Posted On: 2020-04-10
Plugs wiring devices are expected to hold the largest market share in revenue terms during the forecast period – 6W research.
The growth in the non-oil sector is expected to drive the recovery of Saudi Arabia 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 Saudi Arabia's GDP in 2017 and is expected to swell up to 80% by 2021. All such factors would lead to the establishment of new industries in food processing, pharmaceutical, which in turn would drive the demand for wiring devices component in the Saudi Arabian region.
According to 6Wresearch, Saudi Arabia Wiring devices Market size is projected to grow at a CAGR of 3.4% during 2020-26. The overall demand for wiring devices is anticipated to grow as wiring devices are a necessary component in the electrical system of every building, whether it is commercial, residential or industrial. Growing construction activity in the country with around 5,000 projects in the development pipeline, due to rising population and growing urbanization, would lead to substantial growth in the Saudi Arabia wiring devices market revenues during the forecast period. Moreover, the rapid boost in the tourism industry would result in an increase in the hospitality sector which is bound to augment the demand for wiring devices over the coming years in Saudi Arabia.
According to Prithu Chawla, Senior Research Analyst, 6Wresearch, “The plugs segment dominated the wiring devices, by types segment in 2019 and is anticipated to continue dominating the Saudi Arabia wiring devices market on account of their high volume usage in various applications in the country during the forecast period.”
“The wiring devices 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.” Prithu Further Added
According to Siddharth Saxena, Research Associate, 6Wresearch, “The receptacle segment is anticipated to show the maximum growth during the forecast period as rising consumer spending on electronic devices along with a rising number of residential and commercial buildings would lead to an increased demand for receptacles over the coming years.”
“Saudi Arabia wiring devices market (2020-2026)" provides an in-depth analysis with 35 figures, covered in 70 pages. The report estimates and forecasts the overall Saudi Arabia wiring devices market by types. 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.