High voltage Middle East Distribution Panel Market to register massive growth over 2016-2023, Saudi Arabia to be a major revenue pocket for the industry
The ever-growing demand for panel boards across the telecom & power generation sectors will positively impel Middle East Distribution Panel Market. These boards are vital components of a power supply system and provide a protective circuit breaker for every circuit enclosed in the service panel enclosure, from where the utility power is distributed to different branch circuits. The more efficient these panels, the more effective the power supply. One of the principal factors driving Middle East distribution panel industry is the rising need to reduce electricity wastage and optimize power consumption. Besides, the regulatory bodies across the globe have been striving to encourage the adoption of renewable energy sources for power generation, which will impel Middle East distribution panel market over the next six years.
Saudi Arabia Distribution Panel Market size, by capacity, 2012 – 2023 (USD Million)
The recent trend of switching over to renewable energy sources such as solar and wind energy has also prompted companies to innovate a variety of distribution panels for electricity generation via sustainable resources. These panels are being designed to be adaptable for myriad applications. Prominent companies that operate in Middle East distribution panel industry include Legrand, Ba`amer Electric Company, ABB Limited, Arabian Gulf Switchgear, Hawa Electric Panel Board Factory, Schneider Electric SA, Hager, EAMFCO, Alfanar Group, and Abunayyan Holding. These companies are also concentrating on developing unique technologies to be incorporated in distribution panels for them to be utilized in solar panels and eco-friendly electric devices, thus contributing to the revenue generation of this Middle East distribution panel industry. A report by Global Market Insights, Inc., states that with a registered revenue of more than USD 1.25 billion in 2015, and a CAGR estimation of 5.3% over 2016-2023, Middle East distribution market will hit USD 1.8 billion by 2023.
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The dire need to fulfill the ever-growing demands of electricity across countries such as the United Arab Emirates, Oman, Saudi Arabia, Kuwait, and Qatar will positively influence Middle East distribution panel industry growth. It should be remembered that this market is strictly defined by a regulatory framework. For instance, the Qatar General Electricity & Water Corporation (KAHRAMAA) has declared that any work pertaining to electrical installation needs to be carried out only by licensed contractors.
The requirement for safe and secure information transmission and the shifting trends toward sustainable power generation will augment Middle East distribution panel market, which encompasses two key products, namely standalone and pole mounted transformers. Having held a valuation of more than USD 500 million in 2015, pole mounted transformers are expected to drive overall Middle East distribution panel industry in the years to come, owing to the huge demand for well-distributed power supply across the regions of UAE and KSA.
The United Arab Emirates has experienced an onslaught of construction projects in the recent years. In addition, the rise in per capita income of the population coupled with the shifting trends toward renewable sources will catalyze Middle East distribution panel market from UAE, which is expected to grow at a rate of 5.7% over 2016-2023. Having held a share of more than 9.5% of the overall revenue in 2015, this regional industry is anticipated to earn significant gains driven by the rise in power generation efficiencies.
Standalone systems are used for power generation & regulation and high energy storage. Subject to the fact that these products are utilized in regions that are not deployed with an electricity distribution system, standalone Middle East distribution panel market will record a revenue of more than USD 1.1 billion by 2023, with a CAGR projection of 5.7% over 2016-2023.
Distribution panels function as per the designed capacities – high voltage, medium voltage, or low voltage. Medium voltage panels are majorly used to enhance power supply and are highly reliable. Subject to these pointers, Medium voltage Middle East distribution panel market is likely to experience a massive growth over 2016-2023, having been valued at USD 550 million in 2015.
In contrast, high voltage products encompass characteristics such as long shelf life, compactness, and reduced maintenance, owing to which high voltage Middle East distribution panel industry will surpass a valuation of USD 675 million by 2023, growing at a CAGR of 5.3% over 2016-2023.
Middle East distribution panel market is forecast to register extensive gains from Saudi Arabia, touted to be the most lucrative regional segment. This region has reduced the number of energy imports and is experiencing a surge in the adoption of renewable energy sources for power generation. Driven by the massive electricity demand for the increasing population, Middle East distribution panel industry from Saudi Arabia is expected to record remarkable gains over 2016-2023.
Reduced dependency on fossil fuels coupled with the incorporation of advanced technologies in efficient energy generation will drive Middle East distribution panel market. High requirement for clean energy and improvised production efficiency will also be the key factors catalyzing the product demand.
Developing new product types that can be used for numerous applications has become a key strategy of players in Middle East distribution panel market. For instance, recently, ABB Ltd. launched the SafeT™ panelboard that offers great flexibility and safety. Embedded with plug-in devices and a safe bus stack, this distribution panel uses Tmax molded case circuit breakers that are designed to hold 30% lesser mounting space. This apparently facilitates a reduction in the space occupied by the panel enclosure.
Other companies have also been undertaking similar efforts to develop a range of varied boards that are suitable for many applications, thereby fueling Middle East distribution panel industry.
Author Name :Saipriya Iyer