of Saudi Arabia and the same trend is expected to continue during the forecast period as well.".
Some of the key players in Saudi Arabia power and distribution transformer market include- ABB Ltd., Siemens Ltd., Schneider, Alfanar, Wahah Electric Supply Company, United Transformers Electric Company, The Saudi Transformers Company Ltd. and Hyundai Electric and Energy Systems.
"Saudi Arabia Power and Distribution Transformer Market (2019-25)" provides an in-depth analysis with 47 figures and 8 tables covered in over 100 pages. The report estimates and forecast the overall Saudi Arabia transformer market by revenues, service & repair, volume, types, power ratings, cooling system, types of services offered, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.