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Saudi Arabia Electrical Market to Register 10.4% CAGR during 2015-2023 due to Growing Demand for LED Lighting

Press release   •   Jul 07, 2016 09:25 EDT

Saudi Arabia is among the few countries that use crude oil directly to generate power. In summer, the country witnesses a spike in the consumption of electricity as the demand for air conditioning rises. In July 2014, Saudi Arabia burned 0.9 million barrels of crude oil to generate electricity that has been termed as the highest overall since August 2010 by the U.S. Energy Information Administration (EIA). Owing to the growing demand for electricity across the construction sector, the electrical market in Saudi Arabia has witnessed a rise in the usage of low voltage products and cable management systems. The Saudi Arabia electrical market is estimated to expand at a CAGR of 10.4% during the period between 2015 and 2023. The overall market was worth US$4,510.1mn in 2014 and is estimated to reach a valuation of US$10,856.8 mn by 2023.

Research Report with ToC and Free Analysis:

Demand for Low Voltage Systems Drove Saudi Arabia Electrical Market in 2014

The key products available in the Saudi Arabia electrical market include metallic cable management systems, wiring devices, low voltage (LV) systems, lighting control systems, and lightning protection systems. To meet the ever increasing demand for electricity and secure distribution of electricity across the household sector and industries, the demand for low voltage systems was the highest in 2014. The increasing focus of companies on electrical distribution and transmission projects in the power and oil and gas sectors in the country has fuelled the demand for low voltage systems. In the coming years, the lighting control systems are expected to drive the regional market. In terms of technology, LED lighting has witnessed wide adoption with the growing demand for energy-efficient lighting systems across the construction industry.

ABB Ltd. to Improve Power Grid Reliability in Saudi Arabia

Some of the key players in the Saudi Arabia electrical market are ABB Ltd., Legrand S.A., Atkore International Holdings Ltd., Koninklijke Philips N.V., Eaton Corporation, Honeywell International Inc., GE Co., Al Fanar, Panasonic Corporation, Siemens AG, TE Connectivity Ltd., Schneider Electric SA, Johnson Controls, Emerson Electric Co., Mitsubishi Electric Corp., Wipro Limited, and Hesham El-Sewedy Ent. The European and Chinese manufacturers hold the majority of the regional market and are focussing on automation.

Currently, Saudi Arabia is stressing on upgrading the electricity distribution network through the development of smart grid infrastructure. ABB Ltd. has been chosen as the supplier for the Saudi Electric Company (SEC) and is responsible to supply medium-voltage surge protection equipment such as sectionalisers and fuse cutouts to the electric vendor. In an attempt to upgrade the capacity of its distribution network, SEC is developing new substations throughout the country that will supply power through overhead distribution lines. This will ensure secure delivery of electricity to households as well as the industrial and commercial sectors.

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