Saudi Arabia circuit breaker market revenues are projected to grow at a compound annual growth rate (CAGR) of 5.9 per cent during 2018 to 2024, according to a new report by 6Wresearch, a global market research and consulting firm.
The report, titled "Saudi Arabia Circuit Breaker Market (2018-2024)", provides an in-depth analysis with 76 figures and 28 tables, covered in more than 150 pages. The report estimates and forecast the overall Saudi Arabia circuit breaker market by revenue, insulation type, service type, regions and applications such as residential, commercial, industrial, power utilities and others.
The report also offer insights on competitive landscape, company profiles, market drivers and restraints.
Increasing dependency on non-oil revenues is one of the main objectives of the current Saudi Arabian government. As per this objective, initiatives are underway to develop the country's social infrastructure including education, hospitals, offices and retail spaces along with construction of a plethora of transportation projects, said the report.
Stimulus package worth $19 billion dollars has been announced by the government in an attempt to strengthen the country's private sector. As the economy of Saudi Arabia continues to strengthen, the demand for electrical devices such as circuit breakers is expected to witness substantial growth during the forecast period.
However, as a result of the subdued government spending after 2014, crude oil price crash can still be felt as many projects went on hold or were shelved in 2017, thereby putting an upper limit on the growth of the circuit breaker market.
Projects such as $22.5 billion worth Riyadh Metro Project and $7 billion Knowledge Economic City Project are slated for completion in the next decade and would contribute in improving the infrastructure and transportation sectors of the country.
Government initiatives such as the Saudi Vision 2030 and the National Transformation Plan 2020 would help boost Saudi Arabia's residential, commercial and power utilities sectors with the development of new houses, hotels, economic cities, entertainment cities and power plants which would subsequently increase the demand for circuit breakers during the forecast period.
Ravi Bhandari, assistant manager, 6Wresearch, said: “Residential and power utilities are the key revenue generating segments in Saudi Arabian circuit breaker market due to high utilisation of low voltage and high voltage circuit breakers in these two sectors.”
“Commercial sector is also expected to grow rapidly due to emphasis on developing the hotels, retail and office spaces across the country,” he added.
Rachit Gulati, research associate, Research and Consulting, 6Wresearch, said: “Low voltage (< 1.1 kV) circuit breaker is the highest revenue generating segment in the overall circuit breaker market due to high consumption of low voltage circuit breakers in residential and commercial applications.”
“Saudi Arabia circuit breaker services market revenues are projected to grow at a CAGR of 6.9 per cent during 2018-24. At present, the repair and maintenance services segment dominates the overall circuit breaker services market due to constant need for repairing or maintaining circuit breakers - new and old,” he added.
Some of the major companies in Saudi Arabia circuit breaker market include - ABB, Siemens, Schneider, Alfanar, Hitachi and General Electric, it stated. – TradeArabia News Service