San Francisco, California, May 18, 2015 (GLOBE NEWSWIRE) -- The Middle East switchgears market is expected to reach USD 4.64 billion by 2020, according to a new study by Grand View Research, Inc. Increasing demand for electricity in the region is expected to favor market growth over the forecast period. Switchgears are used in electrical systems to minimize failure and effects of fault currents.
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Gas insulated switchgears are gaining momentum over air insulated switchgears owing to their economic benefits and efficiency. Technological advancements to minimize environmental impact and device miniaturization may also drive the Middle East switchgears market. Need for ensuring safety and rapid economic development is expected to favor market growth over the forecast period. However, significant price cuts owing to intense competition are expected to pose a challenge to the Middle East switchgears market.
Further key findings from the study suggest:
- Medium and high voltage switchgears are expected to grow at a considerable rate over the next six years and are increasingly used in utilities and industrial applications. Low voltage switchgears are primarily used in residential applications and power distribution systems. High voltage switchgears are expected to be the key product segment over the next six years.
- Utilities accounted for over 40% of the Middle East switchgears market in 2013, and are expected to grow at a considerable rate over the forecast period. Growing need for reliable power supply to support economic growth is the primary driver for the utilities market. Increasing concerns to avoid water wastages in the region is positively contributing to market growth. The oil and gas industry is expected to primarily contribute to industrial application growth.
- Saudi Arabia is estimated to be the largest region and accounted for over 40% of the overall Middle East switchgears market in 2013. Economic growth in Saudi Arabia across various sectors such as power, infrastructure, petrochemicals and water & waste water is favoring the Middle East switchgears market. UAE and Qatar are expected to grow at a considerable rate over the forecast period. Rapid infrastructure developments in these countries are expected to contribute to market growth.
- Key market participants include ABB Ltd, Bharat Heavy Electricals Limited (BHEL), Alstom, Crompton Greaves, Siemens AG, General Electric, Schneider Electric etc. Cost effective products and after sales services are expected to be a critical success factor for industry participants. ABB Ltd. serves various industries including mining, oil & gas, nuclear power, wind power, marine etc., and is a major player in the Middle East switchgear markets. Siemens AG offers switchgears for industrial, utility and residential sectors. In April 2013, Siemens signed a contract with Qatar Petrochemical Company (QAPCO) to supply new switchgear at its facility in Mesaieed.
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For the purpose of this study, Grand View Research has segmented the Middle East switchgears market on the basis of product, application and region:
Middle East Switchgear Product Outlook (Revenue, USD Million, 2012 - 2020)
- Low Voltage
- Medium Voltage
- High Voltage
Middle East Switchgears Application Outlook (Revenue, USD Million, 2012 - 2020)
Middle East Switchgears Regional Outlook (Revenue, USD Million, 2012 - 2020)
- Saudi Arabia
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research