Saudi Arabia Electrical Market to Reach US$10.8 bn by 2023 owing to Increasing Construction Activiti
According to a new market report published by Transparency Market Research “Electrical Market - Saudi Arabia Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” the Saudi Arabia electrical market was valued at US$4,510.1 Mn in 2014 and is expected to reach US$10,856.8 Mn by 2023, expanding at a CAGR of 10.4% from 2015 to 2023. Increasing infrastructure investments and rising construction activities are the key driving factors for the growth of Saudi Arabia electrical market. The market has witnessed rising demand for cable management systems and low-voltage products. The growth of the energy generation, transmission and distribution infrastructure is propelling demand for these product segments in Saudi Arabia. Product innovation and new standards would trigger the replacement of pre-existing equipment and infrastructure with new, energy-efficient ones. This would further drive the growth of the Saudi Arabia electrical and lighting market over the forecast period.
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Small and medium-sized manufacturers are participating in mergers and acquisitions with leading manufacturers creating further opportunities for growth. In Saudi Arabia, European and Chinese manufacturers hold the majority share of the electrical market. Focus on increasing sales in emerging markets, strengthening and expanding the core business, targeted mergers and acquisitions, and focus on automation are a few of the key strategies adopted by leading players in the electrical market. In 2014, the low-voltage products segment was the largest in the Saudi Arabia electrical solutions market, accounting for around 53% of the total market for electrical solutions in 2014. Increasing smart grid infrastructure and companies’ focus on electrical distribution and transmission projects in the power and oil & gas sectors in Saudi Arabia drive the growth of this segment. Lighting control systems is expected to be the fastest-growing segment, recording a CAGR of 14.3% over the forecast period from 2015 to 2023.
Growing urbanization in Saudi Arabia is driving demand for this segment. The LED lighting market is expected to witness growth at a CAGR of 23.6% as demand for energy-efficient lighting systems is booming. In 2015, construction projects worth US$ 1.3 Tn were planned and are underway in Saudi Arabia. The study also provides an overview on the construction industry in Saudi Arabia. According to the report, the construction industry in Saudi Arabia is expected to expand at a CAGR of 8.9% over the forecast period from 2015 to 2023.
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