Albany, NY , Feb. 17, 2016 (GLOBE NEWSWIRE) -- 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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The report analyzes the Saudi Arabia electrical market and provides estimates in terms of revenue (US$ Mn) from 2013 to 2023. Market estimates are provided for different segments, categorized on the basis of solutions, products, technology, and applications. The market has been segmented as follows:
Market Segmentation of Saudi Arabia Electrical Market:
Saudi Arabia Electrical Market, by Solutions
Electrical Solutions
Lighting Solutions
Saudi Arabia Electrical Solutions Market, by Products
Metallic Cable Management Systems
Cable Tray Systems
Cable Conduit Systems
Raceway Systems
Others (Floor Ducts & Junction Boxes, etc.)
Low Voltage (LV) Systems
LV Switchgears
Isolators
Automatic Transfer Switch (ATS)
LV Panel Boards
Others (LV Components, etc.)
Wiring Devices
Sockets & Extension Leads
Connectors
Switches
Others (Electrical Accessories, etc.)
Lighting Control Systems
Lightning Protection Systems
Lightning Protection
Conventional Systems
Non-conventional Systems (ESE)
Earthing Protection
Earthing Systems
Surge Protection Devices
Others (UPS Systems, etc.)
Saudi Arabia Lighting Solutions Market, by Technology
LED Lighting
Other Lighting
Saudi Arabia Lighting Solutions Market, by Application
Commercial Lighting
Decorative Lighting
Flood Lighting
Hospital Lighting
Street Lighting
Tunnel Lighting
Pool Lighting
Area Lighting
Cinema and Theater Lighting
Solar Lighting
Saudi Arabia Lighting Control Systems Market, by Application
Commercial Applications
Hospitality Applications (including GRMS)
Home Automation Systems
Sensor Automation Systems
Wireless Automation Systems
Other Commercial Applications
Home Automation Systems
Sensor Automation Systems
Wireless Automation Systems
Residential Applications
Home Automation Systems
Villas
Others
Sensor Automation Systems
Wireless Automation Systems
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