Middle East Switchgears Market To Reach USD 15.2 Billion By 2032 | DataHorizzon Research
The Middle East switchgears market size was valued at USD 11.6 Billion in 2023 and is expected to have a market size of USD 15.2 Billion by 2032 with a CAGR of 3.1%.
Fort Collins, Colorado, April 08, 2024 (GLOBE NEWSWIRE) --*Growing Energy Demand in the Middle East to Support Electrification Objectives*
The *Middle East switchgear market* experienced growth in 2023 driven by the region's growing energy demand. According to the International Energy Agency, the Middle East consumed approximately 23.1 EJ of energy in 2021, with a significant portion converted into fuels or electricity for final consumption. This trend underscores the increasing electrification ratio in the region, which is anticipated to propel demand for power generation. Notably, the total electricity production in 2021 reached approximately 1240 terawatt-hours (TWh).
Furthermore, the region's load growth and high transmission and distribution losses underscore the imperative to expand substations. Consequently, various substations' construction or anticipated commencement during the forecast period aims to meet the massive demand for electricity transmission. For instance, projects such as the Layla substation and Al Sanabl Substation in Saudi Arabia are expected to be commissioned in 2024. Similarly, commissioning 1,414 distribution substations operating at 11 kilovolts (kV) across Dubai in 2023 highlights the proactive approach to enhancing the region's electrical infrastructure.
Driven by rapid economic development and the escalating requirement for uninterrupted and reliable power supply, the Middle East is poised for a healthy growth trajectory in power demand over the forecast period. This demand surge underscores the critical role of investments in robust electrical infrastructure, including switchgear solutions, in effectively meeting the region's evolving energy needs.
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*Segmentation Overview:*
*The Middle East Switchgears market has been segmented into type, insulation, current, and application.*
*High voltage switchgear accounted for a significant market share in 2023*
Based on Type, the Middle East switchgear market segmentation comprises low, medium, and high voltage segments. The high voltage segment accounted for a significant market share in 2023. This can be attributed to their increased use in power plants. These switchgear have a capacity of over 40 kV and are used in utility applications, including water and electricity sectors.
*Utilities held a significant position and are projected to retain a higher stake in coming years*
Based on application, the Middle East Switchgears market is segmented into utilities, industrial, residential, and others. The utility segment held the largest market share in 2023, owing to the regional focus on modernizing and expanding its power infrastructure. In the utility sector, operating costs and costs for power supply breakdowns have a significant impact on the cost structure.
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*Middle East Switchgears Market Report Highlights:*
· The Middle East switchgears market growth is anticipated at a* CAGR of 3.1% by 2032.*
· Growing urbanization, industrialization, and a shift towards renewable energy sources are also acting as catalysts for switchgear market demand in the Middle East. Economic growth in the Middle East region is accelerating owing to increased state infrastructure spending.
· Middle East's economy is highly dependent on oil and gas prices. Price fluctuations can negatively impact investment in infrastructure development and power sector modernization.
· Some prominent players in the Middle East switchgears market report include Hitachi Energy Ltd., Schneider Electric SE, General Electric Company, NR Electric Co., Ltd, ABB Ltd., Toshiba International Corporation, Mitsubishi Electric Corporation, Siemens AG, Larson & Turbo Limited and Areva Inc.
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