Saudi Arabia Switchgear Market
Saudi Arabia Switchgear Market to Grow at a CAGR of 5.9%
Published | 13 September 2022
Saudi Arabia switchgear market is expanding on the back of the country’s power utilities industry, rapidly increasing number of mega infrastructure projects, and massive petrochemical sector.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, forecasts Saudi Arabia switchgear market to grow at a CAGR of 5.9% between 2022 and 2028. A majority of the market's sales are expected to come from the power utilities industry in the country.
Saudi Arabia Switchgear Market – Technology Advancements
The Saudi Arabian government wants to increase the proportion of renewable energy sources in the country's overall energy mix. This would spur the creation of various power projects and meet the demand for growth in the relevant industry. However, it is anticipated that the commercial and industrial categories will have significant market expansion over the coming years.
Increasing Demand from Booming Infrastructure Projects
Due to the growing industrialization, the Saudi Arabia switchgear market is anticipated to pick up steam in the coming years. The market is expanding at a moderate growth rate, thanks to the country's booming petrochemical sector and enlarging infrastructure. One of the major reasons contributing to the growth of the market is the Saudi Arabian government's increasing efforts to build the infrastructure for renewable energy sources. The Saudi Arabia Switchgear Market is expanding at a rapid rate thanks to the country's booming petrochemical sector and expanding infrastructure.
Saudi Arabia Switchgear Market - By Type
The market can be divided into categories based on type, including air, gas, solid dielectric, and others. Since this switchgear is available for horizontal or vertical mounting and can be utilized in corrosive/wet environments at any altitude, the solid dielectric type is anticipated to see the largest growth in the market during the forecasted years.
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Saudi Arabia Switchgear Market - By Installation
Enhancing Outdoor Installation Segment Through Sustainable Operation in Extreme Weather - The market is split into indoor and outdoor sections depending on the installation. Due to its capacity to operate reliably and affordably under extreme weather conditions, the outdoor installation sector is expected to account for a sizable portion of the market. Due to its small design, high durability, simple maintenance, safe and secure functioning, and other operational advantages, the interior segment is expected to expand significantly. Along with functional requirements, weather, ventilation, and other factors largely determine the site criteria.
Saudi Arabia Switchgear Market - By Voltage
The market can be divided into three segments based on voltage: up to 15 kV, 15–25 kV, and 25–38 kV. Due to the growing infrastructure development and investments in the transmission and distribution network, the 25-38kV sector is anticipated to hold a sizable market share during the projection period. Due to rising building activity and the installation of renewable energy sources, Lucintel projects that low voltage switchgear will continue to be the largest sector and increase at the fastest rate during the projected period. Within the switchgear industry, utilities will remain the largest end-use market due to the continuing expansion in electrical infrastructure to supply growing electricity demand. The projection period is likely to have the greatest growth in switchgear for residential end-use, driven by accelerating urbanization and electrification.
Impact of COVID-19 on Saudi Arabia Switchgear Market
The COVID-19 spread further demonstrated a decline in the demand for power from the industrial and commercial sectors as it pulled China, India, and other countries towards a lockdown. The utilities spending for investing in grid improvements has decreased rapidly as more nations have announced lockdowns to stop the COVID-19 spread. Additionally, COVID-19 had an impact on the swtichgear market's overall product demand, causing a decline in power investment projects across varied applications. The COVID-19 outbreak forced several companies in the power sector across regions to shut down their production facilities and processing industries as countries get closer to going into complete lockdown to stop the COVID-19 outbreak. Companies all around the world have delayed big power projects, investments, and acquisitions, which has slowed the market's expansion. Additionally, the COVID-19 epidemic had an impact on current projects and planned investments in the electricity sector.
Due to its technological and financial advantages over air-insulated switchgear, gas-insulated switchgear currently holds a monopoly on the Saudi Arabian switchgear market. Due to the growing demand for such switchgear in the industrial and power utility sectors, high voltage switchgear has also amassed a massive revenue share.
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