Saudi Arabia's Switchgear Market Set to Surge at 4.4% CAGR Amidst Ambitious Renewable Energy Goals and Unprecedented Infrastructure Development
Saudi Arabia Switchgear Market Shipment Analysis registered a decline of -37.26% in value shipments in 2021 as compared to 2020 and an increase of 10.56% CAGR in 2021 over a period of 2017. In Switchgear Market Shipment Analysis Saudi Arabia is becoming less competitive as HHI index in 2021 was 4974 while in 2017 it was 1060. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the Market Shipment Analysis while a large index number means less numbers of players or countries exporting in the Market Shipment Analysis.
Saudi Arabia Switchgear Market Synopsis
Saudi Arabia Switchgear Market grew at a significant rate during the period 2019-2022 on account of residential, commercial and other infrastructure developments. However, market got affected in 2020 by the COVID-19 pandemic, which caused disruptions in the supply chain and brought a temporary halt in construction activities. Although, burgeoning infrastructure in the region would drive the market for switchgear. For instance, in September 2023, country has announced project worth over SR65 billion ($17.3 billion) in the housing sector and also, the government’s aim to established the nation as manufacturing hub in order to diversify the economy from oil to non-oil would introduce more industrial construction in coming years which, therefore, is expected to boost the demand for switchgear in the years ahead.
According to the report, Saudi Arabia's Switchgear market size is anticipated to grow at a CAGR of 4.4% respectively during 2023-2029. Under, National Renewable Energy Program, nation aims to generate 50 percent electricity through renewable sources by 2030 and the achievement could be seen with launch of solar and wind projects in the power utility sector. For instance, Al-Shuaibah 2.6 GW solar project along with 13 ongoing renewable energy projects with a collective capacity of 11.3 GW would be witness by the country in the coming years which would propel the demand for switchgear. Additionally, Saudi Arabia would see the development of 71 schools and education complexes, mega-projects such as Amaala, Qiddiya, King Salman Park, New Murabba, Red-Sea project which would be featuring residential units, commercial development such as hotels, malls, retail spaces and other entertainment related infrastructure during the forthcoming years and thus, would contribute to the growth of switchgear market.
Market by Voltage
Low voltage Switchgear has accounted highest revenue share in Saudi Arabia switchgear market owing to its wide usage in residential, commercial and other sectors. Further, growing demand for residential units, such as Northwestern Red Sea Coast project spread over 3,300 square km includes 2,500 luxury hotel rooms and 700 residential villas. establishment of commercial offices, hotels including Addition of 24,550 and 15,000 hotel keys in Riyadh and DMA by 2024 would create more demand for low voltage switchgear in Saudi Arabia market.
Market by Insulation
MCCB accounted for the highest revenue share and same is expected to continue in the upcoming years on the back of upcoming mixed-use projects such as Northwestern edge of Saudi Arabia, Southwest Riyadh. Moreover, upcoming hotel projects Sindalah project, Trojena project 2026 and others would also add a growth in the market share of MCCB.
Market by Applications
In switchgear market of Saudi Arabia, Power Utilities sector followed by Industrial Sector has acquired major revenue share on the back of government plans to develop 30 solar and wind projects with $50 billion program along with rising industrial projects such as the nation has signed five agreements worth more than $11.4 billion in 2023 for the construction of key industrial projects in the cities of Ras Al Khair and Yanbu would boost the demand for switchgear products in power utilities and industrial sector during forthcoming years.
Key Attractiveness of the Report
- COVID-19 Impact on the Market
- 11 Years Market Numbers
- Historical Data Starting from 2019 to 2022
- Base Year: 2022
- Forecast Data until 2029
- Key Performance Indicators Impacting the Market
- Major Upcoming Developments and Projects
Key Highlights of the Report
- Saudi Arabia Switchgear Market Overview
- Saudi Arabia Switchgear Market Outlook
- Saudi Arabia Switchgear Market Forecast
- Historical Data and Forecast of Saudi Arabia Switchgear Market Revenues for the Period 2019-2029F
- Historical Data and Forecast of Saudi Arabia Switchgear Market Revenues, By Voltage, for the Period 2019-2029F
- Historical Data and Forecast of Saudi Arabia Switchgear Market Revenues, By Applications, for the Period 2019-2029F
- Historical Data and Forecast of Saudi Arabia Switchgear Market Revenues, By Insulation, for the Period 2019-2029F
- Market Drivers and Restraints
- Industry Life Cycle
- Porter’s Five Force Analysis
- Market Trends
- Saudi Arabia Switchgear Market Revenue Share, By Companies, 2022
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
Market Scope and Segmentation
The report provides a detailed analysis of the following market segments:
By Voltage
- Low Voltage Switchgear
- Medium Voltage Switchgear
- High Voltage Switchgear
By Insulation
- Low Voltage Switchgear
- Medium Voltage Switchgear
- High Voltage Switchgear
By Applications
- Residential
- Commercial
- Industrial
- Power Utilities
- Transportation and Infrastructure
Table of Contents
1. Executive Summary
Companies Mentioned
- ABB Ltd.
- Alfanar Group
- Eaton Corporation
- HD Hyundai Electric
- KFB Holding Group
- Lucy Electric
- Mitsubishi Electric Corporation
- Musaid Switchgear Factory Company Ltd.
- Schneider Electric
- Siemens AG
