Posted On: 2020-02-25
Low voltage switchgear acquired largest revenue share in the overall switchgear market of Saudi Arabia in 2018- 6Wresearch
Increasing infrastructural development activities, rapidly growing industrial sector along with expansion of the power transmission & distribution sector of the country are some of the key factors which would drive the demand for switchgears in Saudi Arabia. Moreover, reviving economic conditions due to changing government policies, establishment of special economic zones, etc. would further spur the demand of the switchgear market over the coming years.
According to 6Wresearch, Saudi Arabia switchgear market is projected to grow at a CAGR 3.7% during 2019-2025. Apart from diversification in the non-oil sector, the requirement of the development in the energy sector, particularly the upgradation of power and energy facilities, would surge the demand for switchgears in the country during the forecast period.
According to Kanika Arora, Research Analyst, 6Wresearch, “Power utility along with the industrial sector dominated the overall switchgear market of Saudi Arabia in 2018, particularly on account of past developments in the power sector of the Kingdom. Moreover, initiatives such as the $28 billion renewable energy funding initiative, would further drive the demand for switchgears in the power utility domain of the country. Moreover, the government’s efforts to diversify the industrial sector by taking various steps would surge the demand for switchgears in the respective domain. For instance, Saudi Industrial Development Fund (SIDF) allocated a total of $3.6 billion in 2019, out of which $2.6 billion was used to boost industrial sector.”
“By voltage type, low voltage switchgears acquired majority of the revenue share in the overall switchgear market of Saudi Arabia and is projected to maintain its dominant position over the coming years, majorly on account of its widespread deployment in residential, commercial and industrial sector.” Kanika further added.
Some of the key players in Saudi Arabia switchgear market include- ABB Ltd., Siemens Ltd., Schneider, Alfanar, Eaton, Larsen & Turbo, Hitachi, Lucy and Legrand.
"Saudi Arabia Switchgear Market (2019-2025)" report provides an in-depth analysis with 72 figures and 25 tables covered in over 140 pages. The report estimates and forecast the overall Saudi Arabia switchgear market by voltage, 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.