Dublin, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Wiring Devices Market by Product Type, Technology, Voltage, Application, Sales Channel, Region - Market Size, Industry Dynamics, Opportunity Analysis and Forecast 2024-2032" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia Wiring Devices Market, valued at US$ 1.39 billion in 2023, is projected to reach US$ 2.41 billion by 2032, growing at a 6.54% CAGR.
Report Insights:
- Rapid urbanization and infrastructural development are driving increased demand for wiring devices in Saudi Arabia.
- The commercial segment is anticipated to experience substantial growth, driven by rising investments in real estate and consumer electronics.
- Key players like Alfanar Group, Schneider Electric, and Legrand dominate over 60% of the market, emphasizing innovation and strategic partnerships.
The Saudi Arabia Wiring Devices Market is undergoing significant transformation, driven by rapid urbanization, infrastructural development, and a surge in residential and commercial construction activities. As one of the largest economies in the Middle East, Saudi Arabia's ambitious Vision 2030 plan, aimed at diversifying the economy away from oil dependency, has fueled growth in various sectors, including construction and real estate. This has led to an increased demand for wiring devices, such as switches, sockets, and circuit breakers, essential for powering modern infrastructures.
Additionally, the market is benefiting from the growing trend of smart homes and buildings, which require advanced wiring solutions to support automation and energy efficiency. The government's emphasis on sustainable energy practices and the adoption of stringent safety regulations further boost the demand for high-quality wiring devices. As a result, both domestic manufacturers and international players are competing to capture a share of this expanding market, offering innovative products that cater to the evolving needs of Saudi consumers. With continuous investments in infrastructure and an increasing focus on smart technologies, the Saudi Arabia Wiring Devices Market is poised for steady growth in the coming years.
Growth Influencers
As of 2023, Saudi Arabia's real estate projects, valued at approximately $877 billion, are a testament to the country's commitment to sustainable building practices and energy efficiency, reflecting its broader vision for the future. This surge in construction, spanning commercial, residential, and industrial sectors, has driven up demand for wiring devices, which are essential for the electrical systems of modern buildings. Rapid urbanization and a wave of new projects - ranging from high-rise buildings and hotels to residential complexes and commercial spaces - are fueling this demand. These projects require advanced wiring devices, such as switches, dimmers, sockets, and circuit breakers, to meet both functional and aesthetic needs.
The focus on modern and visually appealing architecture has increased the popularity of smart wiring devices, which offer flexibility in design and enhance the aesthetic appeal of urban environments. Saudi Arabia's push to diversify its economy beyond oil has led to significant investments in construction, infrastructure, and the power sector, further elevating the demand for wiring devices. The Ministry of Municipal, Rural Affairs, and Housing's ambitious plan, which includes over 50 initiatives across various sectors by 2030, aims to improve citizens' quality of life, ensure financial sustainability, and enhance service quality.
This comprehensive strategy, alongside substantial financial investments like the $522 million agreement between Red Sea Global and Riyad Bank, highlights the Kingdom's dedication to transforming its urban landscape. Consequently, the wiring devices market is crucial in supporting Saudi Arabia's smart city initiatives, infrastructure advancements, and tourism development, reinforcing its global prominence.
Segment Overview
The Saudi Arabia Wiring Devices market is categorized based on Product Type, Technology, Voltage, Application and Sales Channel.
In 2023, the wiring device market was valued at approximately US$ 559.88 million. From 2024 to 2032, it is projected to grow at a robust 6.78% CAGR. Smart switches are expected to significantly influence the market in Saudi Arabia, offering features like remote control via smartphones or voice commands, and energy-saving capabilities. These switches integrate with smart home systems and voice assistants like Amazon Alexa and Google Assistant, enhancing convenience and security. The increasing adoption of smart technology reflects a trend towards interconnected and customizable home environments. As more brands enter the market, competition will drive innovation and competitive pricing.
In 2023, conventional wiring devices dominated the market. These include standard switches, outlets, and dimmers, valued for their simplicity and affordability. However, smart technology, such as wireless and battery-powered switches, is projected to grow at the fastest rate. Smart devices offer advanced features, energy efficiency, and easy installation, aligning with the IoT trend. While conventional devices provide basic functionality, smart wiring devices enhance control, energy savings, and customization. The choice between them hinges on personal preferences, budget, and the desire for a connected home environment.
In Saudi Arabia, the 100-300 watts voltage range led the market in 2023, driven by ongoing construction and housing projects. Looking forward, the 300-600 watts voltage segment is anticipated to grow the fastest. This range supports high-power devices like air conditioners, water heaters, and industrial machinery. As commercial and residential areas expand, reliable wiring devices for this voltage range are essential. Additionally, these devices are crucial for integrating renewable energy sources like solar panels and wind turbines into the grid. Efficient wiring solutions are vital for infrastructure projects, including smart cities and transportation networks.
In 2023, the commercial segment of the wiring device market saw significant revenue. This sector is set to grow at a strong CAGR from 2024 to 2032. Electrical wiring in commercial properties ensures safety, efficiency, and operational reliability. Key components include electrical panels and conduit systems, which support power distribution and enhance safety through proper grounding. With increasing investments in commercial real estate and consumer electronics, the demand for dependable wiring solutions is rising. Wiring devices like switches and receptacles are integral to maintaining the functionality and safety of commercial spaces.
Offline channels, including physical stores and electrical supply shops, have traditionally dominated wiring device sales in Saudi Arabia. Customers benefit from the ability to examine products, seek advice, and make immediate purchases. However, online sales channels are expected to experience the fastest growth over the forecast period. E-commerce platforms offer convenience and accessibility, allowing customers to explore and compare products from home. Companies like Legrand enhance their market reach through online catalogs, providing detailed product information and facilitating informed purchasing decisions. As infrastructure development continues, online sales will become increasingly pivotal.
Competitive Landscape
The Saudi Arabia Wiring Devices market is characterized by a vigorous competitive landscape, with prominent entities Alfanar Group, Panasonic Holdings Corporation, Schneider Electric SE, ABB Ltd., Eaton Corporation Plc, Legrand S.A., Honeywell International Inc., Hager Group, Hubbell Inc. and Acuity Brands Inc. at the forefront, collectively accounting for more than 60% of the overall market share. This competitive milieu is fueled by their intensive efforts in research and development as well as strategic partnerships and collaborations, underscoring their commitment to solidifying market presence and diversifying their offerings. The primary competitive factors include pricing, product caliber, and technological innovation.
As the Saudi Arabia Wiring Devices industry continues to expand, the competitive fervor among these key players is anticipated to intensify. The impetus for ongoing innovation and alignment with evolving customer preferences and stringent regulations is high. The industry's fluidity anticipates an uptick in novel innovations and strategic growth tactics from these leading corporations, which in turn propels the sector's comprehensive growth and transformation.
Companies profiled in this Saudi Arabia wiring devices market report include:
- ABB Ltd.
- Acuity Brand Lighting
- Alfanar Group
- Bahra Electric
- Eaton
- GE Lighting
- Gedac Electric
- Hager Group
- Honeywell
- Hubbell
- Legrand
- Leviton
- Lutron
- Panasonic Corporation
- Schneider Electric
- Signify
- List of Local Manufacturers in Saudi Arabia
- Other Prominent Players
Key Attributes
| Report Attribute | Details |
| No. of Pages | 163 |
| Forecast Period | 2023-2032 |
| Estimated Market Value (USD) in 2023 | $1.39 Billion |
| Forecasted Market Value (USD) by 2032 | $2.41 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Saudi Arabia |
For more information about this report visit https://www.researchandmarkets.com/r/6bpt18
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