BURNABY, Canada, March 31, 2016 /PRNewswire/ --
Growing electricity demand coupled with continuous upgradation of transmission infrastructure to drive switchgear sales in GCC countries through 2021
According to a recently published report by TechSci Research "GCC Switchgear Market By Type, By End User, Competition Forecast and Opportunities, 2011 - 2021", the switchgear market in GCC countries is projected to grow at a CAGR of over 6% during 2016 - 2021. With growing population and extreme climatic conditions, demand for electricity in GCC countries is anticipated to grow by 8% per annum until 2021. To address this growing electricity demand, in addition to replacement of old infrastructure, new power plants are being developed across the region. Moreover, GCC nations are also increasing their focus on developing their refinery and petrochemical processing infrastructure. Backed by all these factors, the switchgear market in GCC is anticipated to grow at healthy growth rate over the next five years.
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On the basis of product type, the region's switchgear market has been segmented into three categories in the report, low voltage (up to 1 kV); medium voltage (1.1 kV to 40 kV); and high voltage (above 40 kV) switchgear segments. Among these categories, low voltage segment dominated the overall GCC switchgear market in 2015 where Saudi Arabia dominated the GCC switchgear market amongst all the nations, and the Kingdom is anticipated to maintain its dominance over the next five years as the country has the largest power generation capacity in comparison to other GCC countries. In the same year, the second largest demand generator for switchgears in the region was the UAE, which was followed by Kuwait, Qatar, Oman and Bahrain.
"Abundant availability of solar and wind resources can reduce the dependency of GCC countries on fossil fuel based power generation, and thereby decrease greenhouse gas emissions, which is a matter of serious concern, globally. Integration of renewable energy into electric grid will require development of power control system, which is expected to drive the demand for switchgears in GCC countries over the next five years.", said Mr. Vipul Tiwari, Research Consultant with TechSci Research, a research based global management consulting firm.
"GCC Switchgear Market By Type, By End User, Competition Forecast and Opportunities, 2011 - 2021", has analyzed the potential of the GCC switchgear market and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.
About TechSci Research:
TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.
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