Press Release Description

GCC Switchgear Market to Surge at a Steady CAGR of Around 5.05% During 2024-30

The GCC Switchgear Market is anticipated to grow at a CAGR of about 5.05% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The growing energy consumption by the exponentially rising population is the prime aspect surging the demand for a robust system like switchgear to manage & protect the facility from sudden triggers of energy flow and, in turn, driving the market across GCC countries. Besides, the mounting focus of governments of different regional countries on infrastructural developments, i.e., introducing numerous projects associated with the construction of residential, commercial, & industrial facilities, along with renovations of aging facilities, is also boosting the GCC switchgear market.

Intending to move away from fossil fuels, GCC nations like Saudi Arabia and the United Arab Emirates are actively pursuing renewable energy projects. These initiatives involve sizeable solar and wind endeavors aimed at diversifying their power sources. To achieve this transition smoothly, switchgear systems hold a critical role in integrating these renewables into electrical grids by effectively managing their intermittent output while ensuring grid stability in the coming years.

GCC Switchgear Market

In addition, several governments within the GCC have established policies and incentives aimed at promoting the use of renewable energy. These strategies incorporate mechanisms like feed-in tariffs, tax breaks, and regulations that mandate incorporating renewables to encourage investment in green infrastructure while simultaneously fostering demand for advanced switchgear solutions. As these nations pivot toward an eco-friendly future, there will continue to be a high dependence on dependable and effective switchgear systems, which provide manufacturers and suppliers with opportunities in this region.

Moreover, the growing establishment of power plants and the swift expansion of the manufacturing sector in GG countries are other crucial aspects projected to fuel the overall market growth through 2030, further states the research report, “GCC Switchgear Market Analysis, 2024.”

Segmentation Analysis

Air-Insulated Switchgear Holds a Major Share of the GCC Switchgear Market

Based on the insulation segment, the market is further bifurcated into Gas Insulated Switchgear, Air Insulated Switchgear, Oil Insulated Switchgear, and Vacuum Insulated Switchgear. Air-insulated switchgear holds a major share of the GCC Switchgear Market due to its ease of storage, superior operational efficiency, and safety measures when electricity flow is high. Its compact size has made it appealing for use in a range of settings, such as residential areas, corporate spaces, power distribution stations, and load centers. The affordability factor, coupled with lower carbon emissions, makes these systems an even more attractive option for potential buyers across GCC countries.

Additionally, features like easy construction, as well as low maintenance costs, are also contributing factors towards market growth for this type of equipment within GCC markets overall.

Saudi Arabia to Dominate the GCC Switchgear Industry

Saudi Arabia is set to dominate the Switchgear Market from 2024-2030, due to its government's emphasis on infrastructure expansion. This focus has resulted in a spike in construction projects such as airports, railway stations, residential areas, and business complexes, leading to an upsurge in demand for switchgear systems designed to protect against energy fluctuations. Additionally, the country is renovating aging properties, which will further fuel the requirement for new switchgear that can accommodate more complex electrical structures in the coming years.

Additionally, the different strategies aimed at achieving economic diversification, such as Saudi Vision 2030, Neom City, and the Red Sea project, are foreseen to increase electricity demand. This development is creating favorable opportunities for top market players to widen their product portfolios and address growing customer demands throughout Saudi Arabia in the future.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including General Electric, Hitachi, ABB, Siemens, Fuji Electric, Mitsubishi, Schneider Electric SE, Eaton, Alfanar, Al Ahelia Switchgear Co., and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping up across the GCC region?
  6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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