20 June, 2016
Saudi Arabia is the leading switchgear market in the GCC region attributed to large scale investments in power transmission and distribution sector along with regional interconnection of transmission networks. Further, increasing penetration of private players in power sector, growing infrastructure expansion activities in industrial and commercial verticals are some of the factors contributing to the demand for switchgear in the country.
According to 6Wresearch, Saudi Arabia's Switchgear Market is projected to reach $2.9 Billion by 2022. Over the last five years, Saudi Arabia exhibited key deployment of switchgears across various verticals predominantly power utilities and industrial; nearly 28 industrial zones, 3 industrial cities and commencement of regional transmission interconnection proliferated the growth of switchgear market. Over the next six years, Saudi Arabia to witness over $140 billion worth industrial projects, coupled with $70 billion worth investments in power sector.
According to Prijo Samuel, Senior Research Analyst, Research and Consulting, 6Wresearch, "Gas insulated switchgear segment accounted for key revenue share in overall Saudi Arabia's switchgear market. This was primarily due to its numerous advantages such as compact size, encapsulation and low maintenance over other type of switchgears.
"In the overall market, high voltage switchgear bagged the largest share of the market revenue owing to increasing investments from GCC countries to develop interconnected power grid project and also shift in the government's focus towards renewable energy," Samuel further added.
According to Rishi Malhotra, Research Associate, Research and Consulting, 6Wresearch, "Amongst all verticals, power utilities, commercial and industrial verticals are the leading revenue contributing verticals in Saudi Arabian switchgear market. Power utilities vertical would continue to dominate the market over the next six years due to the need for developing more sophisticated transmission and distribution network across the country.
"Major upcoming economic cities, Mass Rapid Transit, Haramain High Speed Rail and Light Rail Transit projects, expansion and construction of railways, airports and seaports would drive the market for switchgears in Saudi Arabia", Rishi concluded.
The major players in Saudi Arabia switchgear market include - Al Fanar Company ltd, ABB ltd, Crompton Greaves Ltd., General Electric Co, Hitachi Ltd., Hyundai Heavy Industries Co. Ltd., Hyosung Corporation, Larsen & Toubro Limited, Schneider Electric SE and Siemens AG.
-Ends-
© Press Release 2016
